Range Financial Group LLC Buys Shares of 57,363 Fastly, Inc. $FSLY

Range Financial Group LLC bought a new stake in shares of Fastly, Inc. (NYSE:FSLY) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 57,363 shares of the company’s stock, valued at approximately $1,667,000.

Other hedge funds have also made changes to their positions in the company. Alyeska Investment Group L.P. grew its holdings in Fastly by 2,795.2% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock worth $48,754,000 after acquiring an additional 4,623,767 shares in the last quarter. Divisadero Street Capital Management LP bought a new stake in Fastly in the third quarter valued at about $21,174,000. Balyasny Asset Management L.P. increased its holdings in Fastly by 3,941.1% in the second quarter. Balyasny Asset Management L.P. now owns 1,329,006 shares of the company’s stock valued at $9,383,000 after buying an additional 1,296,119 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in Fastly during the fourth quarter valued at approximately $11,657,000. Finally, Algert Global LLC raised its stake in Fastly by 288.8% during the third quarter. Algert Global LLC now owns 1,521,733 shares of the company’s stock valued at $13,011,000 after buying an additional 1,130,293 shares in the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

Analyst Ratings Changes

FSLY has been the subject of several research reports. Royal Bank Of Canada decreased their target price on Fastly to $18.00 and set a “sector perform” rating for the company in a research report on Thursday, May 7th. Craig Hallum cut Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a research note on Tuesday, April 14th. Evercore initiated coverage on shares of Fastly in a report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price objective for the company. Citigroup boosted their target price on shares of Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Piper Sandler dropped their target price on shares of Fastly to $27.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Fastly has an average rating of “Hold” and a consensus price target of $22.62.

Fastly Stock Up 3.0%

NYSE:FSLY opened at $20.33 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average of $18.98 and a 200-day moving average of $18.40. The firm has a market capitalization of $3.18 billion, a PE ratio of -21.18 and a beta of 0.34. Fastly, Inc. has a 52 week low of $6.29 and a 52 week high of $34.82.

Insider Buying and Selling

In other news, CEO Charles Lacey Compton III sold 9,313 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $20.79, for a total transaction of $193,617.27. Following the completion of the transaction, the chief executive officer owned 1,063,945 shares in the company, valued at approximately $22,119,416.55. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Scott R. Lovett sold 41,716 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $17.77, for a total transaction of $741,293.32. Following the completion of the sale, the insider directly owned 1,392,778 shares in the company, valued at approximately $24,749,665.06. This trade represents a 2.91% 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. Insiders sold 304,062 shares of company stock valued at $5,482,012 over the last three months. Corporate insiders own 6.70% of the company’s stock.

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.