Zacks Investment Management Takes Position in Fastly, Inc. (NYSE:FSLY)

Zacks Investment Management acquired a new position in Fastly, Inc. (NYSE:FSLY - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 120,779 shares of the company's stock, valued at approximately $914,000. Zacks Investment Management owned approximately 0.09% of Fastly at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Montreal Can increased its stake in shares of Fastly by 11,140.2% in the 3rd quarter. Bank of Montreal Can now owns 1,305,101 shares of the company's stock valued at $9,867,000 after purchasing an additional 1,293,490 shares in the last quarter. Quadrature Capital Ltd increased its position in shares of Fastly by 84.2% in the third quarter. Quadrature Capital Ltd now owns 112,085 shares of the company's stock valued at $848,000 after buying an additional 51,224 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of Fastly by 18.8% during the 3rd quarter. Penserra Capital Management LLC now owns 5,075,127 shares of the company's stock worth $38,418,000 after buying an additional 801,968 shares during the period. Qsemble Capital Management LP purchased a new position in shares of Fastly during the 2nd quarter valued at approximately $586,000. Finally, SG Americas Securities LLC grew its stake in Fastly by 77.5% in the 3rd quarter. SG Americas Securities LLC now owns 221,357 shares of the company's stock valued at $1,676,000 after acquiring an additional 96,664 shares during the period. Institutional investors and hedge funds own 79.71% of the company's stock.

Insider Activity

In related news, CEO Todd Nightingale sold 49,816 shares of the business's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $6.25, for a total value of $311,350.00. Following the sale, the chief executive officer now directly owns 1,600,973 shares in the company, valued at approximately $10,006,081.25. The trade was a 3.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ronald W. Kisling sold 7,449 shares of the company's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $7.24, for a total transaction of $53,930.76. Following the completion of the transaction, the chief financial officer now directly owns 558,564 shares in the company, valued at $4,044,003.36. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 215,241 shares of company stock valued at $1,699,684 in the last 90 days. Company insiders own 6.70% of the company's stock.

Fastly Trading Down 9.2 %

Fastly stock traded down $1.04 during trading on Tuesday, reaching $10.30. 5,981,373 shares of the company were exchanged, compared to its average volume of 3,604,189. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. The stock's 50 day simple moving average is $7.72 and its two-hundred day simple moving average is $7.32. The company has a market capitalization of $1.45 billion, a P/E ratio of -9.47 and a beta of 1.27. Fastly, Inc. has a 52-week low of $5.52 and a 52-week high of $25.87.

Fastly (NYSE:FSLY - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.08. Fastly had a negative return on equity of 13.24% and a negative net margin of 27.47%. The business had revenue of $137.21 million for the quarter, compared to analyst estimates of $131.86 million. During the same quarter in the previous year, the firm earned ($0.33) EPS. The company's quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities research analysts expect that Fastly, Inc. will post -0.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Craig Hallum upped their price objective on shares of Fastly from $6.00 to $8.00 and gave the stock a "hold" rating in a research report on Thursday, November 7th. Piper Sandler raised their price target on shares of Fastly from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Tuesday, December 3rd. Robert W. Baird boosted their price objective on Fastly from $7.00 to $8.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Morgan Stanley reduced their target price on Fastly from $12.00 to $7.00 and set an "equal weight" rating for the company in a report on Tuesday, August 27th. Finally, Oppenheimer raised Fastly from a "market perform" rating to an "outperform" rating and set a $12.00 price target on the stock in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $8.55.

Fastly Profile

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.