State of New Jersey Common Pension Fund D Grows Stock Holdings in Fastly, Inc. (NYSE:FSLY)

State of New Jersey Common Pension Fund D grew its holdings in Fastly, Inc. (NYSE:FSLY) by 29.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 137,727 shares of the company’s stock after acquiring an additional 31,140 shares during the period. State of New Jersey Common Pension Fund D owned about 0.11% of Fastly worth $2,452,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FSLY. Hanseatic Management Services Inc. purchased a new position in Fastly in the 3rd quarter worth approximately $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Fastly in the third quarter valued at $36,000. Allworth Financial LP grew its holdings in Fastly by 1,420.9% during the 4th quarter. Allworth Financial LP now owns 2,114 shares of the company’s stock valued at $38,000 after purchasing an additional 1,975 shares in the last quarter. Hollencrest Capital Management purchased a new stake in Fastly during the 3rd quarter worth $58,000. Finally, International Assets Investment Management LLC acquired a new position in Fastly in the 4th quarter worth $61,000. Institutional investors and hedge funds own 79.71% of the company’s stock.

Insiders Place Their Bets

In other news, Director Richard Devon Daniels sold 7,766 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $12.66, for a total transaction of $98,317.56. Following the completion of the transaction, the director now directly owns 34,328 shares of the company’s stock, valued at $434,592.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fastly news, Director Richard Devon Daniels sold 7,766 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $12.66, for a total value of $98,317.56. Following the sale, the director now directly owns 34,328 shares in the company, valued at $434,592.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ronald W. Kisling sold 7,486 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $13.00, for a total transaction of $97,318.00. Following the transaction, the chief financial officer now owns 632,736 shares of the company’s stock, valued at approximately $8,225,568. The disclosure for this sale can be found here. Insiders have sold 199,201 shares of company stock valued at $3,160,402 over the last quarter. Insiders own 7.60% of the company’s stock.

Fastly Stock Performance

FSLY stock opened at $12.94 on Thursday. The stock’s 50 day simple moving average is $13.21 and its 200 day simple moving average is $16.26. Fastly, Inc. has a 12-month low of $11.61 and a 12-month high of $25.87. The firm has a market cap of $1.77 billion, a P/E ratio of -12.44 and a beta of 1.22. The company has a current ratio of 3.14, a quick ratio of 3.14 and a debt-to-equity ratio of 0.35.

Fastly (NYSE:FSLY) last issued its earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.05. Fastly had a negative net margin of 26.30% and a negative return on equity of 16.02%. The company had revenue of $137.78 million for the quarter, compared to analysts’ expectations of $139.25 million. As a group, equities research analysts predict that Fastly, Inc. will post -1.07 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Bank of America lowered their target price on Fastly from $28.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, March 28th. Royal Bank of Canada upgraded Fastly from an “underperform” rating to a “sector perform” rating and lifted their price objective for the stock from $12.00 to $18.00 in a report on Monday, January 8th. Craig Hallum cut Fastly from a “buy” rating to a “hold” rating and set a $20.00 target price for the company. in a research note on Thursday, February 15th. Piper Sandler upgraded shares of Fastly from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $19.00 to $16.00 in a research note on Monday, April 8th. Finally, Citigroup reduced their price objective on shares of Fastly from $20.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.56.

Fastly Company Profile

Fastly, Inc operates an edge cloud platform for processing, serving, and securing its customer's applications in the United States, the Asia Pacific, Europe, and internationally. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the internet.