Pacer Advisors Inc. reduced its stake in Switch, Inc. (NYSE:SWCH) by 12.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 760,458 shares of the company’s stock after selling 110,272 shares during the quarter. Pacer Advisors Inc. owned about 0.32% of Switch worth $12,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC grew its position in Switch by 561.9% during the fourth quarter. Barclays PLC now owns 5,322 shares of the company’s stock valued at $86,000 after acquiring an additional 4,518 shares during the last quarter. SG Americas Securities LLC bought a new position in Switch during the third quarter valued at approximately $116,000. CIBC World Markets Inc. bought a new position in Switch during the fourth quarter valued at approximately $164,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Switch by 105.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,112 shares of the company’s stock valued at $166,000 after acquiring an additional 5,192 shares during the last quarter. Finally, Prelude Capital Management LLC grew its position in Switch by 101.5% during the fourth quarter. Prelude Capital Management LLC now owns 12,798 shares of the company’s stock valued at $210,000 after acquiring an additional 6,446 shares during the last quarter. Institutional investors and hedge funds own 35.47% of the company’s stock.
NYSE:SWCH traded up $0.30 during trading hours on Thursday, hitting $17.54. The company had a trading volume of 15,166 shares, compared to its average volume of 2,279,384. The company has a market capitalization of $4.23 billion, a PE ratio of 132.63 and a beta of 0.72. The stock has a 50-day moving average price of $16.16 and a 200 day moving average price of $16.15. Switch, Inc. has a 52 week low of $13.38 and a 52 week high of $19.99. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.57 and a quick ratio of 1.57.
The business also recently declared a quarterly dividend, which was paid on Friday, March 26th. Investors of record on Tuesday, March 16th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.14%. The ex-dividend date was Monday, March 15th. Switch’s dividend payout ratio (DPR) is currently 133.33%.
Several research analysts have recently issued reports on the stock. Raymond James restated an “outperform” rating and issued a $19.00 target price (down previously from $24.00) on shares of Switch in a report on Monday, March 8th. William Blair restated an “outperform” rating on shares of Switch in a report on Tuesday, March 2nd. Jefferies Financial Group upgraded shares of Switch from a “hold” rating to a “buy” rating and raised their target price for the stock from $18.00 to $22.00 in a report on Wednesday, January 13th. Finally, Truist assumed coverage on shares of Switch in a report on Tuesday, February 2nd. They issued a “buy” rating and a $24.00 target price on the stock. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Switch has a consensus rating of “Buy” and a consensus price target of $21.28.
In other Switch news, CEO Rob Roy sold 89,797 shares of the firm’s stock in a transaction on Monday, January 11th. The stock was sold at an average price of $16.09, for a total transaction of $1,444,833.73. Following the completion of the transaction, the chief executive officer now owns 765,452 shares of the company’s stock, valued at $12,316,122.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas A. Thomas sold 15,660 shares of the firm’s stock in a transaction on Thursday, January 21st. The shares were sold at an average price of $16.55, for a total value of $259,173.00. Following the transaction, the director now directly owns 2,159,659 shares of the company’s stock, valued at approximately $35,742,356.45. The disclosure for this sale can be found here. Insiders own 30.52% of the company’s stock.
Switch Company Profile
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services in the United States. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers.
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