Shares of Switch, Inc. (NYSE:SWCH – Get Rating) have received an average recommendation of “Hold” from the fifteen ratings firms that are currently covering the stock, Marketbeat reports. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $30.05.
A number of brokerages recently issued reports on SWCH. Raymond James lowered Switch from a “strong-buy” rating to a “market perform” rating in a research report on Monday, May 16th. Berenberg Bank downgraded Switch from a “buy” rating to a “hold” rating and set a $34.25 price target for the company. in a research note on Tuesday, May 24th. William Blair downgraded Switch from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. Stifel Nicolaus downgraded Switch from a “buy” rating to a “hold” rating in a research note on Thursday, May 12th. Finally, Citigroup downgraded Switch from a “buy” rating to a “neutral” rating in a research note on Thursday, May 12th.
Insider Buying and Selling at Switch
In other Switch news, Director Thomas A. Thomas sold 40,000 shares of Switch stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $33.15, for a total value of $1,326,000.00. Following the completion of the transaction, the director now directly owns 3,084,360 shares of the company’s stock, valued at approximately $102,246,534. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 120,000 shares of company stock valued at $4,014,000 in the last three months. Corporate insiders own 14.00% of the company’s stock.
Institutional Investors Weigh In On Switch
Switch Trading Up 0.2 %
NYSE SWCH opened at $33.95 on Friday. The firm has a market cap of $8.30 billion, a P/E ratio of 848.96 and a beta of 0.64. The company has a debt-to-equity ratio of 2.83, a current ratio of 0.52 and a quick ratio of 0.52. The stock’s 50-day moving average is $33.59 and its 200-day moving average is $30.50. Switch has a one year low of $22.96 and a one year high of $33.99.
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 analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $164.60 million for the quarter, compared to analyst estimates of $163.82 million. Switch had a return on equity of 2.81% and a net margin of 1.05%. The company’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.08 EPS. Sell-side analysts anticipate that Switch will post 0.19 earnings per share for the current fiscal year.
Switch Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 6th. Shareholders of record on Tuesday, May 24th were issued a $0.0525 dividend. The ex-dividend date was Monday, May 23rd. This is a boost from Switch’s previous quarterly dividend of $0.05. This represents a $0.21 annualized dividend and a yield of 0.62%. Switch’s payout ratio is currently 525.13%.
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)
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