DAVENPORT & Co LLC boosted its position in Switch, Inc. (NYSE:SWCH) by 27.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,632 shares of the company’s stock after purchasing an additional 3,155 shares during the quarter. DAVENPORT & Co LLC’s holdings in Switch were worth $240,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in SWCH. American International Group Inc. increased its holdings in shares of Switch by 81.0% during the second quarter. American International Group Inc. now owns 2,415 shares of the company’s stock valued at $43,000 after acquiring an additional 1,081 shares in the last quarter. Exane Derivatives acquired a new position in Switch in the 3rd quarter worth approximately $86,000. Canada Pension Plan Investment Board acquired a new position in Switch in the 2nd quarter worth approximately $102,000. Great West Life Assurance Co. Can increased its holdings in Switch by 250.7% in the 3rd quarter. Great West Life Assurance Co. Can now owns 13,307 shares of the company’s stock worth $111,000 after buying an additional 9,513 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Switch in the 3rd quarter worth approximately $116,000. Institutional investors and hedge funds own 34.40% of the company’s stock.
Shares of SWCH stock opened at $17.27 on Thursday. The stock’s fifty day moving average is $16.03 and its two-hundred day moving average is $16.34. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $4.16 billion, a P/E ratio of 172.72 and a beta of 0.62. Switch, Inc. has a fifty-two week low of $10.30 and a fifty-two week high of $19.99.
SWCH has been the topic of several recent research reports. Zacks Investment Research lowered Switch from a “hold” rating to a “sell” rating in a research report on Wednesday, September 23rd. TheStreet upgraded Switch from a “d” rating to a “c” rating in a research report on Friday, November 6th. Jefferies Financial Group upgraded Switch from a “hold” rating to a “buy” rating and upped their price objective for the stock from $18.00 to $22.00 in a research report on Wednesday. BidaskClub lowered Switch from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 7th. Finally, Credit Suisse Group lowered their price objective on Switch from $23.00 to $21.00 and set an “outperform” rating on the stock in a research report on Friday, October 16th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Switch presently has an average rating of “Buy” and a consensus price target of $20.95.
In related news, insider Teresa A. Borden sold 50,000 shares of the firm’s stock in a transaction dated Thursday, November 19th. The stock was sold at an average price of $15.20, for a total transaction of $760,000.00. Following the completion of the sale, the insider now directly owns 682,471 shares of the company’s stock, valued at approximately $10,373,559.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas A. Thomas sold 19,139 shares of the firm’s stock in a transaction dated Wednesday, December 23rd. The stock was sold at an average price of $16.51, for a total value of $315,984.89. Following the sale, the director now directly owns 2,184,719 shares of the company’s stock, valued at $36,069,710.69. The disclosure for this sale can be found here. Insiders sold a total of 238,336 shares of company stock valued at $3,764,419 over the last ninety days. Corporate insiders own 30.52% 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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