Alyeska Investment Group L.P. Decreases Stock Position in Fastly, Inc. $FSLY

Key Points

• Alyeska Investment Group L.P. reduced its stake in Fastly, Inc. by 34.3%, selling over 1.28 million shares and now owns about 1.70% of the company, worth approximately $15.57 million.
• Fastly reported earnings of ($0.03) per share, which beat analysts' expectations, and generated revenues of $148.71 million for the quarter, reflecting a 12.3% year-over-year increase.
• Analysts have set a consensus price target of $8.69 for Fastly, with multiple institutions adjusting their price objectives, noting a mix of ratings from buy to hold.

Alyeska Investment Group L.P. lessened its position in shares of Fastly, Inc. (NYSE:FSLY - Free Report) by 34.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,460,562 shares of the company's stock after selling 1,282,423 shares during the quarter. Alyeska Investment Group L.P. owned about 1.70% of Fastly worth $15,575,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Northern Trust Corp raised its position in shares of Fastly by 28.3% during the fourth 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. Bayesian Capital Management LP acquired a new stake in shares of Fastly during the fourth quarter worth about $312,000. Bridgefront Capital LLC acquired a new stake in shares of Fastly during the fourth quarter worth about $143,000. Deutsche Bank AG raised its position in shares of Fastly by 16.6% during the fourth quarter. Deutsche Bank AG now owns 255,409 shares of the company's stock worth $2,411,000 after purchasing an additional 36,333 shares during the period. Finally, Ensign Peak Advisors Inc raised its position in shares of Fastly by 11.7% during the fourth quarter. Ensign Peak Advisors Inc now owns 66,208 shares of the company's stock worth $625,000 after purchasing an additional 6,950 shares during the period. Institutional investors and hedge funds own 79.71% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on FSLY. Craig Hallum upgraded Fastly from a "hold" rating to a "buy" rating and set a $10.00 price objective for the company in a report on Thursday, August 7th. KeyCorp upgraded Fastly to a "sector weight" rating in a research note on Thursday, June 5th. Finally, Royal Bank Of Canada upped their price objective on Fastly from $6.00 to $7.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $8.69.

Insiders Place Their Bets

In related news, Director Richard Devon Daniels sold 18,248 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $7.61, for a total transaction of $138,867.28. Following the completion of the sale, the director directly owned 67,652 shares of the company's stock, valued at approximately $514,831.72. This trade represents a 21.24% decrease in their ownership of the stock. The sale 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 firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $6.88, for a total value of $105,504.80. Following the completion of the sale, the chief executive officer directly owned 673,645 shares of the company's stock, valued at $4,634,677.60. This represents a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 280,781 shares of company stock valued at $1,995,833. Insiders own 6.70% of the company's stock.

Fastly Price Performance

FSLY traded down $0.07 on Wednesday, reaching $7.59. The stock had a trading volume of 628,329 shares, compared to its average volume of 2,830,307. The firm has a 50-day moving average of $7.11 and a 200-day moving average of $6.84. 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 -7.36 and a beta of 1.24. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.16.

Fastly (NYSE:FSLY - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $148.71 million for the quarter, compared to analyst estimates of $144.86 million. During the same quarter in the previous year, the company posted ($0.07) EPS. The business's revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Fastly, Inc. will post -0.78 EPS for the current year.

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.