Switch Inc (SWCH) Stake Lessened by Janus Henderson Group PLC

Janus Henderson Group PLC trimmed its holdings in Switch Inc (NYSE:SWCH) by 29.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,516,979 shares of the company’s stock after selling 647,323 shares during the quarter. Janus Henderson Group PLC owned about 0.60% of Switch worth $16,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Wells Fargo & Company MN raised its stake in Switch by 47.1% during the 2nd quarter. Wells Fargo & Company MN now owns 6,479,394 shares of the company’s stock worth $78,855,000 after buying an additional 2,074,569 shares during the period. Sylebra HK Co Ltd raised its stake in Switch by 509.6% during the 2nd quarter. Sylebra HK Co Ltd now owns 5,347,615 shares of the company’s stock worth $65,080,000 after buying an additional 4,470,378 shares during the period. TPG Group Holdings SBS Advisors Inc. acquired a new position in Switch during the 2nd quarter worth approximately $29,370,000. American Assets Capital Advisers LLC raised its stake in Switch by 61.2% during the 3rd quarter. American Assets Capital Advisers LLC now owns 2,225,025 shares of the company’s stock worth $24,031,000 after buying an additional 844,630 shares during the period. Finally, Intel Corp acquired a new position in Switch during the 2nd quarter worth approximately $21,024,000. 19.08% of the stock is currently owned by institutional investors.

A number of research firms recently weighed in on SWCH. Zacks Investment Research downgraded Switch from a “hold” rating to a “sell” rating in a research note on Thursday, August 16th. Raymond James downgraded 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. Jefferies Financial Group dropped their price target on Switch to $12.00 and set a “hold” rating on the stock in a research note on Tuesday, August 14th. BMO Capital Markets dropped their price target on Switch from $20.00 to $14.00 and set an “average” rating on the stock in a research note on Tuesday, August 14th. They noted that the move was a valuation call. Finally, William Blair reaffirmed an “outperform” rating on shares of Switch in a research note on Tuesday, August 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $14.90.

In other news, Director Donald D. Snyder sold 50,000 shares of the stock in a transaction that occurred on Tuesday, December 4th. The stock was sold at an average price of $7.25, for a total value of $362,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Intel Capital Corp sold 1,727,555 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $10.98, for a total value of $18,968,553.90. The disclosure for this sale can be found here. Corporate insiders own 12.64% of the company’s stock.

Shares of Switch stock opened at $7.27 on Friday. Switch Inc has a 52 week low of $7.00 and a 52 week high of $18.57. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.50 and a current ratio of 1.50.

Switch (NYSE:SWCH) last issued its quarterly earnings data on Tuesday, November 13th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The company had revenue of $102.80 million during the quarter, compared to analysts’ expectations of $102.84 million. Switch had a negative return on equity of 1.84% and a negative net margin of 16.29%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $0.08 earnings per share. As a group, analysts predict that Switch Inc will post 0.08 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 6th. Stockholders of record on Monday, November 26th were paid a $0.0147 dividend. This represents a $0.06 annualized dividend and a dividend yield of 0.81%. The ex-dividend date was Friday, November 23rd.

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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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Institutional Ownership by Quarter for Switch (NYSE:SWCH)

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