According to Zacks, “Switch, Inc. is a technology infrastructure company. It designs, constructs and operates hyperscale data centers. The Company is developer and operator of the SUPERNAP, data center facilities, and provides colocation, telecommunications, cloud services and content ecosystems. Switch, Inc. is based in LAS VEGAS, United States. “
A number of other equities analysts have also recently commented on the stock. William Blair cut shares of Switch from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. Cowen downgraded shares of Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th. Citigroup cut shares of Switch from a “buy” rating to a “neutral” rating in a research report on Thursday, May 12th. Barclays cut shares of Switch from an “overweight” rating to an “equal weight” rating in a research report on Friday. Finally, Raymond James cut shares of Switch from a “strong-buy” rating to a “market perform” rating in a research report on Monday. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Switch presently has a consensus rating of “Hold” and a consensus price target of $29.91.
Switch (NYSE:SWCH – Get Rating) last announced its quarterly earnings data 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 company had revenue of $164.60 million for the quarter, compared to the consensus estimate of $163.82 million. Switch had a net margin of 1.05% and a return on equity of 2.81%. The company’s revenue was up 25.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.08 earnings per share. On average, research analysts predict that Switch will post 0.21 earnings per share for the current fiscal year.
In related news, Director Thomas A. Thomas sold 40,000 shares of the firm’s stock in a transaction on Monday, April 18th. The shares were sold at an average price of $30.73, for a total transaction of $1,229,200.00. Following the sale, the director now owns 2,658,397 shares in the company, valued at $81,692,539.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 29.18% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in SWCH. Vanguard Group Inc. lifted its holdings in Switch by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,724,097 shares of the company’s stock valued at $330,516,000 after purchasing an additional 47,890 shares in the last quarter. Royal Bank of Canada lifted its holdings in Switch by 1.0% during the first quarter. Royal Bank of Canada now owns 9,800,317 shares of the company’s stock valued at $302,046,000 after purchasing an additional 96,704 shares in the last quarter. BlackRock Inc. lifted its holdings in Switch by 5.5% during 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 in the last quarter. Elliott Investment Management L.P. purchased a new position in Switch during the fourth quarter valued at $165,682,000. Finally, Alliancebernstein L.P. lifted its holdings in Switch by 42.1% during the fourth quarter. Alliancebernstein L.P. now owns 4,381,180 shares of the company’s stock valued at $125,477,000 after purchasing an additional 1,299,069 shares in the last quarter. 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.
- Get a free copy of the StockNews.com research report on Switch (SWCH)
- The Institutions Are Capping Gains In Take-Two Interactive
- Walmart’s “Everyday Low Prices” Gets Burned By Inflation
- VMWare Inc: Strong Revenues and Excellent Potential
- Beware The Rebound In Home Depot
- Time to Ride These 3 Mid Cap Momentum Plays
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Switch Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Switch and related companies with MarketBeat.com's FREE daily email newsletter.