Switch (NYSE:SWCH) Downgraded by Jefferies Financial Group to “Hold”

Switch (NYSE:SWCHGet Rating) was downgraded by research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

SWCH has been the topic of a number of other reports. TheStreet downgraded Switch from a “b-” rating to a “c-” rating in a research note on Friday, February 25th. Barclays lifted their target price on Switch from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 14th. Zacks Investment Research cut Switch from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. Credit Suisse Group raised their price target on Switch from $28.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, April 7th. Finally, Wells Fargo & Company cut Switch from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $28.00 to $31.00 in a report on Friday, March 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Switch currently has an average rating of “Buy” and a consensus price target of $29.91.

SWCH stock traded up $2.75 during midday trading on Wednesday, hitting $33.50. The company’s stock had a trading volume of 1,298,711 shares, compared to its average volume of 1,759,155. The business has a 50-day simple moving average of $29.81. The stock has a market capitalization of $8.18 billion, a P/E ratio of 669.60 and a beta of 0.71. The company has a debt-to-equity ratio of 2.70, a quick ratio of 0.50 and a current ratio of 0.50. Switch has a 12 month low of $17.72 and a 12 month high of $32.78.

Switch (NYSE:SWCHGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The firm had revenue of $164.60 million during the quarter, compared to analysts’ expectations of $163.82 million. Switch had a return on equity of 3.50% and a net margin of 0.91%. The business’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter last year, the business earned $0.08 earnings per share. On average, equities analysts predict that Switch will post 0.2 earnings per share for the current year.

In other Switch news, Director Thomas A. Thomas sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, April 18th. The stock was sold at an average price of $30.73, for a total transaction of $1,229,200.00. Following the completion of the transaction, the director now owns 2,658,397 shares in the company, valued at $81,692,539.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 29.18% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its holdings in shares of Switch by 7.7% in the third quarter. Royal Bank of Canada now owns 8,393,395 shares of the company’s stock valued at $213,108,000 after purchasing an additional 599,048 shares during the period. BlackRock Inc. boosted its holdings in shares of Switch by 5.5% in the third quarter. BlackRock Inc. now owns 8,290,907 shares of the company’s stock valued at $210,507,000 after purchasing an additional 432,733 shares during the period. Elliott Investment Management L.P. purchased a new stake in shares of Switch in the fourth quarter valued at approximately $165,682,000. Alliancebernstein L.P. raised its stake in Switch by 42.1% in the fourth quarter. Alliancebernstein L.P. now owns 4,381,180 shares of the company’s stock worth $125,477,000 after buying an additional 1,299,069 shares in the last quarter. Finally, Earnest Partners LLC raised its stake in Switch by 5.4% in the fourth quarter. Earnest Partners LLC now owns 3,953,134 shares of the company’s stock worth $113,218,000 after buying an additional 202,610 shares in the last quarter. Hedge funds and other institutional investors own 51.25% of the company’s stock.

Switch Company Profile (Get Rating)

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. 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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