Shares of Switch, Inc. (NYSE:SWCH) have earned an average rating of “Buy” from the ten research firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $21.64.
A number of research analysts recently weighed in on the company. Credit Suisse Group upped their target price on Switch from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, May 11th. Zacks Investment Research downgraded Switch from a “buy” rating to a “hold” rating in a research report on Thursday, May 13th. TheStreet upgraded Switch from a “c” rating to a “b-” rating in a research report on Tuesday, June 1st. Finally, Raymond James increased their target price on Switch from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 11th.
In other Switch news, insider Erin Thomas Morton sold 100,000 shares of Switch stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $18.24, for a total transaction of $1,824,000.00. Following the sale, the insider now owns 578,353 shares of the company’s stock, valued at approximately $10,549,158.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas A. Thomas sold 53,750 shares of Switch stock in a transaction on Thursday, April 15th. The shares were sold at an average price of $17.40, for a total value of $935,250.00. Following the sale, the director now directly owns 2,514,069 shares in the company, valued at approximately $43,744,800.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,445,576 shares of company stock valued at $28,859,891. Insiders own 29.18% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of SWCH. Global Retirement Partners LLC grew its holdings in shares of Switch by 109.8% during the first quarter. Global Retirement Partners LLC now owns 2,102 shares of the company’s stock valued at $34,000 after buying an additional 1,100 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in Switch by 48.9% during the first quarter. Great West Life Assurance Co. Can now owns 5,006 shares of the company’s stock valued at $81,000 after purchasing an additional 1,644 shares during the last quarter. Barclays PLC lifted its position in shares of Switch by 561.9% in the fourth quarter. Barclays PLC now owns 5,322 shares of the company’s stock worth $86,000 after buying an additional 4,518 shares during the last quarter. Lumature Wealth Partners LLC acquired a new stake in shares of Switch in the first quarter worth about $106,000. Finally, First Mercantile Trust Co. acquired a new stake in shares of Switch in the first quarter worth about $118,000. Institutional investors and hedge funds own 40.00% of the company’s stock.
SWCH stock opened at $21.29 on Friday. The stock’s 50 day simple moving average is $19.69. The stock has a market capitalization of $5.14 billion, a PE ratio of 88.71 and a beta of 0.72. Switch has a fifty-two week low of $13.38 and a fifty-two week high of $21.99. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.65 and a current ratio of 0.65.
Switch (NYSE:SWCH) last issued its quarterly earnings data on Monday, May 10th. The company reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.03. Switch had a return on equity of 4.80% and a net margin of 5.52%. The company had revenue of $130.90 million during the quarter, compared to analysts’ expectations of $129.10 million. During the same quarter in the previous year, the business earned $0.04 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Research analysts predict that Switch will post 0.28 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 4th. Stockholders of record on Tuesday, May 25th were given a $0.05 dividend. The ex-dividend date was Monday, May 24th. This represents a $0.20 annualized dividend and a dividend yield of 0.94%. Switch’s payout ratio is 95.24%.
Switch Company Profile
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services in the United States. 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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