Thomas A. Thomas Sells 40,000 Shares of Switch, Inc. (NYSE:SWCH) Stock

Switch, Inc. (NYSE:SWCHGet Rating) Director Thomas A. Thomas sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $33.15, for a total transaction of $1,326,000.00. Following the transaction, the director now owns 3,084,360 shares of the company’s stock, valued at approximately $102,246,534. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

NYSE SWCH traded up $0.07 on Friday, hitting $33.02. 4,954,317 shares of the stock were exchanged, compared to its average volume of 2,581,146. The company has a debt-to-equity ratio of 2.83, a current ratio of 0.52 and a quick ratio of 0.52. The business’s fifty day moving average is $32.19 and its 200 day moving average is $28.84. Switch, Inc. has a 52 week low of $20.15 and a 52 week high of $33.84. The company has a market capitalization of $8.08 billion, a PE ratio of 825.71 and a beta of 0.71.

Switch (NYSE:SWCHGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). Switch had a return on equity of 2.81% and a net margin of 1.05%. The firm had revenue of $164.60 million for the quarter, compared to the consensus estimate of $163.82 million. During the same period last year, the company posted $0.08 earnings per share. The business’s revenue was up 25.7% compared to the same quarter last year. Analysts predict that Switch, Inc. will post 0.19 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 6th. Stockholders of record on Tuesday, May 24th were given a $0.0525 dividend. The ex-dividend date was Monday, May 23rd. This is a positive change from Switch’s previous quarterly dividend of $0.05. This represents a $0.21 annualized dividend and a dividend yield of 0.64%. Switch’s dividend payout ratio is presently 525.13%.

Institutional investors and hedge funds have recently modified their holdings of the company. Brown Brothers Harriman & Co. bought a new position in shares of Switch in the first quarter valued at about $27,000. WD Rutherford LLC grew its stake in shares of Switch by 575.0% in the first quarter. WD Rutherford LLC now owns 1,350 shares of the company’s stock valued at $42,000 after acquiring an additional 1,150 shares in the last quarter. Total Clarity Wealth Management Inc. acquired a new position in shares of Switch in the fourth quarter valued at about $43,000. Catalyst Capital Advisors LLC acquired a new position in shares of Switch in the first quarter valued at about $46,000. Finally, Fieldpoint Private Securities LLC grew its stake in shares of Switch by 298.1% in the fourth quarter. Fieldpoint Private Securities LLC now owns 1,652 shares of the company’s stock valued at $47,000 after acquiring an additional 1,237 shares in the last quarter. 51.25% of the stock is currently owned by institutional investors.

SWCH has been the subject of a number of analyst reports. Raymond James cut shares of Switch from a “strong-buy” rating to a “market perform” rating in a report on Monday, May 16th. Wells Fargo & Company cut shares of Switch from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $28.00 to $31.00 in a report on Friday, March 25th. Berenberg Bank cut shares of Switch from a “buy” rating to a “hold” rating and set a $34.25 price target for the company. in a report on Tuesday, May 24th. William Blair cut shares of Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th. Finally, Credit Suisse Group cut shares of Switch to a “neutral” rating in a report on Monday, May 16th. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $30.48.

About Switch (Get Rating)

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers.

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