Switch Inc (SWCH) Major Shareholder Sells $4,884,395.18 in Stock

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Switch Inc (NYSE:SWCH) major shareholder Intel Capital Corp sold 379,813 shares of the firm’s stock in a transaction dated Thursday, June 7th. The stock was sold at an average price of $12.86, for a total value of $4,884,395.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Intel Capital Corp also recently made the following trade(s):

  • On Wednesday, June 20th, Intel Capital Corp sold 205,193 shares of Switch stock. The stock was sold at an average price of $13.13, for a total value of $2,694,184.09.
  • On Friday, June 15th, Intel Capital Corp sold 208,509 shares of Switch stock. The stock was sold at an average price of $13.11, for a total value of $2,733,552.99.
  • On Tuesday, June 12th, Intel Capital Corp sold 172,245 shares of Switch stock. The stock was sold at an average price of $13.05, for a total value of $2,247,797.25.
  • On Monday, June 4th, Intel Capital Corp sold 199,458 shares of Switch stock. The stock was sold at an average price of $12.61, for a total value of $2,515,165.38.
  • On Wednesday, May 30th, Intel Capital Corp sold 36,314 shares of Switch stock. The stock was sold at an average price of $12.60, for a total value of $457,556.40.

Switch opened at $12.17 on Friday, Marketbeat reports. Switch Inc has a twelve month low of $11.85 and a twelve month high of $24.90. 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 issued its earnings results on Monday, May 14th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.03). The company had revenue of $97.70 million during the quarter, compared to the consensus estimate of $99.79 million. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.10 earnings per share. equities analysts forecast that Switch Inc will post 0.17 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 8th. Investors of record on Tuesday, May 29th were paid a dividend of $0.0147 per share. This represents a $0.06 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Friday, May 25th.

Several research analysts have issued reports on the company. Cowen raised Switch from an “underperform” rating to a “market perform” rating in a research report on Thursday, May 10th. Credit Suisse Group set a $19.00 target price on Switch and gave the stock a “buy” rating in a research report on Thursday, May 17th. William Blair reaffirmed an “outperform” rating on shares of Switch in a research report on Tuesday, May 15th. JPMorgan Chase & Co. lowered their price objective on Switch from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 23rd. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $20.00 price objective on shares of Switch in a research report on Monday, May 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $20.00.

A number of institutional investors and hedge funds have recently modified their holdings of SWCH. The Manufacturers Life Insurance Company bought a new stake in Switch during the 4th quarter valued at approximately $121,000. Jane Street Group LLC bought a new stake in Switch during the 4th quarter valued at approximately $195,000. Two Sigma Advisers LP bought a new stake in Switch during the 4th quarter valued at approximately $206,000. Wolverine Trading LLC bought a new stake in Switch during the 4th quarter valued at approximately $218,000. Finally, California Public Employees Retirement System bought a new stake in Switch during the 4th quarter valued at approximately $273,000. 14.13% of the stock is currently 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.

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

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