Bank of New York Mellon Corp Sells 809,338 Shares of Fastly, Inc. $FSLY

Bank of New York Mellon Corp reduced its stake in shares of Fastly, Inc. (NYSE:FSLY - Free Report) by 53.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 703,753 shares of the company's stock after selling 809,338 shares during the period. Bank of New York Mellon Corp owned about 0.45% of Fastly worth $20,451,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Fastly during the 4th quarter worth approximately $41,000. Align Financial LLC bought a new position in shares of Fastly in the fourth quarter valued at approximately $41,000. Sound Income Strategies LLC bought a new position in shares of Fastly in the first quarter valued at approximately $44,000. Quarry LP purchased a new stake in shares of Fastly during the third quarter valued at approximately $49,000. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of Fastly during the first quarter valued at approximately $52,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Scott R. Lovett sold 41,716 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total transaction of $741,293.32. Following the completion of the transaction, the insider owned 1,392,778 shares in the company, valued at approximately $24,749,665.06. This represents a 2.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Lacey Compton III sold 34,334 shares of Fastly stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $16.85, for a total value of $578,527.90. Following the completion of the sale, the chief executive officer directly owned 1,099,561 shares of the company's stock, valued at approximately $18,527,602.85. This trade represents a 3.03% 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 274,529 shares of company stock valued at $4,761,780 in the last 90 days. Insiders own 4.20% of the company's stock.

Fastly Stock Performance

NYSE:FSLY opened at $20.80 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. The business has a fifty day simple moving average of $18.65 and a two-hundred day simple moving average of $19.31. Fastly, Inc. has a 1 year low of $6.29 and a 1 year high of $34.82. The company has a market capitalization of $3.26 billion, a P/E ratio of -21.67 and a beta of 0.34.

Analyst Ratings Changes

A number of brokerages have issued reports on FSLY. Piper Sandler reduced their price objective on Fastly to $27.00 and set a "neutral" rating for the company in a research note on Thursday, May 7th. Canaccord Genuity Group began coverage on shares of Fastly in a report on Friday, July 17th. They issued a "buy" rating and a $27.00 price target on the stock. Royal Bank Of Canada reduced their price target on shares of Fastly to $18.00 and set a "sector perform" rating for the company in a research report on Thursday, May 7th. Evercore assumed coverage on shares of Fastly in a report on Tuesday, April 14th. They set an "outperform" rating and a $24.00 price objective for the company. Finally, Craig Hallum lowered shares of 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. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.

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