Switch Inc (NYSE:SWCH) Major Shareholder Peter M. Thomas Sells 75,000 Shares of Stock

Switch Inc (NYSE:SWCH) major shareholder Peter M. Thomas sold 75,000 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $17.00, for a total transaction of $1,275,000.00. Following the completion of the transaction, the insider now directly owns 850,500 shares in the company, valued at approximately $14,458,500. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Switch stock opened at $17.06 on Friday. Switch Inc has a 12-month low of $7.95 and a 12-month high of $17.74. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 189.56, a price-to-earnings-growth ratio of 5.60 and a beta of 0.48. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.77 and a quick ratio of 0.77. The firm’s fifty day moving average price is $15.81 and its 200 day moving average price is $15.42.

SWCH has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Switch from a “buy” rating to a “hold” rating in a research note on Thursday, January 9th. Credit Suisse Group raised their target price on shares of Switch from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Wednesday.

Institutional investors have recently added to or reduced their stakes in the stock. NEXT Financial Group Inc purchased a new stake in Switch during the 3rd quarter worth $35,000. Great West Life Assurance Co. Can increased its stake in Switch by 82.7% during the 4th quarter. Great West Life Assurance Co. Can now owns 3,684 shares of the company’s stock worth $54,000 after buying an additional 1,668 shares during the period. Metropolitan Life Insurance Co NY increased its stake in Switch by 56.1% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 4,320 shares of the company’s stock worth $67,000 after buying an additional 1,553 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Switch during the 4th quarter worth $69,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Switch by 175.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,920 shares of the company’s stock worth $77,000 after buying an additional 3,131 shares during the period. 24.07% of the stock is currently owned by hedge funds and other institutional investors.

About Switch

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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