Vanguard Group Inc. lifted its stake in Switch Inc (NYSE:SWCH) by 34.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,036,875 shares of the company’s stock after purchasing an additional 1,280,511 shares during the quarter. Vanguard Group Inc. owned about 2.04% of Switch worth $65,933,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Glen Harbor Capital Management LLC boosted its position in shares of Switch by 78.2% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 43,076 shares of the company’s stock worth $564,000 after purchasing an additional 18,898 shares in the last quarter. First Trust Advisors LP bought a new position in Switch in the 2nd quarter valued at approximately $23,830,000. Coastal Investment Advisors Inc. lifted its position in Switch by 446.4% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 5,464 shares of the company’s stock valued at $72,000 after acquiring an additional 4,464 shares in the last quarter. Neuburgh Advisers LLC lifted its position in Switch by 78.2% in the 2nd quarter. Neuburgh Advisers LLC now owns 31,328 shares of the company’s stock valued at $410,000 after acquiring an additional 13,744 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Switch by 33.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 201,126 shares of the company’s stock valued at $2,633,000 after acquiring an additional 50,048 shares in the last quarter. 21.30% of the stock is currently owned by hedge funds and other institutional investors.
SWCH has been the topic of several analyst reports. BMO Capital Markets upped their price objective on Switch from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Zacks Investment Research cut Switch from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Credit Suisse Group set a $18.00 price objective on Switch and gave the company a “buy” rating in a research report on Wednesday. Finally, ValuEngine cut Switch from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $13.28.
Switch (NYSE:SWCH) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.02). The business 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 business’s revenue was up 9.2% compared to the same quarter last year. During the same period last year, the company posted $0.02 earnings per share. On average, research analysts predict that Switch Inc will post 0.18 earnings per share for the current year.
In other Switch news, major shareholder William Gonsalves Balelo sold 583,343 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $16.30, for a total transaction of $9,508,490.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas A. Thomas sold 60,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $15.46, for a total transaction of $927,600.00. 28.39% of the stock is currently owned by insiders.
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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