Shares of Switch Inc (NYSE:SWCH) have been assigned an average recommendation of “Hold” from the thirteen research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $14.33.
Several research firms recently issued reports on SWCH. BMO Capital Markets reissued a “buy” rating and set a $20.00 price objective on shares of Switch in a research note on Monday, August 13th. Stifel Nicolaus dropped their price objective on Switch from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, August 14th. Raymond James lowered Switch from an “outperform” rating to a “market perform” rating and set a $17.00 price objective for the company. in a research note on Monday, August 13th. William Blair reissued an “outperform” rating on shares of Switch in a research note on Tuesday, August 14th. Finally, BTIG Research lowered Switch from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research note on Tuesday, August 14th.
NYSE:SWCH opened at $7.27 on Wednesday. Switch has a 52-week low of $7.00 and a 52-week high of $18.57. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.87.
Switch (NYSE:SWCH) last posted its quarterly earnings data on Tuesday, November 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). The business had revenue of $102.80 million for the quarter, compared to the consensus estimate of $102.84 million. Switch had a negative net margin of 16.29% and a negative return on equity of 1.84%. Switch’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.08 EPS. On average, equities research analysts forecast that Switch will post 0.08 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 6th. Shareholders of record on Monday, November 26th were paid a dividend of $0.0147 per share. This represents a $0.06 annualized dividend and a yield of 0.81%. The ex-dividend date was Friday, November 23rd.
In other Switch news, Director Donald D. Snyder sold 50,000 shares of Switch stock in a transaction dated Tuesday, December 4th. The stock was sold at an average price of $7.25, for a total transaction of $362,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Intel Capital Corp sold 1,727,555 shares of Switch stock in a transaction dated 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. Insiders own 12.64% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Sylebra HK Co Ltd lifted its stake in Switch by 25.9% during the third quarter. Sylebra HK Co Ltd now owns 6,734,661 shares of the company’s stock worth $72,734,000 after purchasing an additional 1,387,046 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Switch by 47.1% in the second 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. Vanguard Group Inc. increased its holdings in shares of Switch by 3.3% in the third quarter. Vanguard Group Inc. now owns 3,466,693 shares of the company’s stock worth $37,440,000 after buying an additional 111,601 shares during the period. TPG Group Holdings SBS Advisors Inc. purchased a new position in shares of Switch in the second quarter worth about $29,370,000. Finally, American Assets Capital Advisers LLC increased its holdings in shares of Switch by 61.2% in the third 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. 19.08% of the stock is owned by hedge funds and other institutional investors.
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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