Fifth Third Bancorp Acquires Shares of 43,797 Fastly, Inc. $FSLY

Fifth Third Bancorp bought a new stake in shares of Fastly, Inc. (NYSE:FSLY) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 43,797 shares of the company’s stock, valued at approximately $1,273,000.

Other hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC purchased a new stake in shares of Fastly in the first quarter worth about $44,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Fastly during the 4th quarter valued at approximately $41,000. Align Financial LLC purchased a new position in shares of Fastly in the fourth quarter valued at $41,000. C M Bidwell & Associates Ltd. purchased a new position in shares of Fastly in the fourth quarter valued at $54,000. Finally, Quarry LP bought a new stake in Fastly in the third quarter worth $49,000. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Fastly Stock Up 4.2%

NYSE:FSLY opened at $20.24 on Friday. Fastly, Inc. has a twelve month low of $6.29 and a twelve month high of $34.82. The company has a market cap of $3.17 billion, a price-to-earnings ratio of -21.08 and a beta of 0.34. The stock has a fifty day simple moving average of $18.49 and a 200-day simple moving average of $19.11. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16.

Insider Activity at Fastly

In related news, CEO Charles Lacey Compton III sold 34,334 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $16.85, for a total transaction of $578,527.90. Following the completion of the transaction, the chief executive officer owned 1,099,561 shares in the company, valued at $18,527,602.85. The trade was a 3.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Artur Bergman sold 32,181 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $16.85, for a total transaction of $542,249.85. Following the sale, the chief technology officer directly owned 2,086,529 shares of the company’s stock, valued at $35,158,013.65. The trade was a 1.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 274,529 shares of company stock valued at $4,761,780 over the last ninety days. 4.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FSLY shares. Freedom Capital raised shares of Fastly to a “strong-buy” rating in a research note on Thursday, July 16th. Royal Bank Of Canada dropped their price target on Fastly to $18.00 and set a “sector perform” rating for the company in a research report on Thursday, May 7th. Citigroup boosted their price objective on Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a research report on Tuesday, April 14th. Finally, Piper Sandler lowered their price objective on Fastly to $27.00 and set a “neutral” rating for the company in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $23.11.

Fastly Company Profile

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.