Bank of Montreal Can reduced its position in shares of Switch Inc (NYSE:SWCH) by 27.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 209,942 shares of the company’s stock after selling 80,181 shares during the quarter. Bank of Montreal Can’s holdings in Switch were worth $2,554,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SWCH. Jane Street Group LLC purchased a new position in Switch during the 4th quarter worth $195,000. Two Sigma Advisers LP purchased a new position in Switch during the 4th quarter worth $206,000. The Manufacturers Life Insurance Company increased its holdings in Switch by 111.5% during the 1st 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 during the period. Sei Investments Co. purchased a new position in Switch during the 1st quarter worth $294,000. Finally, Alliancebernstein L.P. purchased a new position in Switch during the 4th quarter worth $373,000. Institutional investors own 14.60% of the company’s stock.

In other news, major shareholder Intel Capital Corp sold 36,314 shares of Switch stock in a transaction on Wednesday, May 30th. The stock was sold at an average price of $12.60, for a total value of $457,556.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder William Gonsalves Balelo sold 207,154 shares of Switch stock in a transaction on Thursday, July 19th. The shares were sold at an average price of $6,325.38, for a total value of $1,310,327,768.52. The disclosure for this sale can be found here. Insiders sold a total of 1,806,317 shares of company stock worth $1,331,166,808 over the last quarter. Company insiders own 12.64% of the company’s stock.

SWCH has been the topic of several research reports. Cowen upgraded Switch from an “underperform” rating to a “market perform” rating in a report on Thursday, May 10th. Credit Suisse Group set a $22.00 price objective on Switch and gave the stock a “buy” rating in a report on Tuesday, April 17th. Stifel Nicolaus initiated coverage on Switch in a report on Monday, July 16th. They set a “buy” rating on the stock. Zacks Investment Research downgraded Switch from a “hold” rating to a “sell” rating in a report on Friday, May 18th. Finally, William Blair restated an “outperform” rating on shares of Switch in a report on Tuesday, May 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $19.67.

Shares of Switch opened at $14.07 on Friday, MarketBeat.com reports. Switch Inc has a 12-month low of $11.85 and a 12-month 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 announced its quarterly earnings results on Monday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.03). The firm had revenue of $97.70 million during the quarter, compared to analyst estimates of $99.79 million. During the same quarter in the previous year, the company earned $0.10 EPS. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. research analysts anticipate that Switch Inc will post 0.17 earnings per share for the current year.

About Switch

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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