State of Wyoming Reduces Holdings in Fastly, Inc. $FSLY

State of Wyoming lowered its stake in shares of Fastly, Inc. (NYSE:FSLY) by 62.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,998 shares of the company’s stock after selling 33,818 shares during the quarter. State of Wyoming’s holdings in Fastly were worth $581,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Convergence Investment Partners LLC purchased a new stake in Fastly during the 1st quarter worth approximately $1,951,000. Range Financial Group LLC acquired a new position in Fastly during the 1st quarter valued at approximately $1,667,000. Vanguard Group Inc. raised its holdings in shares of Fastly by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock worth $172,825,000 after buying an additional 310,234 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Fastly by 100.5% during the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock worth $204,349,000 after buying an additional 3,524,763 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of Fastly by 90.7% during the first quarter. SG Americas Securities LLC now owns 685,415 shares of the company’s stock worth $19,918,000 after buying an additional 326,087 shares during the period. 79.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FSLY has been the topic of a number of research analyst reports. Raymond James Financial raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a report on Friday, May 8th. Piper Sandler reduced their target price on Fastly to $27.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. Citigroup lifted their price target on Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Evercore assumed coverage on Fastly in a research note on Tuesday, April 14th. They set an “outperform” rating and a $24.00 price target on the stock. Finally, Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a research note on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Fastly has an average rating of “Hold” and a consensus target price of $23.11.

Insider Buying and Selling at Fastly

In related news, CFO Richard Wong sold 2,500 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $16.48, for a total transaction of $41,200.00. Following the completion of the transaction, the chief financial officer owned 1,239,301 shares of the company’s stock, valued at $20,423,680.48. This trade represents a 0.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Artur Bergman sold 7,889 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $20.96, for a total transaction of $165,353.44. Following the transaction, the chief technology officer owned 2,038,638 shares of the company’s stock, valued at $42,729,852.48. This represents a 0.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 274,529 shares of company stock valued at $4,761,780 over the last quarter. Insiders own 4.20% of the company’s stock.

Fastly Stock Performance

FSLY opened at $20.24 on Friday. 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 $6.29 and a 12-month high of $34.82. The firm has a 50 day moving average of $18.49 and a two-hundred day moving average of $19.11. The firm has a market capitalization of $3.17 billion, a PE ratio of -21.08 and a beta of 0.34.

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.