Legal & General Group Plc Sells 180,990 Shares of Fastly, Inc. $FSLY

Legal & General Group Plc lowered its stake in shares of Fastly, Inc. (NYSE:FSLY) by 2.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,605,712 shares of the company’s stock after selling 180,990 shares during the quarter. Legal & General Group Plc owned approximately 5.76% of Fastly worth $87,564,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Leonteq Securities AG bought a new position in Fastly during the fourth quarter worth about $241,000. ProShare Advisors LLC boosted its position in Fastly by 10.1% during the fourth quarter. ProShare Advisors LLC now owns 26,553 shares of the company’s stock worth $270,000 after purchasing an additional 2,435 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in Fastly during the fourth quarter worth about $117,000. Strs Ohio bought a new position in Fastly during the fourth quarter worth about $250,000. Finally, Pictet Asset Management Holding SA boosted its position in Fastly by 24.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 23,214 shares of the company’s stock worth $236,000 after purchasing an additional 4,583 shares during the period. Institutional investors own 79.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on FSLY. Raymond James Financial upgraded shares of Fastly from a “market perform” rating to an “outperform” rating and set a $23.00 target price for the company in a research report on Friday, May 8th. KeyCorp increased their target price on shares of Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Evercore began coverage on shares of Fastly in a research report on Tuesday, April 14th. They set an “outperform” rating and a $24.00 target price for the company. Piper Sandler cut 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. Finally, Craig Hallum lowered shares of Fastly from a “buy” rating to a “hold” rating and set a $24.00 target price for the company. in a research report on Tuesday, April 14th. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $22.63.

Insider Activity at Fastly

In related news, insider Scott R. Lovett sold 14,843 shares of the firm’s 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 $250,104.55. Following the sale, the insider directly owned 1,489,035 shares of the company’s stock, valued at $25,090,239.75. This trade represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Artur Bergman sold 31,848 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.41, for a total transaction of $522,625.68. Following the completion of the sale, the chief technology officer directly owned 2,054,681 shares in the company, valued at $33,717,315.21. This represents a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,064,445 shares of company stock valued at $22,464,210. Company insiders own 6.70% of the company’s stock.

Fastly Trading Up 4.8%

Shares of FSLY opened at $17.76 on Friday. The firm’s 50 day simple moving average is $24.13 and its 200 day simple moving average is $16.86. The company has a market capitalization of $2.78 billion, a P/E ratio of -18.50 and a beta of 0.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. Fastly, Inc. has a 1-year low of $6.29 and a 1-year high of $34.82.

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.