Russell Investments Group Ltd. raised its position in shares of Switch Inc (NYSE:SWCH) by 445.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 394,439 shares of the company’s stock after purchasing an additional 322,069 shares during the period. Russell Investments Group Ltd. owned 0.16% of Switch worth $4,801,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Wells Fargo & Company MN raised its position in shares of Switch by 47.1% during the 2nd quarter. Wells Fargo & Company MN now owns 6,479,394 shares of the company’s stock worth $78,855,000 after buying an additional 2,074,569 shares in the last quarter. Millennium Management LLC raised its position in shares of Switch by 1,047.1% during the 1st quarter. Millennium Management LLC now owns 402,481 shares of the company’s stock worth $6,403,000 after buying an additional 367,393 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Switch by 5.3% during the 1st quarter. Principal Financial Group Inc. now owns 273,344 shares of the company’s stock worth $4,349,000 after buying an additional 13,662 shares in the last quarter. Intel Corp bought a new stake in shares of Switch during the 2nd quarter worth about $21,024,000. Finally, Schwab Charles Investment Management Inc. raised its position in shares of Switch by 31.2% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 107,178 shares of the company’s stock worth $1,706,000 after buying an additional 25,509 shares in the last quarter. 18.10% of the stock is owned by hedge funds and other institutional investors.
In other Switch news, Director Thomas A. Thomas bought 22,000 shares of the company’s stock in a transaction that occurred on Thursday, August 30th. The shares were acquired at an average cost of $11.52 per share, for a total transaction of $253,440.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder William Gonsalves Balelo sold 93,142 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $13.73, for a total transaction of $1,278,839.66. The disclosure for this sale can be found here. Insiders sold a total of 809,978 shares of company stock worth $1,318,328,341 over the last quarter. Insiders own 12.64% of the company’s stock.
Switch (NYSE:SWCH) last released its earnings results on Monday, August 13th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Switch had a positive return on equity of 0.49% and a negative net margin of 12.35%. The business had revenue of $102.20 million during the quarter, compared to the consensus estimate of $102.78 million. During the same quarter in the previous year, the firm earned $0.07 earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. equities analysts predict that Switch Inc will post 0.11 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Friday, August 24th were issued a $0.0147 dividend. The ex-dividend date was Thursday, August 23rd. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.53%.
A number of research firms have commented on SWCH. Zacks Investment Research downgraded shares of Switch from a “hold” rating to a “sell” rating in a research report on Thursday, August 16th. Raymond James downgraded shares of Switch from an “outperform” rating to a “market perform” rating and set a $17.00 price target on the stock. in a research report on Monday, August 13th. Jefferies Financial Group dropped their price target on shares of Switch to $12.00 and set a “hold” rating on the stock in a research report on Tuesday, August 14th. BMO Capital Markets dropped their price target on shares of Switch from $20.00 to $14.00 and set an “average” rating on the stock in a research report on Tuesday, August 14th. They noted that the move was a valuation call. Finally, Citigroup upgraded shares of Switch from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Thursday, July 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Switch has a consensus rating of “Hold” and a consensus price target of $17.11.
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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