Penserra Capital Management LLC Purchases New Stake in Fastly, Inc. $FSLY

Penserra Capital Management LLC acquired a new position in shares of Fastly, Inc. (NYSE:FSLY) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,235,649 shares of the company’s stock, valued at approximately $61,864,000.

Several other hedge funds also recently modified their holdings of the business. Byrne Asset Management LLC acquired a new position in Fastly in the third quarter valued at approximately $43,000. Geneos Wealth Management Inc. acquired a new position in shares of Fastly in the 1st quarter valued at $52,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Fastly in the 3rd quarter worth $56,000. State of Alaska Department of Revenue acquired a new stake in shares of Fastly during the third quarter worth $57,000. Finally, Acadian Asset Management LLC bought a new stake in Fastly in the first quarter valued at about $78,000. Institutional investors own 79.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on FSLY shares. Wall Street Zen upgraded shares of Fastly from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Oppenheimer assumed coverage on shares of Fastly in a report on Monday, November 17th. They issued a “market perform” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fastly in a research note on Wednesday, October 8th. Royal Bank Of Canada increased their price target on Fastly from $9.00 to $10.00 and gave the stock a “sector perform” rating in a report on Monday, January 5th. Finally, Citigroup dropped their price target on Fastly from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.64.

Fastly Trading Down 4.8%

NYSE:FSLY opened at $8.79 on Wednesday. The company has a market cap of $1.31 billion, a P/E ratio of -9.16 and a beta of 0.98. Fastly, Inc. has a twelve month low of $4.65 and a twelve month high of $12.59. The business has a 50 day moving average price of $10.16 and a two-hundred day moving average price of $8.96. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16.

Fastly (NYSE:FSLY) last announced its earnings results on Wednesday, November 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.01 by $0.06. Fastly had a negative net margin of 23.49% and a negative return on equity of 12.02%. The business had revenue of $158.22 million during the quarter, compared to analysts’ expectations of $151.04 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. The firm’s revenue was up 15.3% on a year-over-year basis. As a group, analysts expect that Fastly, Inc. will post -0.78 EPS for the current fiscal year.

Insider Activity

In related news, insider Scott R. Lovett sold 42,118 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $10.10, for a total transaction of $425,391.80. Following the sale, the insider owned 1,002,137 shares in the company, valued at approximately $10,121,583.70. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Artur Bergman sold 220,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $10.67, for a total value of $2,347,400.00. Following the completion of the transaction, the chief technology officer owned 3,121,276 shares of the company’s stock, valued at approximately $33,304,014.92. This represents a 6.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 929,248 shares of company stock valued at $9,793,149 in the last 90 days. 6.70% of the stock is owned by corporate insiders.

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.