D. E. Shaw & Co. Inc. lowered its stake in Switch Inc (NYSE:SWCH) by 83.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 21,900 shares of the company’s stock after selling 108,715 shares during the quarter. D. E. Shaw & Co. Inc.’s holdings in Switch were worth $287,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Switch by 34.1% in the 2nd quarter. Vanguard Group Inc. now owns 5,036,875 shares of the company’s stock valued at $65,933,000 after acquiring an additional 1,280,511 shares during the period. Renaissance Technologies LLC grew its stake in Switch by 56.9% in the 2nd quarter. Renaissance Technologies LLC now owns 2,822,400 shares of the company’s stock valued at $36,945,000 after acquiring an additional 1,023,800 shares during the period. Senvest Management LLC grew its stake in Switch by 34.9% in the 2nd quarter. Senvest Management LLC now owns 2,202,684 shares of the company’s stock valued at $28,833,000 after acquiring an additional 570,214 shares during the period. BlackRock Inc. grew its stake in Switch by 43.8% in the 2nd quarter. BlackRock Inc. now owns 2,188,024 shares of the company’s stock valued at $28,642,000 after acquiring an additional 666,279 shares during the period. Finally, First Trust Advisors LP acquired a new stake in Switch in the 2nd quarter valued at $23,830,000. 21.30% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SWCH opened at $15.56 on Friday. Switch Inc has a 52-week low of $6.39 and a 52-week high of $16.95. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.87. The firm’s fifty day moving average is $15.98 and its two-hundred day moving average is $13.35. The stock has a market cap of $3.81 billion, a PE ratio of 172.89, a price-to-earnings-growth ratio of 10.72 and a beta of 0.52.
A number of equities research analysts recently issued reports on SWCH shares. BMO Capital Markets lifted their price target on shares of Switch from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Credit Suisse Group set a $18.00 target price on shares of Switch and gave the stock a “buy” rating in a research note on Wednesday. ValuEngine cut shares of Switch from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research cut shares of Switch from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. Switch currently has an average rating of “Buy” and a consensus price target of $13.28.
In other news, Director Thomas A. Thomas sold 60,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $15.46, for a total transaction of $927,600.00. Also, major shareholder William Gonsalves Balelo sold 583,343 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $16.30, for a total transaction of $9,508,490.90. The disclosure for this sale can be found here. Insiders own 28.39% of the company’s stock.
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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