Fifth Third Bancorp Purchases Shares of 43,797 Fastly, Inc. $FSLY

Fifth Third Bancorp purchased a new position in Fastly, Inc. (NYSE:FSLY) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 43,797 shares of the company’s stock, valued at approximately $1,273,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Fastly by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 16,976,906 shares of the company’s stock valued at $172,825,000 after purchasing an additional 310,234 shares during the period. Morgan Stanley boosted its position in Fastly by 14.7% in the fourth quarter. Morgan Stanley now owns 8,339,234 shares of the company’s stock valued at $84,893,000 after buying an additional 1,071,222 shares during the last quarter. Alyeska Investment Group L.P. increased its holdings in Fastly by 2,795.2% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock worth $48,754,000 after buying an additional 4,623,767 shares during the period. Dimensional Fund Advisors LP raised its position in Fastly by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,137,808 shares of the company’s stock worth $35,380,000 after buying an additional 117,213 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Fastly by 29.0% during the 4th quarter. First Trust Advisors LP now owns 3,507,189 shares of the company’s stock valued at $35,703,000 after acquiring an additional 787,981 shares during the period. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Insider Activity at Fastly

In other news, CTO Artur Bergman sold 7,889 shares of Fastly stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $20.96, for a total value of $165,353.44. Following the sale, the chief technology officer owned 2,038,638 shares in the company, valued at $42,729,852.48. This trade represents a 0.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Wong sold 2,500 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $16.48, for a total transaction of $41,200.00. Following the completion of the transaction, the chief financial officer directly owned 1,239,301 shares in the company, valued at $20,423,680.48. This represents a 0.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 274,529 shares of company stock worth $4,761,780 in the last ninety days. 4.20% of the stock is owned by company insiders.

Analyst Ratings Changes

FSLY has been the topic of a number of research reports. Citigroup increased their price objective on shares of Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a research report on Tuesday, April 14th. Canaccord Genuity Group started coverage on Fastly in a report on Friday, July 17th. They issued a “buy” rating and a $27.00 price objective for the company. Piper Sandler lowered their target price on Fastly to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Finally, Raymond James Financial upgraded 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 equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $23.11.

Fastly Trading Up 4.2%

Shares of NYSE:FSLY opened at $20.24 on Friday. Fastly, Inc. has a 1 year low of $6.29 and a 1 year high of $34.82. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of -21.08 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. The business’s 50 day moving average price is $18.49 and its 200-day moving average price is $19.11.

Fastly 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.