Fastly, Inc. (NYSE:FSLY - Get Rating) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 13,080,000 shares, an increase of 22.1% from the August 15th total of 10,710,000 shares. Based on an average daily trading volume, of 4,150,000 shares, the days-to-cover ratio is currently 3.2 days.
Insiders Place Their Bets
In other Fastly news, insider Artur Bergman sold 14,319 shares of the company's stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $12.18, for a total value of $174,405.42. Following the completion of the sale, the insider now owns 6,726,628 shares in the company, valued at $81,930,329.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Artur Bergman sold 14,319 shares of the company's stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $12.18, for a total value of $174,405.42. Following the completion of the transaction, the insider now owns 6,726,628 shares of the company's stock, valued at $81,930,329.04. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Ronald W. Kisling sold 5,083 shares of the company's stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $12.02, for a total value of $61,097.66. Following the completion of the transaction, the chief financial officer now directly owns 409,054 shares of the company's stock, valued at approximately $4,916,829.08. The disclosure for this sale can be found here. Insiders sold a total of 65,622 shares of company stock worth $788,756 over the last quarter. 8.90% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in FSLY. Legal & General Group Plc raised its position in shares of Fastly by 114.8% in the 2nd quarter. Legal & General Group Plc now owns 7,466,124 shares of the company's stock valued at $86,682,000 after purchasing an additional 3,989,496 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Fastly by 11.9% during the second quarter. Price T Rowe Associates Inc. MD now owns 55,323 shares of the company's stock valued at $642,000 after purchasing an additional 5,877 shares during the period. Prudential Financial Inc. purchased a new stake in Fastly in the second quarter valued at $386,000. Occudo Quantitative Strategies LP grew its position in Fastly by 212.3% during the 2nd quarter. Occudo Quantitative Strategies LP now owns 515,008 shares of the company's stock worth $5,979,000 after purchasing an additional 350,085 shares during the period. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Fastly by 16.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 839,425 shares of the company's stock valued at $9,746,000 after buying an additional 119,344 shares during the last quarter. 65.42% of the stock is owned by institutional investors and hedge funds.
Fastly Stock Up 0.5 %
NYSE FSLY traded up $0.05 during midday trading on Monday, hitting $9.33. 116,421 shares of the company traded hands, compared to its average volume of 4,705,417. The company has a debt-to-equity ratio of 0.73, a current ratio of 4.11 and a quick ratio of 4.11. The company has a market cap of $1.14 billion, a PE ratio of -5.59 and a beta of 1.43. The company's 50-day simple moving average is $10.74 and its 200-day simple moving average is $13.17. Fastly has a 52 week low of $8.27 and a 52 week high of $58.62.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on FSLY shares. Morgan Stanley lowered Fastly from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $18.00 to $12.00 in a research note on Monday, July 11th. Royal Bank of Canada lowered Fastly from a "sector perform" rating to an "underperform" rating and dropped their price target for the company from $17.50 to $9.00 in a research note on Tuesday, July 19th. Raymond James lowered their price objective on Fastly from $35.00 to $25.00 and set a "strong-buy" rating for the company in a research note on Friday, August 12th. Craig Hallum lowered their price objective on Fastly from $19.00 to $13.00 in a research note on Thursday, August 4th. Finally, DA Davidson lowered their price objective on Fastly to $12.00 in a research note on Tuesday, August 9th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $14.25.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to firstname.lastname@example.org.
Before you consider Fastly, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Fastly wasn't on the list.
While Fastly currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here