Renaissance Technologies LLC Reduces Holdings in Fastly, Inc. $FSLY

Renaissance Technologies LLC reduced its stake in shares of Fastly, Inc. (NYSE:FSLY) by 18.7% in the 1st quarter, HoldingsChannel reports. The firm owned 518,354 shares of the company’s stock after selling 119,100 shares during the quarter. Renaissance Technologies LLC’s holdings in Fastly were worth $15,063,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Convergence Investment Partners LLC purchased a new position in Fastly during the first quarter worth $1,951,000. Range Financial Group LLC acquired a new position in shares of Fastly in the first quarter worth $1,667,000. Vanguard Group Inc. lifted its position in shares of Fastly by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock valued at $172,825,000 after acquiring an additional 310,234 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Fastly by 100.5% in the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock valued at $204,349,000 after acquiring an additional 3,524,763 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Fastly by 90.7% during the first quarter. SG Americas Securities LLC now owns 685,415 shares of the company’s stock valued at $19,918,000 after acquiring an additional 326,087 shares during the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Fastly Price Performance

FSLY stock opened at $22.66 on Friday. The stock has a market capitalization of $3.55 billion, a price-to-earnings ratio of -23.60 and a beta of 0.34. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. Fastly, Inc. has a 52-week low of $6.29 and a 52-week high of $34.82. The stock’s fifty day simple moving average is $18.95 and its 200-day simple moving average is $19.50.

Insider Buying and Selling

In other Fastly news, insider Scott R. Lovett sold 41,716 shares of Fastly stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the sale, the insider owned 1,392,778 shares in the company, valued at $24,749,665.06. The trade was a 2.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Artur Bergman sold 32,181 shares of Fastly 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 completion of the sale, the chief technology officer owned 2,086,529 shares of the company’s stock, valued at $35,158,013.65. This trade represents a 1.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 274,529 shares of company stock worth $4,761,780. 4.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Freedom Capital upgraded Fastly to a “strong-buy” rating in a research report on Thursday, July 16th. Evercore initiated coverage on shares of Fastly in a report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 target price on the stock. KeyCorp raised their price target on shares of Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Raymond James Financial upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a report on Friday, May 8th. Finally, Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective for the company. in a research report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $23.11.

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.