American Century Companies Inc. Grows Position in Fastly, Inc. $FSLY

Key Points

• American Century Companies Inc. increased its holdings in Fastly, Inc. by 322.1% in the first quarter, owning 128,481 shares worth approximately $813,000.
• Insider transactions revealed that CEO Charles Lacey Compton III sold 15,335 shares, decreasing his ownership by 2.23%, while Director Richard Devon Daniels sold 18,248 shares, reducing his position by 21.24%.
• Fastly reported quarterly earnings showing a revenue increase of 12.3% year-over-year and earnings per share beating estimates, though the company remains in the red with a negative return on equity.

American Century Companies Inc. lifted its holdings in shares of Fastly, Inc. (NYSE:FSLY - Free Report) by 322.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 128,481 shares of the company's stock after purchasing an additional 98,043 shares during the quarter. American Century Companies Inc. owned about 0.09% of Fastly worth $813,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings 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 worth $113,000 after purchasing an additional 1,975 shares during the period. Federated Hermes Inc. grew its holdings in shares of Fastly by 0.9% during the 1st quarter. Federated Hermes Inc. now owns 211,638 shares of the company's stock worth $1,340,000 after purchasing an additional 1,988 shares during the period. CWM LLC grew its holdings in shares of Fastly by 37.9% during the 1st quarter. CWM LLC now owns 17,371 shares of the company's stock worth $110,000 after purchasing an additional 4,777 shares during the period. SBI Securities Co. Ltd. grew its holdings in shares of Fastly by 33.2% during the 1st quarter. SBI Securities Co. Ltd. now owns 22,646 shares of the company's stock worth $143,000 after purchasing an additional 5,639 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Fastly by 451.7% during the 1st quarter. GAMMA Investing LLC now owns 7,261 shares of the company's stock worth $46,000 after purchasing an additional 5,945 shares during the period. 79.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FSLY has been the topic of several research reports. Royal Bank Of Canada increased their target price on Fastly from $6.00 to $7.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 7th. KeyCorp raised Fastly to a "sector weight" rating in a research note on Thursday, June 5th. Finally, Craig Hallum raised Fastly from a "hold" rating to a "buy" rating and set a $10.00 target price on the stock in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $8.69.

Fastly Stock Up 0.9%

FSLY stock traded up $0.07 during mid-day trading on Tuesday, reaching $7.59. The company had a trading volume of 929,209 shares, compared to its average volume of 2,837,824. Fastly, Inc. has a fifty-two week low of $4.65 and a fifty-two week high of $12.08. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -7.35 and a beta of 1.24. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a fifty day simple moving average of $7.09 and a 200 day simple moving average of $6.84.

Fastly (NYSE:FSLY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. Fastly had a negative return on equity of 11.98% and a negative net margin of 25.85%.The business had revenue of $148.71 million for the quarter, compared to the consensus estimate of $144.86 million. During the same quarter in the prior year, the business posted ($0.07) EPS. The business's revenue for the quarter was up 12.3% on a year-over-year basis. Analysts forecast that Fastly, Inc. will post -0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Scott R. Lovett sold 127,608 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $6.95, for a total value of $886,875.60. Following the transaction, the executive owned 1,287,145 shares in the company, valued at approximately $8,945,657.75. This represents a 9.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Charles Lacey Compton III sold 15,335 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $6.88, for a total value of $105,504.80. Following the completion of the transaction, the chief executive officer owned 673,645 shares in the company, valued at approximately $4,634,677.60. The trade was a 2.23% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 280,781 shares of company stock worth $1,995,833. 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.