Renaissance Technologies LLC Lowers Stock Position in Fastly, Inc. $FSLY

Renaissance Technologies LLC decreased its holdings in shares of Fastly, Inc. (NYSE:FSLY) by 18.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 518,354 shares of the company’s stock after selling 119,100 shares during the period. Renaissance Technologies LLC owned approximately 0.33% of Fastly worth $15,063,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Alyeska Investment Group L.P. boosted its stake in shares of Fastly by 2,795.2% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,789,185 shares of the company’s stock valued at $48,754,000 after buying an additional 4,623,767 shares in the last quarter. First Trust Advisors LP grew its holdings in Fastly by 100.5% during the first quarter. First Trust Advisors LP now owns 7,031,952 shares of the company’s stock worth $204,349,000 after acquiring an additional 3,524,763 shares during the period. Balyasny Asset Management L.P. raised its position 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 worth $9,383,000 after acquiring an additional 1,296,119 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in Fastly in the fourth quarter worth $11,657,000. Finally, Morgan Stanley lifted its holdings 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 acquiring an additional 1,071,222 shares during the period. 79.71% of the stock is owned by hedge funds and other institutional investors.

Fastly Stock Performance

NYSE FSLY opened at $22.66 on Friday. The business has a 50 day moving average price of $18.95 and a 200 day moving average price of $19.50. The company has a market capitalization of $3.55 billion, a P/E ratio of -23.60 and a beta of 0.34. Fastly, Inc. has a 1-year low of $6.29 and a 1-year high of $34.82. 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 Ratings Changes

Several equities research analysts have commented on FSLY shares. Freedom Capital upgraded shares of Fastly to a “strong-buy” rating in a research report on Thursday, July 16th. KeyCorp increased their price target on shares of Fastly from $14.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Canaccord Genuity Group began coverage on shares of Fastly in a research note on Friday, July 17th. They issued a “buy” rating and a $27.00 price objective for the company. Evercore initiated coverage on shares of Fastly in a research note on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price objective for the company. Finally, Piper Sandler decreased their price objective on shares of Fastly to $27.00 and set a “neutral” rating on the stock in a report on Thursday, May 7th. One investment 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $23.11.

Insider Activity

In related news, CTO Artur Bergman sold 32,181 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $16.85, for a total value of $542,249.85. Following the sale, the chief technology officer directly owned 2,086,529 shares in the company, valued at $35,158,013.65. The trade was a 1.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Scott R. Lovett sold 41,716 shares of the business’s 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 owned 1,392,778 shares in the company, valued at $24,749,665.06. This represents a 2.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 274,529 shares of company stock worth $4,761,780 over the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

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.