US Bancorp DE lifted its holdings in shares of Switch Inc (NYSE:SWCH) by 47,301.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,422,030 shares of the company’s stock after purchasing an additional 1,419,030 shares during the quarter. US Bancorp DE owned about 0.56% of Switch worth $15,358,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SWCH. American Assets Capital Advisers LLC raised its holdings in Switch by 61.2% during the third quarter. American Assets Capital Advisers LLC now owns 2,225,025 shares of the company’s stock worth $24,031,000 after purchasing an additional 844,630 shares during the last quarter. Bank of Montreal Can raised its holdings in Switch by 3.4% during the third quarter. Bank of Montreal Can now owns 217,157 shares of the company’s stock worth $2,346,000 after purchasing an additional 7,215 shares during the last quarter. Northern Trust Corp raised its holdings in Switch by 70.3% during the second quarter. Northern Trust Corp now owns 245,017 shares of the company’s stock worth $2,982,000 after purchasing an additional 101,170 shares during the last quarter. TPG Group Holdings SBS Advisors Inc. acquired a new position in Switch during the second quarter worth $29,370,000. Finally, Bank of New York Mellon Corp raised its holdings in Switch by 545.1% during the second quarter. Bank of New York Mellon Corp now owns 643,349 shares of the company’s stock worth $7,830,000 after purchasing an additional 543,618 shares during the last quarter. Institutional investors and hedge funds own 18.28% of the company’s stock.
A number of research firms have recently weighed in on SWCH. BMO Capital Markets cut their price target on Switch from $20.00 to $14.00 and set an “average” rating for the company in a report on Tuesday, August 14th. They noted that the move was a valuation call. Jefferies Financial Group reissued a “hold” rating and issued a $10.00 price target (down from $12.00) on shares of Switch in a report on Tuesday, October 23rd. William Blair reissued an “outperform” rating on shares of Switch in a report on Tuesday, August 14th. BTIG Research cut Switch from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a report on Tuesday, August 14th. Finally, JPMorgan Chase & Co. cut Switch from an “overweight” rating to a “neutral” rating and set a $17.00 price target for the company. in a report on Tuesday, August 14th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Switch has an average rating of “Hold” and a consensus target price of $16.35.
In related news, major shareholder Intel Capital Corp sold 1,727,555 shares of the company’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $10.98, for a total value of $18,968,553.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder William Gonsalves Balelo sold 93,142 shares of the company’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $13.73, for a total value of $1,278,839.66. The disclosure for this sale can be found here. Corporate insiders own 12.64% of the company’s stock.
NYSE SWCH opened at $9.91 on Wednesday. Switch Inc has a fifty-two week low of $8.41 and a fifty-two week high of $20.18. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.81.
Switch (NYSE:SWCH) last released its earnings results on Monday, August 13th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.02). The business had revenue of $102.20 million during the quarter, compared to analyst estimates of $102.78 million. Switch had a negative net margin of 12.35% and a positive return on equity of 0.49%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 earnings per share. As a group, equities research analysts anticipate that Switch Inc will post 0.11 EPS for the current fiscal year.
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Switch Company Profile
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services to technology and digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers that conduct critical business on the Internet. The company develops and operates data centers in Nevada, Michigan, and Georgia.
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