Sylebra HK Co Ltd acquired a new stake in Switch Inc (NYSE:SWCH) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 877,237 shares of the company’s stock, valued at approximately $13,957,000. Switch comprises about 1.1% of Sylebra HK Co Ltd’s portfolio, making the stock its 16th biggest position. Sylebra HK Co Ltd owned about 0.35% of Switch as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Verition Fund Management LLC bought a new position in Switch in the first quarter valued at approximately $1,158,000. Point72 Asset Management L.P. bought a new position in shares of Switch during the first quarter worth $3,686,000. The Manufacturers Life Insurance Company boosted its position in shares of Switch by 111.5% during the first quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock worth $224,000 after purchasing an additional 7,430 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Switch during the first quarter worth $1,411,000. Finally, Principal Financial Group Inc. boosted its position in shares of Switch by 5.3% during the first quarter. Principal Financial Group Inc. now owns 273,344 shares of the company’s stock worth $4,349,000 after purchasing an additional 13,662 shares in the last quarter. 14.13% of the stock is currently owned by hedge funds and other institutional investors.
SWCH traded up $0.23 during trading on Thursday, hitting $13.23. The company had a trading volume of 4,702 shares, compared to its average volume of 937,244. Switch Inc has a one year low of $11.90 and a one year high of $24.90. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.80.
Switch (NYSE:SWCH) last posted its quarterly earnings data on Monday, May 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $97.70 million for the quarter, compared to analyst estimates of $99.79 million. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 earnings per share. research analysts predict that Switch Inc will post 0.17 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 8th. Investors of record on Tuesday, May 29th were given a $0.0147 dividend. The ex-dividend date was Friday, May 25th. This represents a $0.06 annualized dividend and a yield of 0.44%.
In related news, major shareholder Intel Capital Corp sold 379,813 shares of the business’s stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $12.86, for a total value of $4,884,395.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 787,830 shares of company stock worth $10,104,914 over the last ninety days. 12.64% of the stock is currently owned by insiders.
SWCH has been the topic of a number of recent analyst reports. Credit Suisse Group set a $19.00 price target on shares of Switch and gave the stock a “buy” rating in a research report on Thursday, May 17th. BMO Capital Markets reissued a “buy” rating and set a $20.00 price target on shares of Switch in a research report on Monday, May 14th. Cowen raised shares of Switch from an “underperform” rating to a “market perform” rating in a research report on Thursday, May 10th. William Blair reissued an “outperform” rating on shares of Switch in a research report on Thursday, April 5th. Finally, Raymond James raised shares of Switch from a “market perform” rating to an “outperform” rating in a research report on Monday, March 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $20.00.
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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