Treasurer of the State of North Carolina grew its holdings in Switch Inc (NYSE:SWCH) by 57.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,546 shares of the company’s stock after purchasing an additional 8,590 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Switch were worth $308,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of SWCH. Vanguard Group Inc. lifted its stake in shares of Switch by 34.1% during the second quarter. Vanguard Group Inc. now owns 5,036,875 shares of the company’s stock valued at $65,933,000 after acquiring an additional 1,280,511 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Switch by 56.9% during the second quarter. Renaissance Technologies LLC now owns 2,822,400 shares of the company’s stock valued at $36,945,000 after acquiring an additional 1,023,800 shares during the period. Senvest Management LLC lifted its stake in shares of Switch by 34.9% during the second quarter. Senvest Management LLC now owns 2,202,684 shares of the company’s stock valued at $28,833,000 after acquiring an additional 570,214 shares during the period. BlackRock Inc. lifted its stake in shares of Switch by 43.8% during the second quarter. BlackRock Inc. now owns 2,188,024 shares of the company’s stock valued at $28,642,000 after acquiring an additional 666,279 shares during the period. Finally, First Trust Advisors LP acquired a new position in shares of Switch during the second quarter valued at $23,830,000. 21.30% of the stock is currently owned by institutional investors.
In other Switch news, Director Thomas A. Thomas sold 60,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $15.46, for a total value of $927,600.00. Also, major shareholder William Gonsalves Balelo sold 583,343 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $16.30, for a total value of $9,508,490.90. The disclosure for this sale can be found here. Corporate insiders own 28.39% of the company’s stock.
Several equities analysts have recently issued reports on SWCH shares. Credit Suisse Group set a $18.00 price target on Switch and gave the company a “buy” rating in a research note on Wednesday. BMO Capital Markets upped their price target on Switch from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. ValuEngine downgraded Switch from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research downgraded Switch from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $13.28.
NYSE SWCH opened at $15.56 on Friday. The stock has a 50-day simple moving average of $15.98 and a 200 day simple moving average of $13.35. The company has a market capitalization of $3.80 billion, a PE ratio of 141.00, a P/E/G ratio of 10.74 and a beta of 0.52. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.87. Switch Inc has a 12 month low of $6.39 and a 12 month high of $16.95.
Switch (NYSE:SWCH) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The company had revenue of $111.59 million during the quarter, compared to the consensus estimate of $109.47 million. Switch had a net margin of 1.05% and a return on equity of 2.60%. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.02 EPS. As a group, sell-side analysts predict that Switch Inc will post 0.18 earnings per share for the current fiscal year.
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services primarily to technology and digital media companies in the United States. It develops and operates data centers in Nevada and Michigan. The company also serves cloud and managed service providers, financial institutions, IT and software providers, government agencies, network and telecommunications providers, and others that conduct critical business on the Internet.
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