Divisadero Street Capital Management LP Makes New Investment in Fastly, Inc. $FSLY

Divisadero Street Capital Management LP acquired a new stake in Fastly, Inc. (NYSE:FSLY) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 2,476,487 shares of the company’s stock, valued at approximately $21,174,000. Fastly comprises approximately 0.9% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 28th largest position.

A number of other hedge funds also recently made changes to their positions in the company. Arizona State Retirement System raised its stake in shares of Fastly by 3.2% during the third quarter. Arizona State Retirement System now owns 40,705 shares of the company’s stock valued at $348,000 after purchasing an additional 1,253 shares during the period. Savant Capital LLC boosted its stake in shares of Fastly by 27.6% in the third quarter. Savant Capital LLC now owns 18,721 shares of the company’s stock valued at $160,000 after purchasing an additional 4,051 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Fastly by 34.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,816 shares of the company’s stock worth $130,000 after buying an additional 4,059 shares during the period. Bank of Nova Scotia increased its stake in Fastly by 25.9% during the 3rd quarter. Bank of Nova Scotia now owns 21,743 shares of the company’s stock worth $186,000 after buying an additional 4,479 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in Fastly by 3.9% in the 2nd quarter. Intech Investment Management LLC now owns 119,909 shares of the company’s stock worth $847,000 after buying an additional 4,522 shares in the last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on FSLY. Oppenheimer assumed coverage on shares of Fastly in a research report on Monday, November 17th. They issued a “market perform” rating for the company. William Blair raised Fastly from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 12th. KeyCorp upgraded Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 price target on the stock in a research note on Monday, December 15th. Citigroup increased their price target on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, February 13th. Finally, DA Davidson set a $13.00 price objective on Fastly in a report on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Fastly presently has an average rating of “Hold” and a consensus price target of $13.14.

Insider Activity at Fastly

In related news, CEO Charles Lacey Compton III sold 36,694 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $20.69, for a total transaction of $759,198.86. Following the transaction, the chief executive officer directly owned 1,212,778 shares in the company, valued at $25,092,376.82. This trade represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Artur Bergman sold 265,000 shares of Fastly stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $22.79, for a total transaction of $6,039,350.00. Following the completion of the transaction, the chief technology officer directly owned 1,604,901 shares of the company’s stock, valued at approximately $36,575,693.79. This represents a 14.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,618,702 shares of company stock valued at $29,076,652. Corporate insiders own 6.70% of the company’s stock.

Fastly Trading Up 1.5%

NYSE:FSLY opened at $24.58 on Monday. The company has a market cap of $3.73 billion, a PE ratio of -25.60 and a beta of 0.88. The business’s 50 day moving average is $13.91 and its two-hundred day moving average is $11.01. 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 $4.65 and a 52 week high of $25.79.

Fastly Company Profile

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.