Switch, Inc. (NYSE:SWCH) Given Consensus Rating of “Hold” by Brokerages

Switch, Inc. (NYSE:SWCH – Get Rating) has earned an average recommendation of “Hold” from the fifteen brokerages that are currently covering the company, MarketBeat Ratings reports. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $29.00.

Several research analysts have issued reports on the company. Citigroup lowered Switch from a “buy” rating to a “neutral” rating in a research report on Thursday, May 12th. Raymond James lowered Switch from a “strong-buy” rating to a “market perform” rating in a research report on Monday, May 16th. TheStreet lowered Switch from a “b-” rating to a “c-” rating in a research report on Friday, February 25th. Cowen lowered Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th. Finally, Cowen lowered Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th.

In related news, Director Thomas A. Thomas sold 40,000 shares of the company’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $33.46, for a total transaction of $1,338,400.00. Following the completion of the transaction, the director now owns 3,118,397 shares in the company, valued at approximately $104,341,563.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 29.18% of the company’s stock.

Large investors have recently made changes to their positions in the company. CIBC Asset Management Inc grew its position in Switch by 4.0% during the fourth quarter. CIBC Asset Management Inc now owns 10,140 shares of the company’s stock worth $290,000 after buying an additional 388 shares during the period. Captrust Financial Advisors grew its position in Switch by 8.6% during the third quarter. Captrust Financial Advisors now owns 5,677 shares of the company’s stock worth $144,000 after buying an additional 450 shares during the period. Park Avenue Securities LLC lifted its holdings in shares of Switch by 4.3% in the first quarter. Park Avenue Securities LLC now owns 11,422 shares of the company’s stock valued at $352,000 after purchasing an additional 473 shares in the last quarter. Green Alpha Advisors LLC lifted its holdings in shares of Switch by 0.4% in the first quarter. Green Alpha Advisors LLC now owns 120,931 shares of the company’s stock valued at $3,727,000 after purchasing an additional 484 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its holdings in shares of Switch by 16.0% in the first quarter. Steward Partners Investment Advisory LLC now owns 3,660 shares of the company’s stock valued at $113,000 after purchasing an additional 505 shares in the last quarter. 51.25% of the stock is owned by institutional investors and hedge funds.

Shares of SWCH stock opened at $33.25 on Monday. Switch has a 12-month low of $18.39 and a 12-month high of $33.84. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 2.83. The stock’s 50-day moving average price is $30.84 and its 200-day moving average price is $27.87. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 831.46 and a beta of 0.71.

Switch (NYSE:SWCH – Get Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). The company had revenue of $164.60 million during the quarter, compared to analysts’ expectations of $163.82 million. Switch had a return on equity of 2.81% and a net margin of 1.05%. The company’s revenue was up 25.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.08 EPS. As a group, research analysts predict that Switch will post 0.19 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 6th. Stockholders of record on Tuesday, May 24th will be paid a dividend of $0.0525 per share. This is a positive change from Switch’s previous quarterly dividend of $0.05. This represents a $0.21 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Monday, May 23rd. Switch’s dividend payout ratio is presently 525.13%.

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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