Switch (NYSE:SWCH) Cut to Hold at Stifel Nicolaus

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

Other research analysts have also issued reports about the company. Zacks Investment Research lowered Switch from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. William Blair lowered Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday. Cowen lowered Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday. Credit Suisse Group boosted their target price on Switch from $28.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, April 7th. Finally, Wells Fargo & Company lowered Switch from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $28.00 to $31.00 in a report on Friday, March 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $29.91.

NYSE:SWCH opened at $33.54 on Thursday. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 670.80 and a beta of 0.71. Switch has a twelve month low of $17.72 and a twelve month high of $33.84. The stock’s 50 day moving average price is $29.93 and its two-hundred day moving average price is $27.50. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 2.70.

Switch (NYSE:SWCHGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $164.60 million for the quarter, compared to analyst estimates of $163.82 million. Switch had a return on equity of 3.50% and a net margin of 0.91%. The firm’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period last year, the firm earned $0.08 EPS. As a group, analysts anticipate that Switch will post 0.2 earnings per share for the current year.

In other news, Director Thomas A. Thomas sold 40,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 2,658,397 shares in the company, valued at approximately $81,692,539.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 29.18% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. WD Rutherford LLC lifted its position in shares of Switch by 575.0% during the 1st quarter. WD Rutherford LLC now owns 1,350 shares of the company’s stock worth $42,000 after buying an additional 1,150 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Switch by 113.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the company’s stock worth $37,000 after buying an additional 783 shares during the last quarter. Total Clarity Wealth Management Inc. bought a new stake in shares of Switch during the 4th quarter worth $43,000. Catalyst Capital Advisors LLC bought a new stake in shares of Switch during the 1st quarter worth $46,000. Finally, Fieldpoint Private Securities LLC lifted its position in shares of Switch by 298.1% during the 4th quarter. Fieldpoint Private Securities LLC now owns 1,652 shares of the company’s stock worth $47,000 after buying an additional 1,237 shares during 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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