Switch (SWCH) Sees Large Volume Increase

Switch Inc (NYSE:SWCH) shares saw unusually-strong trading volume on Thursday . Approximately 1,033,431 shares traded hands during mid-day trading, an increase of 12% from the previous session’s volume of 920,072 shares.The stock last traded at $12.38 and had previously closed at $12.32.

Several research analysts have issued reports on SWCH shares. UBS Group upgraded shares of Switch from a “market perform” rating to an “outperform” rating in a research report on Monday, March 12th. Cowen upgraded shares of Switch from an “underperform” rating to a “market perform” rating in a research report on Thursday, May 10th. Credit Suisse Group set a $22.00 price objective on shares of Switch and gave the stock a “buy” rating in a research report on Tuesday, April 17th. Zacks Investment Research cut shares of Switch from a “hold” rating to a “sell” rating in a research report on Friday, May 18th. Finally, William Blair reiterated an “outperform” rating on shares of Switch in a research report on Tuesday, May 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $20.00.

The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.80.

Switch (NYSE:SWCH) last posted its quarterly earnings data on Monday, May 14th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.03). The business had revenue of $97.70 million for the quarter, compared to analysts’ expectations of $99.79 million. During the same quarter last year, the firm posted $0.10 EPS. The business’s quarterly revenue was up 9.5% on a year-over-year basis. analysts anticipate that Switch Inc will post 0.17 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 8th. Shareholders of record on Tuesday, May 29th were paid a dividend of $0.0147 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend was Friday, May 25th.

In other Switch news, major shareholder Scott Russell Gragson sold 106,785 shares of Switch stock in a transaction on Friday, June 22nd. The shares were sold at an average price of $13.05, for a total transaction of $1,393,544.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Intel Capital Corp sold 36,314 shares of Switch stock in a transaction on Wednesday, May 30th. The shares were sold at an average price of $12.60, for a total transaction of $457,556.40. The disclosure for this sale can be found here. Insiders have sold a total of 1,308,317 shares of company stock valued at $16,926,196 in the last three months. Company insiders own 12.64% of the company’s stock.

Several large investors have recently modified their holdings of SWCH. The Manufacturers Life Insurance Company acquired a new stake in shares of Switch during the 4th quarter valued at $121,000. Jane Street Group LLC acquired a new stake in shares of Switch in the 4th quarter valued at $195,000. Two Sigma Advisers LP acquired a new stake in shares of Switch in the 4th quarter valued at $206,000. Wolverine Trading LLC acquired a new stake in shares of Switch in the 4th quarter valued at $218,000. Finally, California Public Employees Retirement System acquired a new stake in shares of Switch in the 4th quarter valued at $273,000. 14.13% of the stock is owned by institutional investors.

Switch Company Profile

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services to technology and digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers that conduct critical business on the Internet. The company develops and operates data centers in Nevada, Michigan, and Georgia.

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