Divisadero Street Capital Management LP Makes New $21.17 Million Investment in Fastly, Inc. $FSLY

Divisadero Street Capital Management LP purchased a new stake in Fastly, Inc. (NYSE:FSLY) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,476,487 shares of the company’s stock, valued at approximately $21,174,000. Fastly accounts for 0.9% of Divisadero Street Capital Management LP’s holdings, making the stock its 28th biggest position. Divisadero Street Capital Management LP owned approximately 1.66% of Fastly at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Fastly by 3.4% during the 3rd quarter. Vanguard Group Inc. now owns 16,666,672 shares of the company’s stock worth $142,500,000 after acquiring an additional 554,909 shares during the period. Legal & General Group Plc grew its holdings in Fastly by 3.4% in the second quarter. Legal & General Group Plc now owns 8,943,224 shares of the company’s stock valued at $63,139,000 after purchasing an additional 291,617 shares during the period. Penserra Capital Management LLC acquired a new position in Fastly during the third quarter worth approximately $61,864,000. Dimensional Fund Advisors LP raised its stake in Fastly by 2.9% during the third quarter. Dimensional Fund Advisors LP now owns 4,137,808 shares of the company’s stock worth $35,380,000 after purchasing an additional 117,213 shares during the period. Finally, Marshall Wace LLP raised its stake in Fastly by 115.2% during the second quarter. Marshall Wace LLP now owns 3,385,167 shares of the company’s stock worth $23,899,000 after purchasing an additional 1,811,935 shares during the period. Institutional investors and hedge funds own 79.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on FSLY shares. Oppenheimer started coverage on shares of Fastly in a research note on Monday, November 17th. They set a “market perform” rating for the company. KeyCorp raised Fastly from a “sector weight” rating to an “overweight” rating and set a $14.00 target price on the stock in a research report on Monday, December 15th. Citigroup lifted their target price on Fastly from $10.00 to $13.00 and gave the company a “neutral” rating in a report on Friday, February 13th. Royal Bank Of Canada upped their price target on Fastly from $12.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Monday, March 2nd. Finally, William Blair upgraded Fastly from a “market perform” rating to an “outperform” rating in a report on Thursday, February 12th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fastly has an average rating of “Hold” and an average target price of $13.14.

Fastly Stock Performance

Shares of FSLY stock opened at $24.58 on Monday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The company has a market cap of $3.73 billion, a PE ratio of -25.60 and a beta of 0.88. The company’s fifty day simple moving average is $13.91 and its 200-day simple moving average is $11.01. Fastly, Inc. has a 52 week low of $4.65 and a 52 week high of $25.79.

Insider Activity at Fastly

In other Fastly news, CEO Charles Lacey Compton III sold 36,694 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $20.69, for a total transaction of $759,198.86. Following the transaction, the chief executive officer owned 1,212,778 shares in the company, valued at $25,092,376.82. The trade was a 2.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Artur Bergman sold 265,000 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $22.79, for a total value of $6,039,350.00. Following the completion of the sale, the chief technology officer directly owned 1,604,901 shares of the company’s stock, valued at $36,575,693.79. The trade was a 14.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,618,702 shares of company stock worth $29,076,652. Corporate insiders own 6.70% of the company’s stock.

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.