Convergence Investment Partners LLC Takes Position in Fastly, Inc. $FSLY

Key Points

• Convergence Investment Partners disclosed a new first-quarter position in Fastly, buying 67,125 shares worth about $1.95 million.
• Institutional interest in FSLY remains high, with hedge funds and other investors owning 79.71% of the stock. Several large holders, including Vanguard, Morgan Stanley, and Alyeska, also increased their stakes recently.
• Wall Street sentiment is mixed but improving, with multiple analysts raising price targets and ratings; however, the overall consensus remains Hold with an average target price of $23.11.

Convergence Investment Partners LLC purchased a new position in Fastly, Inc. (NYSE:FSLY - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 67,125 shares of the company's stock, valued at approximately $1,951,000.

Several other hedge funds have also recently made changes to their positions in FSLY. Vanguard Group Inc. boosted its holdings in Fastly by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company's stock worth $172,825,000 after purchasing an additional 310,234 shares during the last quarter. Morgan Stanley raised its stake in Fastly by 14.7% during the 4th quarter. Morgan Stanley now owns 8,339,234 shares of the company's stock valued at $84,893,000 after buying an additional 1,071,222 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in shares of Fastly by 2,795.2% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company's stock valued at $48,754,000 after buying an additional 4,623,767 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Fastly by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,137,808 shares of the company's stock valued at $35,380,000 after buying an additional 117,213 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Fastly by 29.0% in the 4th quarter. First Trust Advisors LP now owns 3,507,189 shares of the company's stock worth $35,703,000 after buying an additional 787,981 shares during the last quarter. 79.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on FSLY. KeyCorp lifted their price objective on Fastly from $14.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Freedom Capital raised Fastly to a "strong-buy" rating in a report on Thursday, July 16th. Raymond James Financial raised Fastly from a "market perform" rating to an "outperform" rating and set a $23.00 target price on the stock in a research report on Friday, May 8th. Citigroup boosted their price target on Fastly from $13.00 to $25.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Finally, Piper Sandler reduced their price target on shares of Fastly to $27.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $23.11.

Fastly Stock Down 1.2%

FSLY stock opened at $20.47 on Tuesday. The business's 50-day moving average price is $18.32 and its 200-day moving average price is $18.89. The stock has a market cap of $3.20 billion, a P/E ratio of -21.32 and a beta of 0.34. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly, Inc. has a twelve month low of $6.29 and a twelve month high of $34.82.

Insider Activity

In other Fastly news, CFO Richard Wong sold 2,500 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $16.48, for a total value of $41,200.00. Following the completion of the transaction, the chief financial officer directly owned 1,239,301 shares in the company, valued at $20,423,680.48. This represents a 0.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 sale, the insider directly owned 1,392,778 shares of the company's stock, valued at approximately $24,749,665.06. This trade represents a 2.91% decrease in their ownership of the stock. 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 a total of 274,529 shares of company stock worth $4,761,780 in the last quarter. 4.20% of the stock is currently owned by insiders.

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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