Castleark Management LLC Makes New $5.16 Million Investment in Fastly, Inc. $FSLY

Castleark Management LLC acquired a new stake in shares of Fastly, Inc. (NYSE:FSLY) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 177,688 shares of the company’s stock, valued at approximately $5,164,000. Castleark Management LLC owned about 0.11% of Fastly as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in shares of Fastly by 84.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,381 shares of the company’s stock worth $40,000 after purchasing an additional 633 shares during the period. Kestra Advisory Services LLC raised its position in Fastly by 8.4% in the 4th quarter. Kestra Advisory Services LLC now owns 11,970 shares of the company’s stock worth $122,000 after purchasing an additional 930 shares during the period. Parallax Volatility Advisers L.P. raised its position in Fastly by 13.8% in the 3rd quarter. Parallax Volatility Advisers L.P. now owns 12,095 shares of the company’s stock worth $103,000 after purchasing an additional 1,465 shares during the period. Sound Income Strategies LLC bought a new stake in Fastly in the first quarter worth about $44,000. Finally, ProShare Advisors LLC lifted its stake in Fastly by 10.1% in 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 last quarter. Hedge funds and other institutional investors own 79.71% of the company’s stock.

Insider Transactions at Fastly

In other news, CEO Charles Lacey Compton III sold 9,313 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $20.79, for a total transaction of $193,617.27. Following the transaction, the chief executive officer owned 1,063,945 shares of the company’s stock, valued at approximately $22,119,416.55. This represents a 0.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Wong sold 2,500 shares of Fastly stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $16.48, for a total value of $41,200.00. Following the completion of the sale, the chief financial officer owned 1,239,301 shares of the company’s stock, valued at $20,423,680.48. The trade was a 0.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 274,529 shares of company stock worth $4,761,780 over the last three months. Company insiders own 4.20% of the company’s stock.

Fastly Price Performance

Shares of FSLY stock opened at $20.04 on Tuesday. 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 company has a market capitalization of $3.14 billion, a P/E ratio of -20.87 and a beta of 0.34. The company’s 50-day simple moving average is $18.56 and its two-hundred day simple moving average is $19.24. Fastly, Inc. has a one year low of $6.29 and a one year high of $34.82.

Analysts Set New Price Targets

FSLY has been the topic of a number of analyst reports. Piper Sandler cut their target price on Fastly to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. KeyCorp raised their price target on Fastly from $14.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Citigroup boosted their price objective on Fastly from $13.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Craig Hallum downgraded Fastly from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a research report on Tuesday, April 14th. Finally, Freedom Capital upgraded Fastly to a “strong-buy” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.11.

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.