Healthcare of Ontario Pension Plan Trust Fund lessened its stake in Switch, Inc. (NYSE:SWCH) by 82.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 733,523 shares of the company’s stock after selling 3,535,575 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.30% of Switch worth $18,624,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Alliancebernstein L.P. increased its holdings in shares of Switch by 4,985.0% in the third quarter. Alliancebernstein L.P. now owns 3,082,111 shares of the company’s stock worth $78,255,000 after acquiring an additional 3,021,499 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Switch by 26.0% during the third quarter. Teacher Retirement System of Texas now owns 15,313 shares of the company’s stock worth $389,000 after buying an additional 3,156 shares during the period. CIBC Asset Management Inc acquired a new position in shares of Switch during the third quarter worth about $248,000. Barclays PLC boosted its position in shares of Switch by 174.3% during the third quarter. Barclays PLC now owns 20,929 shares of the company’s stock worth $532,000 after buying an additional 13,299 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Switch by 5.5% during the third quarter. BlackRock Inc. now owns 8,290,907 shares of the company’s stock worth $210,507,000 after buying an additional 432,733 shares during the period. Institutional investors and hedge funds own 49.28% of the company’s stock.
Several research analysts recently commented on SWCH shares. Stifel Nicolaus increased their price target on Switch from $30.00 to $34.00 and gave the company a “buy” rating in a research report on Tuesday, November 30th. Barclays increased their target price on Switch from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday. Wells Fargo & Company raised their price objective on Switch from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 3rd. Credit Suisse Group lifted their price target on Switch from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Tuesday, November 16th. Finally, Royal Bank of Canada started coverage on Switch in a research note on Thursday, December 16th. They issued an “outperform” rating and a $30.00 price target on the stock. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $28.83.
Switch stock opened at $25.76 on Friday. The stock has a market cap of $6.23 billion, a P/E ratio of 151.53 and a beta of 0.68. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.52 and a current ratio of 0.52. Switch, Inc. has a fifty-two week low of $13.38 and a fifty-two week high of $29.15. The firm’s fifty day moving average price is $26.78 and its 200-day moving average price is $24.74.
Switch (NYSE:SWCH) last released its earnings results on Thursday, November 4th. The company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.03). The firm had revenue of $158.10 million during the quarter, compared to the consensus estimate of $159.58 million. Switch had a net margin of 3.95% and a return on equity of 3.90%. The firm’s revenue was up 22.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.05 EPS. Sell-side analysts predict that Switch, Inc. will post 0.17 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 1st. Shareholders of record on Friday, November 19th were given a dividend of $0.052 per share. The ex-dividend date of this dividend was Thursday, November 18th. This represents a $0.21 annualized dividend and a yield of 0.81%. Switch’s payout ratio is 123.53%.
Switch Company Profile
Switch, Inc (Nevada) engages in the provision of technology infrastructure. It specializes in the development of digital platforms for digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers. The firm’s products include Switch CONNECT and Switch SAFE.
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