Sigma Planning Corp Purchases New Holdings in Fastly, Inc. $FSLY

Key Points

• Sigma Planning Corp opened a new position in Fastly during the first quarter, buying 65,057 shares valued at about $1.89 million.
• Other institutional investors also adjusted their Fastly holdings, and the stock remains 79.71% owned by institutions and hedge funds.
• Insiders have been selling shares recently, while Wall Street’s view is mixed: Fastly has a consensus Hold rating with an average price target of $22.62.

Sigma Planning Corp acquired a new position in shares of Fastly, Inc. (NYSE:FSLY - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 65,057 shares of the company's stock, valued at approximately $1,891,000.

A number of other hedge funds also recently added to or reduced their stakes in FSLY. Kestra Advisory Services LLC raised its stake in shares of Fastly by 8.4% during the fourth quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company's stock worth $122,000 after purchasing an additional 930 shares during the last quarter. Parallax Volatility Advisers L.P. grew its position in Fastly by 13.8% in the 3rd quarter. Parallax Volatility Advisers L.P. now owns 12,095 shares of the company's stock valued at $103,000 after buying an additional 1,465 shares during the last quarter. Sound Income Strategies LLC acquired a new position in Fastly in the 1st quarter valued at $44,000. ProShare Advisors LLC increased its stake in Fastly by 10.1% in the 4th quarter. ProShare Advisors LLC now owns 26,553 shares of the company's stock valued at $270,000 after buying an additional 2,435 shares during the period. Finally, 180 Wealth Advisors LLC raised its position in Fastly by 3.7% during the 4th quarter. 180 Wealth Advisors LLC now owns 79,221 shares of the company's stock worth $806,000 after buying an additional 2,860 shares during the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fastly

In related news, CTO Artur Bergman sold 32,181 shares of the business's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $16.85, for a total value of $542,249.85. Following the sale, the chief technology officer directly owned 2,086,529 shares in the company, valued at $35,158,013.65. The trade was a 1.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Scott R. Lovett sold 41,716 shares of the stock in a transaction dated Wednesday, June 17th. The shares were 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 in the company, valued at approximately $24,749,665.06. The trade was a 2.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 274,529 shares of company stock valued at $4,761,780 in the last ninety days. Corporate insiders own 4.20% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on FSLY. Piper Sandler lowered their target price on shares of Fastly to $27.00 and set a "neutral" rating on the stock in a report on Thursday, May 7th. Royal Bank Of Canada cut their price target on shares of Fastly to $18.00 and set a "sector perform" rating for the company in a report on Thursday, May 7th. Raymond James Financial upgraded 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. Craig Hallum downgraded Fastly from a "buy" rating to a "hold" rating and set a $24.00 target price for the company. in a research note on Tuesday, April 14th. Finally, Evercore began coverage on Fastly in a research note on Tuesday, April 14th. They issued an "outperform" rating and a $24.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $22.62.

Fastly Trading Up 1.6%

Shares of Fastly stock opened at $20.32 on Friday. The company has a 50-day moving average of $18.29 and a two-hundred day moving average of $18.74. Fastly, Inc. has a 12-month low of $6.29 and a 12-month high of $34.82. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The stock has a market cap of $3.18 billion, a PE ratio of -21.17 and a beta of 0.34.

About Fastly

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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