Cetera Investment Advisers Cuts Stake in Fastly, Inc. (NYSE:FSLY)

Cetera Investment Advisers cut its stake in shares of Fastly, Inc. (NYSE:FSLY - Free Report) by 76.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,388 shares of the company's stock after selling 34,275 shares during the period. Cetera Investment Advisers' holdings in Fastly were worth $98,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Swiss National Bank increased its position in Fastly by 2.2% during the 4th quarter. Swiss National Bank now owns 259,000 shares of the company's stock worth $2,445,000 after purchasing an additional 5,500 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Fastly during the 4th quarter worth approximately $269,000. Mariner LLC increased its position in Fastly by 18.0% during the 4th quarter. Mariner LLC now owns 22,868 shares of the company's stock worth $216,000 after purchasing an additional 3,487 shares during the period. Raymond James Financial Inc. acquired a new position in Fastly during the 4th quarter worth approximately $3,717,000. Finally, Northern Trust Corp increased its position in Fastly by 28.3% during the 4th quarter. Northern Trust Corp now owns 1,577,729 shares of the company's stock worth $14,894,000 after purchasing an additional 348,451 shares during the period. 79.71% of the stock is owned by hedge funds and other institutional investors.

Fastly Price Performance

NYSE:FSLY traded up $0.12 during trading hours on Friday, reaching $7.66. 1,506,373 shares of the company traded hands, compared to its average volume of 3,073,274. The firm's 50-day moving average is $6.47 and its 200-day moving average is $7.97. The stock has a market cap of $1.11 billion, a P/E ratio of -6.72 and a beta of 1.47. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. Fastly, Inc. has a 1-year low of $4.65 and a 1-year high of $12.08.

Fastly (NYSE:FSLY - Get Free Report) last posted 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. Fastly had a negative return on equity of 12.75% and a negative net margin of 29.07%. The business had revenue of $144.47 million for the quarter, compared to analysts' expectations of $138.40 million. During the same quarter last year, the firm earned ($0.05) earnings per share. The business's revenue was up 8.2% on a year-over-year basis. Equities research analysts expect that Fastly, Inc. will post -0.78 earnings per share for the current fiscal year.

Insider Transactions at Fastly

In related news, CEO Todd Nightingale sold 12,547 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $7.19, for a total value of $90,212.93. Following the transaction, the chief executive officer now directly owns 1,904,388 shares of the company's stock, valued at approximately $13,692,549.72. This trade represents a 0.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Ronald W. Kisling sold 5,342 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $5.26, for a total value of $28,098.92. Following the completion of the transaction, the chief financial officer now directly owns 665,693 shares in the company, valued at $3,501,545.18. This trade represents a 0.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,675 shares of company stock worth $340,781 over the last quarter. 6.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Royal Bank of Canada boosted their target price on Fastly from $5.00 to $6.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 8th. KeyCorp upgraded Fastly to a "sector weight" rating in a report on Thursday. Oppenheimer assumed coverage on Fastly in a report on Thursday, March 20th. They issued a "market perform" rating on the stock. Morgan Stanley upped their price target on Fastly from $7.00 to $8.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. Finally, Piper Sandler upped their price target on Fastly from $6.00 to $7.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Ten investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $8.28.

Fastly Company Profile

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.