JPMorgan Chase & Co. Sells 149,943 Shares of Fastly, Inc. $FSLY

JPMorgan Chase & Co. reduced its stake in Fastly, Inc. (NYSE:FSLY) by 44.8% during the 3rd quarter, Holdings Channel reports. The fund owned 184,809 shares of the company’s stock after selling 149,943 shares during the period. JPMorgan Chase & Co.’s holdings in Fastly were worth $1,580,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. CIBC Bancorp USA Inc. bought a new position in Fastly in the 3rd quarter valued at about $125,000. Sunbelt Securities Inc. bought a new position in Fastly in the 3rd quarter valued at about $202,000. CANADA LIFE ASSURANCE Co raised its holdings in Fastly by 3.7% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,928,436 shares of the company’s stock valued at $16,719,000 after acquiring an additional 69,290 shares during the period. PharVision Advisers LLC bought a new position in Fastly in the 3rd quarter valued at about $289,000. Finally, Alyeska Investment Group L.P. bought a new position in Fastly in the 3rd quarter valued at about $1,414,000. 79.71% of the stock is owned by institutional investors.

Fastly Stock Up 3.6%

Shares of FSLY opened at $32.75 on Thursday. Fastly, Inc. has a 12 month low of $4.90 and a 12 month high of $34.82. The firm’s 50 day moving average is $20.85 and its 200-day moving average is $13.62. The stock has a market capitalization of $4.97 billion, a PE ratio of -34.11 and a beta of 0.62. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16.

Analyst Upgrades and Downgrades

FSLY has been the topic of several research analyst reports. DA Davidson set a $13.00 price target on shares of Fastly in a report on Thursday, February 12th. KeyCorp raised shares of Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 target price on the stock in a report on Monday, December 15th. William Blair raised shares of Fastly from a “market perform” rating to an “outperform” rating in a report on Thursday, February 12th. Citigroup raised their target price on shares of Fastly from $10.00 to $13.00 and gave the stock a “neutral” rating in a report on Friday, February 13th. Finally, Royal Bank Of Canada raised their target price on shares of Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Fastly has a consensus rating of “Hold” and an average price target of $13.14.

Insider Transactions at Fastly

In related news, CEO Charles Lacey Compton III sold 73,206 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $20.94, for a total transaction of $1,532,933.64. Following the sale, the chief executive officer owned 875,831 shares in the company, valued at approximately $18,339,901.14. This trade represents a 7.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Artur Bergman sold 275,234 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $20.56, for a total transaction of $5,658,811.04. Following the sale, the chief technology officer owned 1,909,901 shares in the company, valued at $39,267,564.56. This represents a 12.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,498,702 shares of company stock valued at $28,938,555. 6.70% of the stock is currently owned by company insiders.

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.