Convergence Investment Partners LLC Invests $1.95 Million in Fastly, Inc. $FSLY

Convergence Investment Partners LLC bought a new position in shares of Fastly, Inc. (NYSE:FSLY) in the 1st quarter, Holdings Channel.com reports. The firm bought 67,125 shares of the company’s stock, valued at approximately $1,951,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FSLY. Range Financial Group LLC bought a new position in Fastly during the first quarter valued at approximately $1,667,000. Vanguard Group Inc. grew its holdings in Fastly by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock valued at $172,825,000 after buying an additional 310,234 shares in the last quarter. SG Americas Securities LLC increased its stake in Fastly by 90.7% in the 1st quarter. SG Americas Securities LLC now owns 685,415 shares of the company’s stock worth $19,918,000 after acquiring an additional 326,087 shares during the last quarter. Sigma Planning Corp bought a new stake in Fastly in the 1st quarter worth approximately $1,891,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Fastly during the 1st quarter worth approximately $1,023,000. Institutional investors own 79.71% of the company’s stock.

Fastly Stock Down 1.2%

Shares of NYSE:FSLY opened at $20.47 on Tuesday. Fastly, Inc. has a 1 year low of $6.29 and a 1 year high of $34.82. The business has a 50 day simple moving average of $18.32 and a two-hundred day simple moving average of $18.89. The firm has a market capitalization of $3.20 billion, a PE ratio of -21.32 and a beta of 0.34. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FSLY shares. KeyCorp increased their target price on Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Evercore assumed coverage on shares of Fastly in a research report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price target on the stock. Royal Bank Of Canada decreased their price target on shares of Fastly to $18.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 7th. Canaccord Genuity Group initiated coverage on shares of Fastly in a research report on Friday. They set a “buy” rating and a $27.00 price objective for the company. Finally, Raymond James Financial raised shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Fastly currently has a consensus rating of “Hold” and a consensus price target of $23.11.

Insiders Place Their Bets

In related news, CEO Charles Lacey Compton III sold 9,313 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $20.79, for a total transaction of $193,617.27. Following the completion of the sale, the chief executive officer directly owned 1,063,945 shares of the company’s stock, valued at approximately $22,119,416.55. This trade represents a 0.87% decrease in their position. The sale 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, CTO Artur Bergman sold 7,889 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $20.96, for a total value of $165,353.44. Following the transaction, the chief technology officer owned 2,038,638 shares of the company’s stock, valued at approximately $42,729,852.48. The trade was a 0.39% 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. In the last three months, insiders have sold 274,529 shares of company stock valued at $4,761,780. Corporate insiders own 4.20% 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.