PDT Partners LLC Grows Stake in Fastly, Inc. $FSLY

Key Points

• PDT Partners LLC significantly increased its stake in Fastly, Inc. by purchasing 364,682 shares, bringing its total ownership to 619,625 shares, valued at approximately $3.9 million.
• Analysts have raised their price targets for Fastly, with expectations for growth, highlighting a target of $10.00 set by Craig Hallum.
• Fastly reported a revenue increase of 12.3% year-over-year for the last quarter, with quarterly earnings of ($0.03) EPS, beating analyst estimates.

PDT Partners LLC raised its position in Fastly, Inc. (NYSE:FSLY - Free Report) by 143.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 619,625 shares of the company's stock after purchasing an additional 364,682 shares during the quarter. PDT Partners LLC owned 0.43% of Fastly worth $3,922,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FSLY. Mariner LLC raised its position in Fastly by 18.0% in the 4th quarter. Mariner LLC now owns 22,868 shares of the company's stock worth $216,000 after purchasing an additional 3,487 shares during the period. Dimensional Fund Advisors LP raised its position in Fastly by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,098,509 shares of the company's stock worth $29,250,000 after purchasing an additional 12,974 shares during the period. Northern Trust Corp raised its position in Fastly by 28.3% in the 4th 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 purchased a new stake in Fastly in the 4th quarter worth about $312,000. Finally, Bridgefront Capital LLC purchased a new stake in Fastly in the 4th quarter worth about $143,000. 79.71% of the stock is owned by hedge funds and other institutional investors.

Fastly Stock Up 1.7%

FSLY stock traded up $0.13 during trading on Friday, hitting $7.43. 2,161,395 shares of the company's stock traded hands, compared to its average volume of 2,345,618. The firm has a market capitalization of $1.09 billion, a P/E ratio of -7.21 and a beta of 1.24. The business has a fifty day simple moving average of $7.08 and a two-hundred day simple moving average of $6.83. 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 issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $148.71 million for the quarter, compared to analyst estimates of $144.86 million. Fastly had a negative net margin of 25.85% and a negative return on equity of 11.98%. Fastly's revenue was up 12.3% compared to the same quarter last year. During the same period last year, the company posted ($0.07) earnings per share. Sell-side analysts anticipate that Fastly, Inc. will post -0.78 EPS for the current year.

Insider Buying and Selling at Fastly

In related news, CEO Charles Lacey Compton III sold 15,335 shares of Fastly stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $6.88, for a total transaction of $105,504.80. Following the transaction, the chief executive officer directly owned 673,645 shares of the company's stock, valued at $4,634,677.60. This trade represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard Devon Daniels sold 18,248 shares of Fastly stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $7.61, for a total transaction of $138,867.28. Following the transaction, the director directly owned 67,652 shares in the company, valued at approximately $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. In the last three months, insiders sold 280,781 shares of company stock valued at $1,995,833. 6.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FSLY. KeyCorp raised shares of Fastly to a "sector weight" rating in a research report on Thursday, June 5th. Craig Hallum raised shares of Fastly from a "hold" rating to a "buy" rating and set a $10.00 target price on the stock in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada raised their target price 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. One equities research analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $8.69.

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.