Fastly, Inc. $FSLY Shares Purchased by First Trust Advisors LP

First Trust Advisors LP raised its position in shares of Fastly, Inc. (NYSE:FSLY) by 100.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,031,952 shares of the company’s stock after acquiring an additional 3,524,763 shares during the period. First Trust Advisors LP owned approximately 4.49% of Fastly worth $204,349,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Convergence Investment Partners LLC acquired a new position in shares of Fastly in the 1st quarter valued at about $1,951,000. Range Financial Group LLC purchased a new stake in shares of Fastly during the 1st quarter worth about $1,667,000. Vanguard Group Inc. increased its position in Fastly by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock worth $172,825,000 after purchasing an additional 310,234 shares in the last quarter. SG Americas Securities LLC increased its position in Fastly by 90.7% during the 1st quarter. SG Americas Securities LLC now owns 685,415 shares of the company’s stock worth $19,918,000 after purchasing an additional 326,087 shares in the last quarter. Finally, Sigma Planning Corp purchased a new position in Fastly in the first quarter valued at approximately $1,891,000. 79.71% of the stock is currently owned by institutional investors and hedge funds.

Fastly Stock Down 1.3%

Shares of NYSE:FSLY opened at $20.46 on Thursday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly, Inc. has a 52-week low of $6.29 and a 52-week high of $34.82. The company has a 50 day moving average of $18.39 and a two-hundred day moving average of $19.04. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of -21.31 and a beta of 0.34.

Analysts Set New Price Targets

FSLY has been the topic of a number of research reports. Piper Sandler cut their target price on shares of Fastly to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Evercore assumed coverage on shares of Fastly in a research report on Tuesday, April 14th. They set an “outperform” rating and a $24.00 price target for the company. Citigroup increased their price target on Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Craig Hallum lowered 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, Freedom Capital upgraded Fastly to a “strong-buy” rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $23.11.

Insider Activity at Fastly

In other Fastly news, CEO Charles Lacey Compton III sold 34,334 shares of Fastly stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $16.85, for a total transaction of $578,527.90. Following the sale, the chief executive officer directly 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Scott R. Lovett sold 41,716 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the transaction, the insider directly owned 1,392,778 shares in the company, valued at approximately $24,749,665.06. The trade was a 2.91% 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. Over the last 90 days, insiders sold 274,529 shares of company stock valued at $4,761,780. Insiders own 4.20% of the company’s stock.

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.