State of Wyoming Sells 33,818 Shares of Fastly, Inc. $FSLY

State of Wyoming cut its holdings in Fastly, Inc. (NYSE:FSLY) by 62.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,998 shares of the company’s stock after selling 33,818 shares during the quarter. State of Wyoming’s holdings in Fastly were worth $581,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its holdings in shares of Fastly by 84.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock valued at $40,000 after purchasing an additional 633 shares in the last quarter. Align Financial LLC purchased a new stake in shares of Fastly in the 4th quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Fastly during the fourth quarter valued at approximately $41,000. Sound Income Strategies LLC bought a new position in shares of Fastly during the first quarter valued at approximately $44,000. Finally, Quarry LP purchased a new position in Fastly during the third quarter valued at approximately $49,000. 79.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Fastly news, insider Scott R. Lovett sold 41,716 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $17.77, for a total value of $741,293.32. Following the completion of the sale, the insider directly owned 1,392,778 shares in the company, valued at $24,749,665.06. This trade represents a 2.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Artur Bergman sold 7,889 shares of Fastly stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $20.96, for a total transaction of $165,353.44. Following the completion of the transaction, the chief technology officer directly owned 2,038,638 shares in the company, valued at $42,729,852.48. This represents a 0.39% 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. Over the last three months, insiders sold 274,529 shares of company stock worth $4,761,780. 4.20% of the stock is currently owned by insiders.

Fastly Stock Up 4.2%

Shares of Fastly stock opened at $20.24 on Friday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.17 billion, a P/E ratio of -21.08 and a beta of 0.34. The firm’s 50 day moving average price is $18.49 and its 200-day moving average price is $19.11. Fastly, Inc. has a 52-week low of $6.29 and a 52-week high of $34.82.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Canaccord Genuity Group initiated coverage on shares of Fastly in a research note on Friday, July 17th. They issued a “buy” rating and a $27.00 price objective for the company. Citigroup increased their target price on Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Evercore initiated coverage on Fastly in a report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price target on the stock. KeyCorp lifted their price target on Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Finally, Raymond James Financial raised Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a research report on Friday, May 8th. One research 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.