Switch Inc (SWCH) Given Average Recommendation of “Hold” by Brokerages

Switch Inc (NYSE:SWCH) has been given a consensus recommendation of “Hold” by the fourteen ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $16.75.

SWCH has been the subject of several research analyst reports. BMO Capital Markets lowered their price target on Switch from $20.00 to $14.00 and set an “average” rating for the company in a research report on Tuesday, August 14th. They noted that the move was a valuation call. Citigroup upgraded Switch from a “neutral” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Thursday, July 19th. Stifel Nicolaus initiated coverage on Switch in a research report on Monday, July 16th. They set a “buy” rating for the company. Jefferies Financial Group lowered their price target on Switch to $12.00 and set a “hold” rating for the company in a research report on Tuesday, August 14th. Finally, Raymond James lowered Switch from an “outperform” rating to a “market perform” rating and set a $17.00 price target for the company. in a research report on Monday, August 13th.

In other Switch news, major shareholder Intel Capital Corp sold 1,727,555 shares of the firm’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $10.98, for a total value of $18,968,553.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder William Gonsalves Balelo sold 207,154 shares of the firm’s stock in a transaction on Thursday, July 19th. The shares were sold at an average price of $6,325.38, for a total value of $1,310,327,768.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,225,555 shares of company stock valued at $1,333,209,166. 12.64% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Northern Trust Corp raised its stake in Switch by 70.3% in the second quarter. Northern Trust Corp now owns 245,017 shares of the company’s stock valued at $2,982,000 after buying an additional 101,170 shares in the last quarter. TPG Group Holdings SBS Advisors Inc. acquired a new stake in shares of Switch during the second quarter worth about $29,370,000. Bank of New York Mellon Corp increased its position in shares of Switch by 545.1% during the second quarter. Bank of New York Mellon Corp now owns 643,349 shares of the company’s stock worth $7,830,000 after purchasing an additional 543,618 shares in the last quarter. Jane Street Group LLC increased its position in shares of Switch by 134.9% during the second quarter. Jane Street Group LLC now owns 29,210 shares of the company’s stock worth $355,000 after purchasing an additional 16,776 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Switch by 51.3% during the second quarter. Millennium Management LLC now owns 609,081 shares of the company’s stock worth $7,413,000 after purchasing an additional 206,600 shares in the last quarter. Institutional investors own 18.09% of the company’s stock.

Switch stock traded down $0.12 during mid-day trading on Friday, hitting $10.70. The company’s stock had a trading volume of 727,002 shares, compared to its average volume of 1,024,559. Switch has a 1 year low of $10.00 and a 1 year high of $24.90. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.81.

Switch (NYSE:SWCH) last issued its quarterly earnings data on Monday, August 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Switch had a positive return on equity of 0.49% and a negative net margin of 12.35%. The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $102.78 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. research analysts predict that Switch will post 0.11 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Friday, August 24th were issued a $0.0147 dividend. The ex-dividend date of this dividend was Thursday, August 23rd. This represents a $0.06 dividend on an annualized basis and a yield of 0.55%.

About Switch

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services to technology and digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers that conduct critical business on the Internet. The company develops and operates data centers in Nevada, Michigan, and Georgia.

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