Pictet Asset Management SA Has $288,000 Stock Position in Switch, Inc. (NYSE:SWCH)

Pictet Asset Management SA reduced its holdings in shares of Switch, Inc. (NYSE:SWCHGet Rating) by 98.8% in the second quarter, Holdings Channel reports. The institutional investor owned 8,582 shares of the company’s stock after selling 681,064 shares during the period. Pictet Asset Management SA’s holdings in Switch were worth $288,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SWCH. Truist Financial Corp grew its holdings in shares of Switch by 33.1% during the first quarter. Truist Financial Corp now owns 17,707 shares of the company’s stock valued at $545,000 after buying an additional 4,400 shares during the last quarter. Comerica Bank bought a new position in shares of Switch during the first quarter valued at about $218,000. Park Avenue Securities LLC lifted its position in shares of Switch by 4.3% during the first quarter. Park Avenue Securities LLC now owns 11,422 shares of the company’s stock valued at $352,000 after purchasing an additional 473 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Switch by 480.6% during the first quarter. SG Americas Securities LLC now owns 54,206 shares of the company’s stock valued at $1,671,000 after purchasing an additional 44,870 shares in the last quarter. Finally, Signaturefd LLC lifted its position in shares of Switch by 119.1% during the first quarter. Signaturefd LLC now owns 2,312 shares of the company’s stock valued at $71,000 after purchasing an additional 1,257 shares in the last quarter. 52.58% of the stock is currently owned by institutional investors and hedge funds.

Switch Stock Up 0.1 %

SWCH opened at $34.19 on Thursday. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.37 and a quick ratio of 0.37. The company’s 50-day moving average is $33.96 and its 200 day moving average is $33.74. Switch, Inc. has a fifty-two week low of $23.03 and a fifty-two week high of $34.20. The firm has a market capitalization of $8.38 billion, a P/E ratio of 22.49 and a beta of 0.59.

Switch (NYSE:SWCHGet Rating) last released its quarterly earnings results on Wednesday, November 9th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.07). Switch had a net margin of 56.70% and a return on equity of 1.06%. The firm had revenue of $174.47 million for the quarter, compared to the consensus estimate of $169.52 million. Research analysts expect that Switch, Inc. will post 1.87 earnings per share for the current fiscal year.

Switch Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be given a dividend of $0.052 per share. This represents a $0.21 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend is Friday, November 18th. Switch’s payout ratio is currently 13.82%.

Insider Activity at Switch

In other Switch news, Director Thomas A. Thomas sold 40,000 shares of Switch stock in a transaction dated Monday, October 17th. The shares were sold at an average price of $33.83, for a total value of $1,353,200.00. Following the sale, the director now owns 2,924,360 shares of the company’s stock, valued at $98,931,098.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 14.00% of the stock is 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.

Further Reading

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Institutional Ownership by Quarter for Switch (NYSE:SWCH)

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