Range Financial Group LLC Invests $1.67 Million in Fastly, Inc. $FSLY

Range Financial Group LLC bought a new position in Fastly, Inc. (NYSE:FSLY) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 57,363 shares of the company’s stock, valued at approximately $1,667,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Abel Hall LLC acquired a new position in Fastly during the first quarter worth approximately $301,000. Stephens Inc. AR acquired a new position in shares of Fastly in the 1st quarter valued at $967,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Fastly during the 1st quarter valued at $531,000. Baer Investment Advisory LLC purchased a new stake in shares of Fastly during the 1st quarter valued at $352,000. Finally, Sound Income Strategies LLC acquired a new stake in shares of Fastly during the 1st quarter worth $44,000. 79.71% of the stock is currently owned by hedge funds and other institutional investors.

Fastly Trading Up 3.0%

Shares of FSLY opened at $20.33 on Friday. Fastly, Inc. has a 12 month low of $6.29 and a 12 month high of $34.82. The stock’s 50-day moving average is $18.98 and its two-hundred day moving average is $18.40. 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 stock has a market cap of $3.18 billion, a PE ratio of -21.18 and a beta of 0.34.

Insider Buying and Selling

In other Fastly news, CTO Artur Bergman sold 32,181 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $16.85, for a total value of $542,249.85. Following the completion of the sale, the chief technology officer owned 2,086,529 shares of the company’s stock, valued at $35,158,013.65. This trade represents a 1.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Lacey Compton III sold 34,334 shares of Fastly stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $16.85, for a total transaction of $578,527.90. Following the sale, the chief executive officer owned 1,099,561 shares in the company, valued at $18,527,602.85. This represents a 3.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 304,062 shares of company stock valued at $5,482,012. Corporate insiders own 6.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FSLY. Raymond James Financial raised 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. Citigroup boosted their target price on Fastly from $13.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Piper Sandler dropped their target price on shares of Fastly to $27.00 and set a “neutral” rating for the company in a research report on Thursday, May 7th. Evercore initiated coverage on shares of Fastly in a report on Tuesday, April 14th. They issued an “outperform” rating and a $24.00 price target on the stock. Finally, Royal Bank Of Canada reduced their price target on shares of Fastly to $18.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Fastly currently has an average rating of “Hold” and a consensus price target of $22.62.

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.