Principal Financial Group Inc. Has $88,000 Stock Holdings in Fastly, Inc. (NYSE:FSLY)

Principal Financial Group Inc. trimmed its stake in shares of Fastly, Inc. (NYSE:FSLY) by 29.6% in the third quarter, Holdings Channel.com reports. The fund owned 11,574 shares of the company’s stock after selling 4,857 shares during the quarter. Principal Financial Group Inc.’s holdings in Fastly were worth $88,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Fastly by 5.1% in the first quarter. Vanguard Group Inc. now owns 13,581,524 shares of the company’s stock worth $176,152,000 after acquiring an additional 657,334 shares in the last quarter. Point72 Asset Management L.P. grew its position in Fastly by 461.5% during the second quarter. Point72 Asset Management L.P. now owns 756,380 shares of the company’s stock valued at $5,575,000 after buying an additional 621,680 shares during the period. SG Americas Securities LLC increased its holdings in Fastly by 77.5% during the third quarter. SG Americas Securities LLC now owns 221,357 shares of the company’s stock worth $1,676,000 after buying an additional 96,664 shares during the last quarter. Rhumbline Advisers raised its position in Fastly by 8.5% in the second quarter. Rhumbline Advisers now owns 189,832 shares of the company’s stock worth $1,399,000 after acquiring an additional 14,813 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Fastly during the 2nd quarter valued at approximately $1,233,000. 79.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. DA Davidson upped their price objective on shares of Fastly from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Thursday, November 7th. Morgan Stanley lowered their price target on shares of Fastly from $12.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 27th. Robert W. Baird raised their price objective on shares of Fastly from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Raymond James cut shares of Fastly from a “strong-buy” rating to a “market perform” rating in a report on Tuesday, October 1st. Finally, Piper Sandler increased their target price on Fastly from $6.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. According to data from MarketBeat, Fastly has an average rating of “Hold” and an average target price of $7.94.

Fastly Stock Performance

NYSE FSLY opened at $7.96 on Wednesday. The company’s 50 day simple moving average is $7.33 and its two-hundred day simple moving average is $7.27. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.97 and a quick ratio of 3.97. Fastly, Inc. has a 1 year low of $5.52 and a 1 year high of $25.87. The stock has a market capitalization of $1.12 billion, a PE ratio of -7.30 and a beta of 1.24.

Fastly (NYSE:FSLY) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.08. The firm had revenue of $137.21 million for the quarter, compared to analysts’ expectations of $131.86 million. Fastly had a negative net margin of 27.47% and a negative return on equity of 13.24%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.33) earnings per share. Analysts predict that Fastly, Inc. will post -0.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Fastly

In other news, CFO Ronald W. Kisling sold 7,449 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $7.24, for a total transaction of $53,930.76. Following the transaction, the chief financial officer now directly owns 558,564 shares of the company’s stock, valued at approximately $4,044,003.36. This trade represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Nightingale sold 49,816 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $6.25, for a total transaction of $311,350.00. Following the sale, the chief executive officer now directly owns 1,600,973 shares of the company’s stock, valued at $10,006,081.25. The trade was a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 160,548 shares of company stock valued at $1,094,142 in the last 90 days. Corporate insiders own 6.70% of the company’s stock.

Fastly Profile

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.