Arizona State Retirement System Buys 1,414 Shares of Switch, Inc. (NYSE:SWCH)

Arizona State Retirement System raised its stake in Switch, Inc. (NYSE:SWCHGet Rating) by 5.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,129 shares of the company’s stock after purchasing an additional 1,414 shares during the quarter. Arizona State Retirement System’s holdings in Switch were worth $898,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Calamos Advisors LLC lifted its position in shares of Switch by 259.3% in the first quarter. Calamos Advisors LLC now owns 63,317 shares of the company’s stock valued at $1,951,000 after buying an additional 45,694 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Switch by 16.0% in the first quarter. Steward Partners Investment Advisory LLC now owns 3,660 shares of the company’s stock valued at $113,000 after buying an additional 505 shares during the last quarter. Personal CFO Solutions LLC lifted its position in shares of Switch by 7.5% in the first quarter. Personal CFO Solutions LLC now owns 11,885 shares of the company’s stock valued at $366,000 after buying an additional 827 shares during the last quarter. Signaturefd LLC lifted its position in shares of Switch by 119.1% in the first quarter. Signaturefd LLC now owns 2,312 shares of the company’s stock valued at $71,000 after buying an additional 1,257 shares during the last quarter. Finally, Illinois Municipal Retirement Fund acquired a new stake in shares of Switch in the first quarter valued at approximately $451,000. 51.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Jefferies Financial Group cut Switch from a “buy” rating to a “hold” rating in a report on Wednesday, May 11th. Berenberg Bank cut 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. Cowen cut Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th. Cowen cut Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th. Finally, Citigroup cut Switch from a “buy” rating to a “neutral” rating in a report on Thursday, May 12th. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Switch has an average rating of “Hold” and an average target price of $30.48.

Insider Activity

In related news, Director Thomas A. Thomas sold 40,000 shares of the business’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the sale, the director now owns 3,118,397 shares in the company, valued at approximately $104,341,563.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders have sold 120,000 shares of company stock worth $4,014,000. Insiders own 14.00% of the company’s stock.

Switch Stock Performance

Shares of SWCH opened at $33.91 on Wednesday. Switch, Inc. has a 52-week low of $20.15 and a 52-week high of $33.99. The business’s fifty day moving average is $33.58 and its 200-day moving average is $30.36. The company has a debt-to-equity ratio of 2.83, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market cap of $8.30 billion, a price-to-earnings ratio of 847.96 and a beta of 0.64.

Switch (NYSE:SWCHGet Rating) last issued 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 net margin of 1.05% and a return on equity of 2.81%. The business had revenue of $164.60 million during the quarter, compared to the consensus estimate of $163.82 million. During the same quarter in the previous year, the business posted $0.08 EPS. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. Equities analysts anticipate that Switch, Inc. will post 0.19 EPS for the current fiscal year.

Switch Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 6th. Stockholders of record on Tuesday, May 24th were paid a $0.0525 dividend. This is a positive change from Switch’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 23rd. This represents a $0.21 annualized dividend and a dividend yield of 0.62%. Switch’s dividend payout ratio (DPR) is presently 525.13%.

Switch Profile

(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.

See Also

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Institutional Ownership by Quarter for Switch (NYSE:SWCH)

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