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

Shares of Switch, Inc. (NYSE:SWCHGet 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

A number of institutional investors have recently made changes to their positions in SWCH. Personal CFO Solutions LLC raised its stake in shares of Switch by 7.5% in the first quarter. Personal CFO Solutions LLC now owns 11,885 shares of the company’s stock worth $366,000 after purchasing an additional 827 shares during the last quarter. Comerica Bank purchased a new stake in shares of Switch in the first quarter worth $218,000. Reinhart Partners Inc. raised its position in shares of Switch by 2.4% in the first quarter. Reinhart Partners Inc. now owns 1,168,227 shares of the company’s stock worth $36,005,000 after buying an additional 27,666 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its position in shares of Switch by 415.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 192,715 shares of the company’s stock worth $5,519,000 after buying an additional 155,304 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of Switch in the fourth quarter worth $33,440,000. Institutional investors own 51.25% of the company’s stock.

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:SWCHGet 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%.

About Switch

(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.

Featured Stories

Analyst Recommendations for Switch (NYSE:SWCH)

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.