Treasurer of the State of North Carolina boosted its holdings in shares of Switch Inc (NYSE:SWCH) by 57.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,546 shares of the company’s stock after acquiring an additional 8,590 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Switch were worth $308,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in SWCH. Harvest Fund Management Co. Ltd acquired a new stake in shares of Switch during the 2nd quarter valued at about $39,000. Coastal Investment Advisors Inc. lifted its holdings in shares of Switch by 446.4% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 5,464 shares of the company’s stock valued at $72,000 after buying an additional 4,464 shares during the last quarter. NumerixS Investment Technologies Inc acquired a new stake in shares of Switch during the 1st quarter valued at about $90,000. Point72 Asset Management L.P. acquired a new stake in shares of Switch during the 2nd quarter valued at about $100,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Switch by 8,566.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,666 shares of the company’s stock valued at $113,000 after buying an additional 8,566 shares during the last quarter. Hedge funds and other institutional investors own 21.30% of the company’s stock.
SWCH opened at $15.56 on Friday. The business has a 50 day moving average price of $15.98 and a 200 day moving average price of $13.35. Switch Inc has a twelve month low of $6.39 and a twelve month high of $16.95. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $3.80 billion, a P/E ratio of 141.00, a price-to-earnings-growth ratio of 10.74 and a beta of 0.52.
Several brokerages have recently issued reports on SWCH. ValuEngine lowered Switch from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Zacks Investment Research lowered Switch from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. BMO Capital Markets lifted their price target on Switch from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, Credit Suisse Group set a $18.00 price target on Switch and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $13.28.
In other Switch news, Director Thomas A. Thomas sold 60,000 shares of Switch stock in a transaction that occurred on 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 Switch stock in a transaction that occurred on 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. 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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