Sylebra HK Co Ltd purchased a new stake in Switch Inc (NYSE:SWCH) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 877,237 shares of the company’s stock, valued at approximately $13,957,000. Switch comprises 1.1% of Sylebra HK Co Ltd’s holdings, making the stock its 16th largest holding.
A number of other hedge funds have also modified their holdings of SWCH. Schwab Charles Investment Management Inc. acquired a new position in shares of Switch during the 4th quarter worth about $1,486,000. California Public Employees Retirement System acquired a new position in shares of Switch during the 4th quarter worth about $273,000. Wells Fargo & Company MN acquired a new position in shares of Switch during the 4th quarter worth about $76,684,000. Advisory Research Inc. acquired a new position in shares of Switch during the 4th quarter worth about $305,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Switch during the 4th quarter worth about $121,000. Hedge funds and other institutional investors own 14.13% of the company’s stock.
Several research analysts have recently weighed in on the stock. Cowen upgraded shares of Switch from an “underperform” rating to a “market perform” rating in a research note on Thursday, May 10th. Credit Suisse Group set a $19.00 price objective on shares of Switch and gave the stock a “buy” rating in a research note on Thursday, May 17th. William Blair restated an “outperform” rating on shares of Switch in a research note on Tuesday, May 15th. JPMorgan Chase & Co. lowered their price objective on shares of Switch from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 23rd. Finally, BMO Capital Markets restated a “buy” rating and set a $20.00 price objective on shares of Switch in a research note on Monday, May 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $20.00.
Shares of SWCH stock traded up $0.23 during midday trading on Thursday, hitting $13.23. 4,702 shares of the company were exchanged, compared to its average volume of 937,244. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.80. Switch Inc has a 52 week low of $11.90 and a 52 week high of $24.90.
Switch (NYSE:SWCH) last announced its earnings results on Monday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $97.70 million for the quarter, compared to analyst estimates of $99.79 million. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share. equities research analysts predict that Switch Inc will post 0.17 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 8th. Investors of record on Tuesday, May 29th were issued a dividend of $0.0147 per share. This represents a $0.06 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Friday, May 25th.
In related news, major shareholder Intel Capital Corp sold 36,314 shares of Switch stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $12.60, for a total transaction of $457,556.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 787,830 shares of company stock valued at $10,104,914 in the last ninety days. 12.64% of the stock is currently owned by insiders.
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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