Switch Inc (NYSE:SWCH) Director Sells $462,000.00 in Stock

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Switch Inc (NYSE:SWCH) Director Thomas A. Thomas sold 30,000 shares of Switch stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $15.40, for a total transaction of $462,000.00. Following the transaction, the director now directly owns 954,135 shares in the company, valued at $14,693,679. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

SWCH stock traded down $0.22 during midday trading on Wednesday, reaching $15.29. 759,061 shares of the company’s stock traded hands, compared to its average volume of 1,022,425. The company has a market capitalization of $3.81 billion, a P/E ratio of 169.89, a PEG ratio of 7.80 and a beta of 0.54. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.77 and a quick ratio of 0.77. Switch Inc has a fifty-two week low of $6.39 and a fifty-two week high of $16.95. The business has a 50-day moving average price of $15.20 and a two-hundred day moving average price of $14.50.

Switch (NYSE:SWCH) last posted its earnings results on Thursday, November 7th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). Switch had a return on equity of 3.35% and a net margin of 1.48%. The firm had revenue of $117.60 million for the quarter, compared to analyst estimates of $113.22 million. Switch’s quarterly revenue was up 14.4% compared to the same quarter last year. As a group, research analysts forecast that Switch Inc will post 0.18 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were given a dividend of $0.0294 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.77%. Switch’s payout ratio is currently 133.33%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Coastal Investment Advisors Inc. lifted its position in shares of Switch by 19.6% during the third quarter. Coastal Investment Advisors Inc. now owns 6,535 shares of the company’s stock worth $104,000 after purchasing an additional 1,071 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its position in shares of Switch by 56.1% during the third quarter. Metropolitan Life Insurance Co NY now owns 4,320 shares of the company’s stock worth $67,000 after purchasing an additional 1,553 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Switch by 1.8% during the third quarter. California State Teachers Retirement System now owns 94,964 shares of the company’s stock worth $1,483,000 after purchasing an additional 1,657 shares in the last quarter. NEXT Financial Group Inc acquired a new position in shares of Switch during the third quarter worth $35,000. Finally, WealthPLAN Partners LLC lifted its position in shares of Switch by 5.4% during the second quarter. WealthPLAN Partners LLC now owns 54,870 shares of the company’s stock worth $842,000 after purchasing an additional 2,822 shares in the last quarter. 23.77% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have weighed in on SWCH. Zacks Investment Research cut shares of Switch from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. BMO Capital Markets lifted their price target on shares of Switch from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. ValuEngine cut shares of Switch from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, Credit Suisse Group set a $18.00 price target on shares of Switch and gave the company a “buy” rating in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.80.

Switch Company Profile

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services primarily to technology and digital media companies in the United States. It develops and operates data centers in Nevada and Michigan. The company also serves cloud and managed service providers, financial institutions, IT and software providers, government agencies, network and telecommunications providers, and others that conduct critical business on the Internet.

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Insider Buying and Selling by Quarter for Switch (NYSE:SWCH)

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