Russell Investments Group Ltd. Cuts Stock Position in Switch, Inc. (NYSE:SWCH)

Russell Investments Group Ltd. cut its holdings in shares of Switch, Inc. (NYSE:SWCH) by 34.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 335,279 shares of the company’s stock after selling 175,821 shares during the period. Russell Investments Group Ltd. owned about 0.14% of Switch worth $8,510,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Glenmede Trust Co. NA increased its stake in Switch by 30.7% during the second quarter. Glenmede Trust Co. NA now owns 64,281 shares of the company’s stock worth $1,356,000 after purchasing an additional 15,094 shares during the period. Morgan Stanley increased its stake in shares of Switch by 164.0% during the second quarter. Morgan Stanley now owns 1,060,396 shares of the company’s stock worth $22,384,000 after buying an additional 658,801 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Switch during the second quarter worth approximately $1,849,000. Neuberger Berman Group LLC purchased a new stake in shares of Switch during the second quarter worth approximately $2,401,000. Finally, Pacer Advisors Inc. increased its stake in shares of Switch by 49.5% during the third quarter. Pacer Advisors Inc. now owns 1,285,010 shares of the company’s stock worth $32,626,000 after buying an additional 425,635 shares during the period. Institutional investors own 49.28% of the company’s stock.

A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Switch from $23.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 3rd. JPMorgan Chase & Co. upped their price target on Switch from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Tuesday, November 16th. Credit Suisse Group upped their price target on Switch from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Tuesday, November 16th. Zacks Investment Research raised Switch from a “sell” rating to a “hold” rating in a report on Friday, January 7th. Finally, Barclays upped their price target on Switch from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $28.83.

In other news, major shareholder Stella Roy sold 250,000 shares of the firm’s stock in a transaction on Wednesday, October 20th. The stock was sold at an average price of $25.24, for a total value of $6,310,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Teresa A. Borden sold 50,000 shares of the firm’s stock in a transaction on Thursday, November 11th. The shares were sold at an average price of $23.74, for a total value of $1,187,000.00. The disclosure for this sale can be found here. Insiders sold 920,000 shares of company stock valued at $23,648,000 in the last quarter. 29.18% of the stock is currently owned by company insiders.

Shares of NYSE SWCH opened at $25.76 on Friday. The company has a debt-to-equity ratio of 2.58, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a fifty day moving average price of $26.78 and a 200 day moving average price of $24.74. Switch, Inc. has a 1-year low of $13.38 and a 1-year high of $29.15. The company has a market cap of $6.23 billion, a PE ratio of 151.53 and a beta of 0.68.

Switch (NYSE:SWCH) last released its quarterly earnings data on Thursday, November 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.03). The business had revenue of $158.10 million during the quarter, compared to analysts’ expectations of $159.58 million. Switch had a return on equity of 3.90% and a net margin of 3.95%. The company’s revenue was up 22.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS. Analysts anticipate that Switch, Inc. will post 0.17 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 1st. Shareholders of record on Friday, November 19th were given a $0.052 dividend. This represents a $0.21 annualized dividend and a yield of 0.81%. The ex-dividend date was Thursday, November 18th. Switch’s payout ratio is 123.53%.

Switch Company Profile

Switch, Inc (Nevada) engages in the provision of technology infrastructure. It specializes in the development of digital platforms for digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers. The firm’s products include Switch CONNECT and Switch SAFE.

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Institutional Ownership by Quarter for Switch (NYSE:SWCH)

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