Yarbrough Capital LLC Makes New Investment in Switch, Inc. (NYSE:SWCH)

Yarbrough Capital LLC acquired a new position in shares of Switch, Inc. (NYSE:SWCHGet Rating) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 16,698 shares of the company’s stock, valued at approximately $515,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Schonfeld Strategic Advisors LLC boosted its position in Switch by 415.1% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 192,715 shares of the company’s stock worth $5,519,000 after acquiring an additional 155,304 shares during the period. American Century Companies Inc. purchased a new stake in shares of Switch during the 4th quarter worth about $33,440,000. Elliott Investment Management L.P. purchased a new stake in shares of Switch during the 4th quarter worth about $165,682,000. Wetherby Asset Management Inc. raised its stake in shares of Switch by 21.3% during the 4th quarter. Wetherby Asset Management Inc. now owns 13,362 shares of the company’s stock worth $383,000 after purchasing an additional 2,343 shares in the last quarter. Finally, Copeland Capital Management LLC raised its stake in shares of Switch by 270.3% during the 4th quarter. Copeland Capital Management LLC now owns 1,880,389 shares of the company’s stock worth $53,854,000 after purchasing an additional 1,372,542 shares in the last quarter. Hedge funds and other institutional investors own 51.25% of the company’s stock.

Shares of NYSE:SWCH traded up $0.24 during trading on Thursday, hitting $33.36. 53,096 shares of the stock were exchanged, compared to its average volume of 2,892,838. Switch, Inc. has a 1-year low of $20.15 and a 1-year high of $33.84. The company has a market capitalization of $8.16 billion, a price-to-earnings ratio of 828.21 and a beta of 0.71. The company’s fifty day simple moving average is $32.41 and its 200-day simple moving average is $29.06. The company has a debt-to-equity ratio of 2.83, a quick ratio of 0.52 and a current ratio of 0.52.

Switch (NYSE:SWCHGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). Switch had a return on equity of 2.81% and a net margin of 1.05%. The firm had revenue of $164.60 million for the quarter, compared to analyst estimates of $163.82 million. During the same period in the previous year, the business posted $0.08 EPS. Switch’s revenue for the quarter was up 25.7% compared to the same quarter last year. On average, research analysts forecast that Switch, Inc. will post 0.19 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 6th. Stockholders of record on Tuesday, May 24th were issued a dividend of $0.0525 per share. This represents a $0.21 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend was Monday, May 23rd. This is a positive change from Switch’s previous quarterly dividend of $0.05. Switch’s dividend payout ratio (DPR) is presently 525.13%.

In related news, Director Thomas A. Thomas sold 40,000 shares of the business’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $33.46, for a total value of $1,338,400.00. Following the sale, the director now owns 3,118,397 shares of the company’s stock, valued at approximately $104,341,563.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 120,000 shares of company stock worth $3,893,600 in the last three months. 29.18% of the stock is owned by insiders.

A number of research firms have recently weighed in on SWCH. Raymond James downgraded Switch from a “strong-buy” rating to a “market perform” rating in a research note on Monday, May 16th. Cowen downgraded Switch from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. Berenberg Bank downgraded Switch from a “buy” rating to a “hold” rating and set a $34.25 price target for the company. in a research note on Tuesday, May 24th. Wells Fargo & Company downgraded Switch from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $28.00 to $31.00 in a research note on Friday, March 25th. Finally, Citigroup downgraded Switch from a “buy” rating to a “neutral” rating in a research note on Thursday, May 12th. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Switch currently has an average rating of “Hold” and a consensus price target of $30.48.

About Switch (Get Rating)

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. 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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Institutional Ownership by Quarter for Switch (NYSE:SWCH)

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