Switch Inc (SWCH) Major Shareholder Intel Capital Corp Sells 1,727,555 Shares
Switch Inc (NYSE:SWCH) major shareholder Intel Capital Corp sold 1,727,555 shares of Switch stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $10.98, for a total value of $18,968,553.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of SWCH stock opened at $10.85 on Tuesday. Switch Inc has a twelve month low of $10.00 and a twelve month high of $24.90. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.78 and a quick ratio of 2.78.
Switch (NYSE:SWCH) last issued its quarterly earnings data on Monday, August 13th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $102.78 million. Switch had a positive return on equity of 0.49% and a negative net margin of 12.35%. The company’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.07 EPS. sell-side analysts expect that Switch Inc will post 0.11 earnings per share for the current year.
Several equities analysts have recently issued reports on SWCH shares. Citigroup upgraded Switch from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Thursday, July 19th. Zacks Investment Research lowered Switch from a “hold” rating to a “sell” rating in a research note on Thursday, August 16th. Stifel Nicolaus started coverage on Switch in a research note on Monday, July 16th. They issued a “buy” rating on the stock. Jefferies Financial Group decreased their price target on Switch to $12.00 and set a “hold” rating on the stock in a research note on Tuesday, August 14th. Finally, Raymond James lowered Switch from an “outperform” rating to a “market perform” rating and set a $17.00 price target on the stock. in a research note on Monday, August 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $17.11.
Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC bought a new stake in Switch during the 2nd quarter worth $103,000. First Republic Investment Management Inc. bought a new stake in Switch during the 2nd quarter worth $157,000. The Manufacturers Life Insurance Company grew its position in Switch by 111.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock worth $224,000 after acquiring an additional 7,430 shares during the last quarter. Sustainable Insight Capital Management LLC bought a new stake in Switch during the 2nd quarter worth $173,000. Finally, Baird Financial Group Inc. bought a new stake in Switch during the 2nd quarter worth $193,000. Institutional investors and hedge funds own 18.09% of the company’s stock.
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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