FirstWave Capital Management LLC Buys Shares of 73,227 Fastly, Inc. $FSLY

Key Points

• FirstWave Capital Management purchased 73,227 Fastly shares during the second quarter, worth approximately $1.34 million. Institutional investors collectively own 79.71% of Fastly’s outstanding stock.
• Fastly exceeded quarterly expectations, reporting $0.15 in adjusted EPS versus a $0.07 consensus estimate and revenue of $183.32 million versus expectations of $173.94 million. However, the company remains unprofitable, with a negative net margin of 11.80%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $25.33, while insiders have sold more than 532,000 shares worth approximately $13.2 million over the past 90 days.

FirstWave Capital Management LLC bought a new stake in Fastly, Inc. (NASDAQ:FSLY - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 73,227 shares of the company's stock, valued at approximately $1,344,000.

A number of other hedge funds have also made changes to their positions in the stock. PNC Financial Services Group Inc. increased its stake in shares of Fastly by 84.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company's stock worth $40,000 after acquiring an additional 633 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Fastly in the fourth quarter valued at about $41,000. Align Financial LLC purchased a new position in Fastly in the fourth quarter valued at about $41,000. Sound Income Strategies LLC acquired a new position in Fastly in the 1st quarter worth about $44,000. Finally, Quarry LP purchased a new stake in shares of Fastly during the 3rd quarter worth about $49,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

Fastly Stock Performance

FSLY opened at $20.59 on Friday. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 0.33. The stock's 50 day moving average price is $22.22 and its two-hundred day moving average price is $22.08. The firm has a market capitalization of $3.28 billion, a P/E ratio of -38.85 and a beta of 0.36. Fastly, Inc. has a 12-month low of $7.28 and a 12-month high of $34.82.

Fastly (NASDAQ:FSLY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.15 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.08. The company had revenue of $183.32 million during the quarter, compared to analyst estimates of $173.94 million. Fastly had a negative return on equity of 6.31% and a negative net margin of 11.80%.Fastly has set its FY 2026 guidance at 0.500-0.540 EPS and its Q3 2026 guidance at 0.110-0.130 EPS. On average, equities analysts forecast that Fastly, Inc. will post -0.29 earnings per share for the current year.

Insider Activity at Fastly

In other Fastly news, CFO Richard Wong sold 148,015 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $28.61, for a total value of $4,234,709.15. Following the completion of the sale, the chief financial officer directly owned 1,091,286 shares of the company's stock, valued at $31,221,692.46. This represents a 11.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott Lovett sold 41,716 shares of the firm's 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 owned 1,392,778 shares in the company, valued at $24,749,665.06. This represents a 2.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 532,799 shares of company stock valued at $13,196,766 in the last 90 days. 4.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Piper Sandler increased their price objective on Fastly from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Fastly in a research note on Friday, August 7th. Raymond James Financial reaffirmed an "outperform" rating and issued a $29.00 price objective on shares of Fastly in a research note on Thursday, August 6th. Canaccord Genuity Group initiated coverage on shares of Fastly in a report on Friday, July 17th. They issued a "buy" rating and a $27.00 price objective for the company. Finally, Royal Bank Of Canada raised their target price on Fastly from $22.00 to $28.00 and gave the company a "sector perform" rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $25.33.

Fastly 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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