Connor Clark & Lunn Investment Management Ltd. Takes $808,000 Position in Fastly, Inc. $FSLY

Connor Clark & Lunn Investment Management Ltd. bought a new position in Fastly, Inc. (NYSE:FSLY - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 127,647 shares of the company's stock, valued at approximately $808,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.09% of Fastly at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC grew its position in Fastly by 451.7% in 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 last quarter. Canada Pension Plan Investment Board bought a new position in Fastly in the 4th quarter worth about $82,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Fastly in the 4th quarter worth about $105,000. Wealth Enhancement Advisory Services LLC bought a new position in Fastly in the 1st quarter worth about $91,000. Finally, Bryce Point Capital LLC bought a new position in Fastly in the 1st quarter worth about $99,000. Institutional investors own 79.71% of the company's stock.

Fastly Stock Up 3.9%

FSLY stock traded up $0.2850 during midday trading on Friday, reaching $7.5150. The company had a trading volume of 710,849 shares, compared to its average volume of 2,879,746. Fastly, Inc. has a 1 year low of $4.65 and a 1 year high of $12.08. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.11 billion, a P/E ratio of -7.31 and a beta of 1.19. The company has a 50 day moving average of $6.96 and a two-hundred day moving average of $7.00.

Fastly (NYSE:FSLY - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02. Fastly had a negative net margin of 25.85% and a negative return on equity of 11.98%. The company had revenue of $148.71 million during the quarter, compared to the consensus estimate of $144.86 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. The company's revenue was up 12.3% compared to the same quarter last year. On average, equities research analysts expect that Fastly, Inc. will post -0.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FSLY has been the subject of several recent analyst reports. Royal Bank Of Canada increased their price objective on shares of Fastly from $6.00 to $7.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. KeyCorp raised shares of Fastly to a "sector weight" rating in a research note on Thursday, June 5th. Morgan Stanley upped their price target on shares of Fastly from $7.00 to $8.00 and gave the company an "equal weight" rating in a research report on Thursday, May 8th. Piper Sandler upped their price target on shares of Fastly from $6.00 to $7.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Finally, Craig Hallum upgraded shares of Fastly from a "hold" rating to a "buy" rating and set a $10.00 price target for the company in a research report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $8.69.

Insider Activity

In other Fastly news, CFO Ronald W. Kisling sold 12,000 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $7.41, for a total value of $88,920.00. Following the sale, the chief financial officer directly owned 635,053 shares in the company, valued at $4,705,742.73. This trade represents a 1.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Scott R. Lovett sold 127,608 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $6.95, for a total transaction of $886,875.60. Following the completion of the sale, the executive owned 1,287,145 shares in the company, valued at $8,945,657.75. This represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 217,637 shares of company stock valued at $1,524,719. 6.70% of the stock is owned by corporate insiders.

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.