State Board of Administration of Florida Retirement System Cuts Stock Holdings in Fastly, Inc. (NYSE:FSLY)

State Board of Administration of Florida Retirement System trimmed its position in shares of Fastly, Inc. (NYSE:FSLY) by 0.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,611 shares of the company’s stock after selling 411 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.12% of Fastly worth $5,484,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Fastly by 3.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 643,359 shares of the company’s stock valued at $38,345,000 after purchasing an additional 23,536 shares in the last quarter. Ergoteles LLC acquired a new stake in Fastly in the 2nd quarter valued at $9,298,000. Titan Global Capital Management USA LLC grew its stake in Fastly by 41.5% in the 2nd quarter. Titan Global Capital Management USA LLC now owns 84,312 shares of the company’s stock valued at $5,025,000 after acquiring an additional 24,734 shares during the period. Geode Capital Management LLC grew its stake in Fastly by 13.0% in the 2nd quarter. Geode Capital Management LLC now owns 1,092,732 shares of the company’s stock valued at $65,126,000 after acquiring an additional 125,354 shares during the period. Finally, Rockefeller Capital Management L.P. grew its stake in Fastly by 19.3% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 2,440 shares of the company’s stock valued at $145,000 after acquiring an additional 395 shares during the period. 60.93% of the stock is owned by hedge funds and other institutional investors.

NYSE FSLY opened at $31.22 on Friday. Fastly, Inc. has a 52 week low of $30.08 and a 52 week high of $122.75. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.94. The business’s fifty day simple moving average is $39.85 and its 200-day simple moving average is $44.31. The firm has a market cap of $3.67 billion, a PE ratio of -17.06 and a beta of 1.24.

Fastly (NYSE:FSLY) last posted its quarterly earnings results on Wednesday, November 3rd. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.34. Fastly had a negative return on equity of 17.85% and a negative net margin of 62.16%. The business had revenue of $86.74 million for the quarter, compared to analyst estimates of $84.23 million. During the same quarter in the previous year, the firm earned ($0.15) EPS. Research analysts expect that Fastly, Inc. will post -1.65 EPS for the current year.

Several equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Fastly from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research note on Wednesday, January 5th. Royal Bank of Canada lifted their target price on shares of Fastly from $36.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 4th. Morgan Stanley assumed coverage on shares of Fastly in a research note on Monday, January 3rd. They set an “equal weight” rating and a $43.00 target price on the stock. Raymond James raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research note on Friday, December 3rd. Finally, Piper Sandler lowered their target price on shares of Fastly from $51.00 to $35.00 in a research note on Thursday, January 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $44.89.

In related news, CFO Ronald W. Kisling sold 5,088 shares of the business’s stock in a transaction dated Monday, October 18th. The shares were sold at an average price of $44.59, for a total value of $226,873.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 2,000 shares of the business’s stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $50.00, for a total transaction of $100,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,127 shares of company stock worth $3,488,899. 10.32% of the stock is owned by insiders.

Fastly Profile

Fastly, Inc provides real-time content delivery network services. It offers edge cloud platform, edge software development kit (SDK), content delivery and image optimization, video and streaming, cloud security, load balancing, and managed CDN. The company was founded by Artur Bergman, Tyler McMullen, Simon Wistow, and Gil Penchina in March 2011 and is headquartered in San Francisco, CA.

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Institutional Ownership by Quarter for Fastly (NYSE:FSLY)

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