Switch, Inc. (NYSE:SWCH) Director Sells $1,229,200.00 in Stock

Switch, Inc. (NYSE:SWCHGet Rating) Director Thomas A. Thomas sold 40,000 shares of the stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $30.73, for a total value of $1,229,200.00. Following the sale, the director now directly owns 2,658,397 shares of the company’s stock, valued at $81,692,539.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Switch stock opened at $30.18 on Friday. Switch, Inc. has a one year low of $17.62 and a one year high of $31.91. The business has a fifty day moving average price of $28.58 and a 200-day moving average price of $26.97. The company has a debt-to-equity ratio of 2.70, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market capitalization of $7.30 billion, a P/E ratio of 603.60 and a beta of 0.74.

Switch (NYSE:SWCHGet Rating) last posted its quarterly earnings results on Thursday, February 24th. The company reported $0.03 EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.02). Switch had a return on equity of 3.50% and a net margin of 0.91%. The company had revenue of $161.40 million during the quarter, compared to the consensus estimate of $162.40 million. During the same period in the previous year, the business earned $0.06 earnings per share. Switch’s revenue was up 26.4% on a year-over-year basis. Sell-side analysts expect that Switch, Inc. will post 0.2 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 22nd. Investors of record on Friday, March 11th were paid a dividend of $0.052 per share. This represents a $0.21 annualized dividend and a yield of 0.69%. The ex-dividend date was Thursday, March 10th. Switch’s dividend payout ratio is 420.00%.

A number of analysts have issued reports on SWCH shares. Zacks Investment Research downgraded Switch from a “hold” rating to a “sell” rating in a research report on Tuesday, March 1st. Wells Fargo & Company downgraded Switch from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $28.00 to $31.00 in a research report on Friday, March 25th. Barclays raised their target price on Switch from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 14th. TheStreet downgraded Switch from a “b-” rating to a “c-” rating in a research report on Friday, February 25th. Finally, Credit Suisse Group raised their target price on Switch from $28.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, April 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Switch presently has an average rating of “Buy” and a consensus price target of $29.91.

A number of large investors have recently bought and sold shares of the stock. Truist Financial Corp boosted its stake in 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 period. Exane Derivatives bought a new stake in Switch during the first quarter valued at $1,401,000. Strs Ohio boosted its stake in Switch by 1.5% during the first quarter. Strs Ohio now owns 58,463 shares of the company’s stock valued at $1,801,000 after buying an additional 850 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Switch by 21.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,824 shares of the company’s stock valued at $519,000 after buying an additional 3,022 shares during the period. Finally, Reinhart Partners Inc. boosted its stake in Switch by 2.4% during the first quarter. Reinhart Partners Inc. now owns 1,168,227 shares of the company’s stock valued at $36,005,000 after buying an additional 27,666 shares during the period. 50.76% of the stock is owned by institutional investors.

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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