Switch’s (SWCH) “Hold” Rating Reiterated at Raymond James

Raymond James reaffirmed their hold rating on shares of Switch (NYSE:SWCH) in a research report sent to investors on Sunday morning. They currently have a $11.00 target price on the stock.

Other research analysts also recently issued research reports about the stock. BMO Capital Markets dropped their price target on shares of Switch from $20.00 to $14.00 and set an average rating on the stock in a research report on Tuesday, August 14th. They noted that the move was a valuation call. Stifel Nicolaus set a $13.00 price target on shares of Switch and gave the stock a buy rating in a research report on Wednesday, November 14th. Credit Suisse Group set a $14.00 price target on shares of Switch and gave the stock a buy rating in a research report on Wednesday, November 14th. Jefferies Financial Group dropped their price target on shares of Switch to $12.00 and set a hold rating on the stock in a research report on Tuesday, August 14th. Finally, Zacks Investment Research upgraded shares of Switch from a sell rating to a hold rating in a research report on Wednesday, October 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $14.90.

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

Switch (NYSE:SWCH) last posted its earnings results on Tuesday, November 13th. The company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). Switch had a negative return on equity of 1.84% and a negative net margin of 16.29%. The business had revenue of $102.80 million for the quarter, compared to the consensus estimate of $102.84 million. During the same period in the previous year, the firm earned $0.08 earnings per share. The company’s revenue was up 5.2% compared to the same quarter last year. Equities analysts expect that Switch will post 0.08 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 6th. Stockholders of record on Monday, November 26th will be given a $0.0147 dividend. The ex-dividend date is Friday, November 23rd. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.81%.

In other news, major shareholder Intel Capital Corp sold 1,727,555 shares of the business’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $10.98, for a total value of $18,968,553.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 12.64% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Sylebra HK Co Ltd lifted its position in shares of Switch by 25.9% during the 3rd quarter. Sylebra HK Co Ltd now owns 6,734,661 shares of the company’s stock valued at $72,734,000 after acquiring an additional 1,387,046 shares during the period. Wells Fargo & Company MN lifted its position in shares of Switch by 47.1% during the 2nd quarter. Wells Fargo & Company MN now owns 6,479,394 shares of the company’s stock valued at $78,855,000 after acquiring an additional 2,074,569 shares during the period. Vanguard Group Inc. lifted its position in shares of Switch by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 3,466,693 shares of the company’s stock valued at $37,440,000 after acquiring an additional 111,601 shares during the period. TPG Group Holdings SBS Advisors Inc. acquired a new position in shares of Switch during the 2nd quarter valued at $29,370,000. Finally, American Assets Capital Advisers LLC lifted its position in shares of Switch by 61.2% during the 3rd quarter. American Assets Capital Advisers LLC now owns 2,225,025 shares of the company’s stock valued at $24,031,000 after acquiring an additional 844,630 shares during the period. Hedge funds and other institutional investors own 19.08% of the company’s stock.

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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Analyst Recommendations for Switch (NYSE:SWCH)

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