Wealth Effects LLC Has $93,000 Holdings in Fastly, Inc. (NYSE:FSLY)

Wealth Effects LLC trimmed its position in shares of Fastly, Inc. (NYSE:FSLY) by 62.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,651 shares of the company’s stock after selling 21,030 shares during the quarter. Wealth Effects LLC’s holdings in Fastly were worth $93,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Jennison Associates LLC bought a new position in Fastly in the 1st quarter valued at about $13,724,000. First Trust Advisors LP grew its holdings in Fastly by 21.8% during the fourth quarter. First Trust Advisors LP now owns 5,586,706 shares of the company’s stock worth $99,443,000 after buying an additional 998,749 shares in the last quarter. Vanguard Group Inc. grew its holdings in Fastly by 5.1% during the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after buying an additional 657,334 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in Fastly by 94.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 960,864 shares of the company’s stock valued at $12,453,000 after buying an additional 466,560 shares during the last quarter. Finally, Norges Bank bought a new position in Fastly during the 4th quarter valued at $8,014,000. 79.71% of the stock is currently owned by institutional investors.

Fastly Trading Up 0.8 %

NYSE:FSLY opened at $5.95 on Thursday. Fastly, Inc. has a 12 month low of $5.52 and a 12 month high of $25.87. The company has a current ratio of 4.13, a quick ratio of 4.13 and a debt-to-equity ratio of 0.35. The firm’s 50 day moving average is $7.00 and its 200 day moving average is $9.62. The stock has a market capitalization of $812.31 million, a PE ratio of -5.95 and a beta of 1.20.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, August 7th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.01. Fastly had a negative return on equity of 15.22% and a negative net margin of 31.02%. The firm had revenue of $132.37 million for the quarter, compared to analyst estimates of $131.62 million. During the same period in the previous year, the company posted ($0.32) earnings per share. The business’s revenue was up 7.8% on a year-over-year basis. Sell-side analysts expect that Fastly, Inc. will post -0.96 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Craig Hallum lowered their target price on shares of Fastly from $10.00 to $6.00 and set a “hold” rating for the company in a report on Thursday, August 8th. Raymond James reduced their price objective on shares of Fastly from $13.00 to $8.00 and set a “strong-buy” rating for the company in a research report on Thursday, August 8th. Morgan Stanley dropped their target price on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Piper Sandler lowered Fastly from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $10.00 to $6.00 in a report on Thursday, August 8th. Finally, Citigroup dropped their price target on Fastly from $15.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.81.

Insider Activity at Fastly

In other news, CFO Ronald W. Kisling sold 7,449 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $8.84, for a total value of $65,849.16. Following the sale, the chief financial officer now owns 586,057 shares of the company’s stock, valued at $5,180,743.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $8.84, for a total value of $65,849.16. Following the completion of the transaction, the chief financial officer now directly owns 586,057 shares of the company’s stock, valued at $5,180,743.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Nightingale sold 12,163 shares of Fastly stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.25, for a total value of $76,018.75. Following the completion of the transaction, the chief executive officer now owns 1,650,789 shares of the company’s stock, valued at $10,317,431.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,561 shares of company stock worth $871,713. Company insiders own 6.70% of the company’s stock.

About Fastly

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.