Intrinsic Edge Capital Management LLC Sells 1,631,471 Shares of Fastly, Inc. (NYSE:FSLY)

Intrinsic Edge Capital Management LLC trimmed its holdings in shares of Fastly, Inc. (NYSE:FSLY - Free Report) by 63.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 936,169 shares of the company's stock after selling 1,631,471 shares during the period. Intrinsic Edge Capital Management LLC owned about 0.67% of Fastly worth $8,837,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. 180 Wealth Advisors LLC increased its holdings in shares of Fastly by 2.5% in the 4th quarter. 180 Wealth Advisors LLC now owns 68,643 shares of the company's stock valued at $648,000 after purchasing an additional 1,695 shares during the period. AlphaQuest LLC raised its holdings in Fastly by 169.1% during the fourth quarter. AlphaQuest LLC now owns 4,710 shares of the company's stock valued at $44,000 after buying an additional 2,960 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Fastly by 1.6% during the 4th quarter. Rhumbline Advisers now owns 192,131 shares of the company's stock valued at $1,814,000 after acquiring an additional 3,081 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Fastly by 128.9% in the 4th quarter. Jones Financial Companies Lllp now owns 5,720 shares of the company's stock worth $54,000 after purchasing an additional 3,221 shares during the last quarter. Finally, Mariner LLC lifted its stake in shares of Fastly by 18.0% in the fourth quarter. Mariner LLC now owns 22,868 shares of the company's stock worth $216,000 after buying an additional 3,487 shares during the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fastly

In other news, CFO Ronald W. Kisling sold 5,342 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $5.26, for a total value of $28,098.92. Following the completion of the sale, the chief financial officer now directly owns 665,693 shares in the company, valued at approximately $3,501,545.18. The trade was a 0.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Artur Bergman sold 10,000 shares of the business's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $10.58, for a total transaction of $105,800.00. Following the completion of the sale, the chief technology officer now directly owns 3,364,136 shares of the company's stock, valued at $35,592,558.88. This represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,903 shares of company stock worth $900,727. Insiders own 6.70% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup upped their price target on Fastly from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. Piper Sandler dropped their price objective on shares of Fastly from $9.00 to $6.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Royal Bank of Canada cut their price objective on Fastly from $10.00 to $8.00 and set a "sector perform" rating for the company in a research report on Thursday, February 13th. Morgan Stanley lowered their target price on Fastly from $8.00 to $7.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Finally, Oppenheimer started coverage on Fastly in a research note on Thursday, March 20th. They issued a "market perform" rating for the company. One equities research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to data from MarketBeat.com, Fastly presently has a consensus rating of "Hold" and an average target price of $8.25.

Fastly Stock Up 1.7 %

Shares of NYSE FSLY traded up $0.10 during trading on Thursday, hitting $5.85. 623,956 shares of the company traded hands, compared to its average volume of 3,273,721. The firm has a market capitalization of $845.69 million, a price-to-earnings ratio of -5.13 and a beta of 1.43. Fastly, Inc. has a fifty-two week low of $4.65 and a fifty-two week high of $13.36. The business's fifty day moving average is $6.22 and its 200 day moving average is $7.96. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.97 and a current ratio of 3.97.

Fastly (NYSE:FSLY - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.22). Fastly had a negative net margin of 29.07% and a negative return on equity of 12.75%. Equities research analysts predict that Fastly, Inc. will post -0.78 earnings per share for the current fiscal year.

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.