Massachusetts Financial Services Co. MA Decreases Holdings in Switch Inc (SWCH)

Massachusetts Financial Services Co. MA trimmed its holdings in Switch Inc (NYSE:SWCH) by 22.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,014,776 shares of the company’s stock after selling 298,217 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Switch were worth $10,960,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC purchased a new position in Switch in the 2nd quarter worth approximately $103,000. First Republic Investment Management Inc. purchased a new stake in shares of Switch during the 2nd quarter valued at approximately $157,000. Sustainable Insight Capital Management LLC purchased a new stake in shares of Switch during the 2nd quarter valued at approximately $173,000. Baird Financial Group Inc. purchased a new stake in shares of Switch during the 2nd quarter valued at approximately $193,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Switch by 111.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock valued at $224,000 after buying an additional 7,430 shares during the period. 18.28% of the stock is currently owned by institutional investors and hedge funds.

NYSE:SWCH opened at $9.91 on Wednesday. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.81. Switch Inc has a 52 week low of $8.41 and a 52 week high of $20.18.

Switch (NYSE:SWCH) last posted its quarterly earnings results on Monday, August 13th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.02). The business had revenue of $102.20 million during the quarter, compared to analyst estimates of $102.78 million. Switch had a positive return on equity of 0.49% and a negative net margin of 12.35%. The business’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.07 EPS. Equities analysts anticipate that Switch Inc will post 0.11 EPS for the current year.

Several analysts have recently commented on SWCH shares. BMO Capital Markets reduced their price target on shares of Switch from $20.00 to $14.00 and set an “average” rating on the stock in a research report on Tuesday, August 14th. They noted that the move was a valuation call. Citigroup raised shares of Switch from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Thursday, July 19th. Stifel Nicolaus started coverage on shares of Switch in a research report on Monday, July 16th. They set a “buy” rating on the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $10.00 price target (down previously from $12.00) on shares of Switch in a research report on Tuesday, October 23rd. Finally, Zacks Investment Research raised shares of Switch from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. Switch has an average rating of “Hold” and a consensus target price of $16.35.

In related news, major shareholder William Gonsalves Balelo sold 93,142 shares of the business’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $13.73, for a total transaction of $1,278,839.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Intel Capital Corp sold 1,727,555 shares of the business’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $10.98, for a total transaction of $18,968,553.90. The disclosure for this sale can be found here. Insiders own 12.64% of the company’s stock.

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Switch Profile

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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Institutional Ownership by Quarter for Switch (NYSE:SWCH)

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