Vanguard Group Inc. Purchases 554,909 Shares of Fastly, Inc. $FSLY

Vanguard Group Inc. boosted its holdings in Fastly, Inc. (NYSE:FSLY) by 3.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,666,672 shares of the company’s stock after purchasing an additional 554,909 shares during the quarter. Vanguard Group Inc. owned about 11.31% of Fastly worth $142,500,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Byrne Asset Management LLC bought a new stake in Fastly during the 3rd quarter worth approximately $43,000. Geneos Wealth Management Inc. purchased a new stake in Fastly in the 1st quarter valued at $52,000. Pilgrim Partners Asia Pte Ltd bought a new position in Fastly during the 3rd quarter valued at $56,000. State of Alaska Department of Revenue purchased a new position in Fastly during the 3rd quarter worth $57,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Fastly in the 1st quarter worth $78,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Scott R. Lovett sold 42,118 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $10.10, for a total value of $425,391.80. Following the sale, the insider directly owned 1,002,137 shares of the company’s stock, valued at $10,121,583.70. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Artur Bergman sold 200,847 shares of Fastly stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $18.42, for a total value of $3,699,601.74. Following the completion of the sale, the chief technology officer owned 2,299,711 shares in the company, valued at approximately $42,360,676.62. This represents a 8.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 919,242 shares of company stock valued at $12,797,852. Insiders own 6.70% of the company’s stock.

Analysts Set New Price Targets

FSLY has been the topic of a number of research analyst reports. William Blair upgraded Fastly from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 12th. Piper Sandler restated a “neutral” rating and issued a $14.00 price objective (up from $11.00) on shares of Fastly in a research note on Thursday, February 12th. KeyCorp upgraded Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 target price on the stock in a research note on Monday, December 15th. Oppenheimer initiated coverage on shares of Fastly in a research report on Monday, November 17th. They set a “market perform” rating for the company. Finally, Royal Bank Of Canada increased their target price on shares of Fastly from $12.00 to $20.00 and gave the company a “sector perform” rating in a research report on Monday. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $13.14.

Fastly Stock Down 0.1%

FSLY opened at $21.14 on Wednesday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly, Inc. has a 12 month low of $4.65 and a 12 month high of $21.23. The company has a market cap of $3.21 billion, a P/E ratio of -22.02 and a beta of 1.03. The business’s 50-day moving average price is $12.00 and its 200-day moving average price is $10.16.

About Fastly

Fastly, Inc operates an edge cloud platform designed to accelerate, secure and enable modern digital experiences. The company offers a suite of services including a content delivery network (CDN), edge compute, load balancing, web application firewall (WAF) and DDoS protection. Fastly’s real-time architecture allows customers to seamlessly deploy software logic at the network edge, reducing latency by bringing applications and content closer to end users.

Founded in 2011 by Artur Bergman, Fastly has evolved from a pure-play CDN provider into a comprehensive edge cloud platform.