Michael David Borden Sells 25,582 Shares of Switch Inc (NYSE:SWCH) Stock

Switch Inc (NYSE:SWCH) major shareholder Michael David Borden sold 25,582 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $15.63, for a total transaction of $399,846.66. Following the transaction, the insider now owns 4,224,189 shares in the company, valued at $66,024,074.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Michael David Borden also recently made the following trade(s):

  • On Friday, November 29th, Michael David Borden sold 24,187 shares of Switch stock. The stock was sold at an average price of $15.70, for a total transaction of $379,735.90.
  • On Monday, November 25th, Michael David Borden sold 18,270 shares of Switch stock. The stock was sold at an average price of $15.92, for a total transaction of $290,858.40.
  • On Friday, November 22nd, Michael David Borden sold 49,894 shares of Switch stock. The stock was sold at an average price of $15.90, for a total transaction of $793,314.60.

SWCH stock traded down $0.27 during trading on Monday, reaching $15.49. 41,744 shares of the stock were exchanged, compared to its average volume of 921,330. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.98. The business has a 50 day moving average price of $15.19 and a 200-day moving average price of $14.42. Switch Inc has a 1 year low of $6.39 and a 1 year high of $16.95. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of 172.00, a P/E/G ratio of 7.80 and a beta of 0.54.

Switch (NYSE:SWCH) last issued 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 analysts’ expectations of $113.22 million. The firm’s revenue was up 14.4% compared to the same quarter last year. On average, research analysts anticipate that Switch Inc will post 0.18 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th were paid a dividend of $0.0294 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Monday, November 18th. Switch’s dividend payout ratio (DPR) is presently 133.33%.

SWCH has been the topic of a number of recent research reports. BMO Capital Markets boosted their price target on shares of Switch from $15.00 to $17.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Zacks Investment Research downgraded shares of Switch from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Credit Suisse Group set a $18.00 target price on shares of Switch and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, ValuEngine downgraded shares of Switch from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.17.

A number of hedge funds have recently modified their holdings of the business. NEXT Financial Group Inc purchased a new stake in shares of Switch in the 3rd quarter valued at approximately $35,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Switch in the second quarter valued at approximately $39,000. Metropolitan Life Insurance Co NY grew its holdings in shares of Switch by 56.1% in the third quarter. Metropolitan Life Insurance Co NY now owns 4,320 shares of the company’s stock valued at $67,000 after purchasing an additional 1,553 shares in the last quarter. Coastal Investment Advisors Inc. grew its holdings in shares of Switch by 446.4% in the second quarter. Coastal Investment Advisors Inc. now owns 5,464 shares of the company’s stock valued at $72,000 after purchasing an additional 4,464 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Switch by 175.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,920 shares of the company’s stock valued at $77,000 after purchasing an additional 3,131 shares in the last quarter. 23.77% 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 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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