Concurrent Investment Advisors LLC Takes $696,000 Position in Fastly, Inc. (NYSE:FSLY)

Concurrent Investment Advisors LLC acquired a new position in Fastly, Inc. (NYSE:FSLY - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 109,943 shares of the company's stock, valued at approximately $696,000. Concurrent Investment Advisors LLC owned approximately 0.08% of Fastly as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in shares of Fastly by 4.4% during the 1st quarter. Bank of New York Mellon Corp now owns 1,796,501 shares of the company's stock valued at $11,372,000 after purchasing an additional 75,904 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of Fastly during the 1st quarter valued at about $123,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Fastly by 12.4% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,852 shares of the company's stock valued at $113,000 after buying an additional 1,975 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Fastly by 423.0% during the 1st quarter. Oppenheimer & Co. Inc. now owns 82,628 shares of the company's stock valued at $523,000 after buying an additional 66,828 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Fastly during the 1st quarter valued at about $91,000. 79.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Morgan Stanley lifted their price objective on Fastly from $7.00 to $8.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. KeyCorp raised Fastly to a "sector weight" rating in a research report on Thursday, June 5th. Royal Bank Of Canada lifted their price objective on Fastly from $5.00 to $6.00 and gave the company a "sector perform" rating in a research report on Thursday, May 8th. Piper Sandler lifted their price objective on Fastly from $6.00 to $7.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Finally, Oppenheimer started coverage on Fastly in a report on Thursday, March 20th. They issued a "market perform" rating on the stock. Ten investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $8.28.

Fastly Price Performance

NYSE FSLY traded down $0.23 during trading hours on Friday, reaching $6.70. The company's stock had a trading volume of 2,003,162 shares, compared to its average volume of 3,104,776. The firm's 50-day moving average price is $7.27 and its 200-day moving average price is $7.54. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.16. Fastly, Inc. has a 1 year low of $4.65 and a 1 year high of $12.08. The company has a market capitalization of $969.40 million, a price-to-earnings ratio of -6.15 and a beta of 1.23.

Fastly (NYSE:FSLY - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $144.47 million for the quarter, compared to analysts' expectations of $138.40 million. Fastly had a negative return on equity of 12.29% and a negative net margin of 27.73%. The company's revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS. On average, equities research analysts predict that Fastly, Inc. will post -0.78 EPS for the current fiscal year.

Insider Transactions at Fastly

In other news, CEO Todd Nightingale sold 12,547 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $7.19, for a total transaction of $90,212.93. Following the sale, the chief executive officer directly owned 1,904,388 shares of the company's stock, valued at $13,692,549.72. This represents a 0.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Scott R. Lovett sold 127,608 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $6.95, for a total value of $886,875.60. Following the sale, the executive directly owned 1,287,145 shares in the company, valued at $8,945,657.75. This trade represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 165,283 shares of company stock valued at $1,151,817 in the last ninety days. Corporate 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.