Massachusetts Financial Services Co. MA lessened its stake in Switch (NYSE:SWCH) by 7.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,369,172 shares of the company’s stock after selling 117,943 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.54% of Switch worth $21,784,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Rhumbline Advisers increased its holdings in Switch by 63.6% in the 1st quarter. Rhumbline Advisers now owns 29,929 shares of the company’s stock worth $476,000 after acquiring an additional 11,637 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Switch by 4.5% in the 1st quarter. Wells Fargo & Company MN now owns 4,404,825 shares of the company’s stock worth $70,081,000 after acquiring an additional 189,143 shares in the last quarter. Alkeon Capital Management LLC purchased a new stake in Switch in the 4th quarter worth $18,175,000. Element Capital Management LLC purchased a new stake in Switch in the 4th quarter worth $1,910,000. Finally, Jane Street Group LLC purchased a new stake in Switch in the 4th quarter worth $195,000. 14.13% of the stock is owned by institutional investors.
Shares of Switch opened at $12.99 on Friday, MarketBeat.com reports. The company has a debt-to-equity ratio of 0.82, a quick ratio of 4.41 and a current ratio of 4.41. Switch has a twelve month low of $12.87 and a twelve month high of $13.39.
Switch (NYSE:SWCH) last announced its quarterly earnings results on Monday, May 14th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.03). The firm had revenue of $97.70 million for the quarter, compared to analysts’ expectations of $99.79 million. The company’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share. equities research analysts expect that Switch will post 0.19 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 8th. Stockholders of record on Tuesday, May 29th will be given a dividend of $0.0147 per share. The ex-dividend date is Friday, May 25th. This represents a $0.06 annualized dividend and a dividend yield of 0.45%.
Several equities research analysts recently commented on SWCH shares. Cowen initiated coverage on shares of Switch in a report on Friday, January 19th. They issued an “underweight” rating for the company. Credit Suisse Group set a $22.00 target price on shares of Switch and gave the stock a “buy” rating in a research note on Wednesday, February 7th. UBS raised shares of Switch from a “market perform” rating to an “outperform” rating in a research note on Monday, March 12th. Raymond James raised shares of Switch from a “market perform” rating to an “outperform” rating in a research note on Monday, March 12th. Finally, BMO Capital Markets lowered their target price on shares of Switch from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 3rd. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $20.83.
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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