Nuveen LLC Takes $2.38 Million Position in Fastly, Inc. $FSLY

Key Points

• Nuveen LLC invested approximately $2.38 million to acquire a new stake of 375,215 shares in Fastly, Inc. (NYSE:FSLY), representing about 0.26% of the company's stock.
• Fastly's stock has received multiple analyst upgrades, with Craig Hallum rating it as a "buy" with a $10.00 price target, while the average target price among analysts is currently $8.69.
• The company reported a 12.3% increase in quarterly revenue year-over-year, totaling $148.71 million, and surpassed earnings expectations by reporting an EPS of ($0.03).

Nuveen LLC bought a new stake in shares of Fastly, Inc. (NYSE:FSLY - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 375,215 shares of the company's stock, valued at approximately $2,375,000. Nuveen LLC owned 0.26% of Fastly as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FSLY. GAMMA Investing LLC raised its position in shares of Fastly by 451.7% during the 1st quarter. GAMMA Investing LLC now owns 7,261 shares of the company's stock worth $46,000 after buying an additional 5,945 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Fastly during the 1st quarter worth about $91,000. Bryce Point Capital LLC bought a new stake in shares of Fastly during the 1st quarter worth about $99,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Fastly during the 4th quarter worth about $105,000. Finally, CWM LLC raised its position in shares of Fastly by 37.9% during the 1st quarter. CWM LLC now owns 17,371 shares of the company's stock worth $110,000 after buying an additional 4,777 shares in the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.

Fastly Trading Down 2.6%

Shares of Fastly stock traded down $0.20 during trading on Thursday, hitting $7.17. The stock had a trading volume of 733,236 shares, compared to its average volume of 2,849,472. The stock has a 50 day simple moving average of $7.07 and a 200 day simple moving average of $6.86. The company has a market capitalization of $1.06 billion, a PE ratio of -6.95 and a beta of 1.24. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.16. 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 released its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $148.71 million for the quarter, compared to the consensus estimate of $144.86 million. During the same period last year, the firm posted ($0.07) earnings per share. The firm's quarterly revenue was up 12.3% compared to the same quarter last year. On average, research analysts expect that Fastly, Inc. will post -0.78 EPS for the current fiscal year.

Insider Activity at Fastly

In other Fastly news, CRO Scott R. Lovett sold 127,608 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $6.95, for a total value of $886,875.60. Following the completion of the sale, the executive directly owned 1,287,145 shares of the company's stock, valued at $8,945,657.75. The trade was a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard Devon Daniels sold 18,248 shares of the business's stock in a transaction 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 owned 67,652 shares of the company's stock, valued at $514,831.72. The trade was a 21.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 219,070 shares of company stock valued at $1,538,411. Company insiders own 6.70% of the company's stock.

Wall Street Analyst Weigh In

FSLY has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted their price target on shares of Fastly from $6.00 to $7.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 7th. Craig Hallum upgraded shares of Fastly from a "hold" rating to a "buy" rating and set a $10.00 target price on the stock in a report on Thursday, August 7th. Piper Sandler boosted their target price on shares of Fastly from $6.00 to $7.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. KeyCorp upgraded shares of Fastly to a "sector weight" rating in a report on Thursday, June 5th. Finally, Morgan Stanley boosted their target price on shares of Fastly from $7.00 to $8.00 and gave the stock an "equal weight" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $8.69.

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.