Steward Partners Investment Advisory LLC Buys 505 Shares of Switch, Inc. (NYSE:SWCH)

Steward Partners Investment Advisory LLC increased its stake in Switch, Inc. (NYSE:SWCH – Get Rating) by 16.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,660 shares of the company’s stock after acquiring an additional 505 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Switch were worth $113,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new position in Switch in the fourth quarter valued at $8,438,000. Calamos Advisors LLC bought a new stake in shares of Switch during the 4th quarter valued at about $505,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Switch by 64.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,802 shares of the company’s stock worth $395,000 after purchasing an additional 5,387 shares in the last quarter. Fifth Third Bancorp lifted its stake in Switch by 28.9% in the fourth quarter. Fifth Third Bancorp now owns 28,174 shares of the company’s stock valued at $807,000 after buying an additional 6,310 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its holdings in shares of Switch by 12.2% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 30,502 shares of the company’s stock worth $874,000 after buying an additional 3,321 shares in the last quarter. 51.25% of the stock is owned by institutional investors and hedge funds.

Switch Stock Performance

SWCH stock opened at $33.91 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 2.83. The firm has a market cap of $8.30 billion, a PE ratio of 847.96 and a beta of 0.64. The business has a 50 day moving average of $33.58 and a 200-day moving average of $30.36. Switch, Inc. has a 12-month low of $20.15 and a 12-month high of $33.99.

Switch (NYSE:SWCH – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.04 earnings per share 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 business had revenue of $164.60 million during the quarter, compared to analysts’ expectations of $163.82 million. During the same period in the prior year, the firm posted $0.08 EPS. The firm’s revenue for the quarter was up 25.7% on a year-over-year basis. As a group, sell-side analysts expect that Switch, Inc. will post 0.19 earnings per share for the current year.

Switch Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 6th. Shareholders of record on Tuesday, May 24th were given a $0.0525 dividend. This is a positive change from Switch’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, May 23rd. This represents a $0.21 annualized dividend and a yield of 0.62%. Switch’s payout ratio is currently 525.13%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SWCH. Jefferies Financial Group downgraded shares of Switch from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Cowen downgraded Switch from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. Credit Suisse Group downgraded Switch to a “neutral” rating in a research note on Monday, May 16th. Barclays downgraded shares of Switch from an “overweight” rating to an “equal weight” rating in a research report on Friday, May 13th. Finally, Berenberg Bank cut shares of Switch from a “buy” rating to a “hold” rating and set a $34.25 price objective for the company. in a report on Tuesday, May 24th. Eleven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.48.

Insider Buying and Selling at Switch

In other news, Director Thomas A. Thomas sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $33.74, for a total transaction of $1,349,600.00. Following the completion of the sale, the director now owns 3,044,360 shares in the company, valued at approximately $102,716,706.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 120,000 shares of company stock worth $4,014,000 over the last three months. 14.00% of the stock is currently owned by insiders.

Switch Company Profile

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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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