Switch (SWCH) Upgraded to “Hold” by Zacks Investment Research

Switch (NYSE:SWCH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.

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. “

SWCH has been the subject of several other reports. BTIG Research downgraded shares of Switch from a “buy” rating to a “neutral” rating and set a $22.00 price target for the company. in a report on Tuesday, August 14th. Stifel Nicolaus lowered their price target on shares of Switch from $15.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, August 14th. JPMorgan Chase & Co. downgraded shares of Switch from an “overweight” rating to a “neutral” rating and set a $17.00 price target for the company. in a report on Tuesday, August 14th. BMO Capital Markets reiterated a “buy” rating and set a $20.00 price target on shares of Switch in a report on Monday, August 13th. Finally, William Blair reiterated an “outperform” rating on shares of Switch in a report on Tuesday, August 14th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $17.11.

NYSE SWCH traded down $0.11 on Wednesday, hitting $8.85. 3,779 shares of the company’s stock were exchanged, compared to its average volume of 1,039,157. The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.78 and a current ratio of 2.78. Switch has a 52 week low of $8.45 and a 52 week high of $20.18.

Switch (NYSE:SWCH) last released its earnings results 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 for the quarter, compared to the consensus estimate of $102.78 million. During the same quarter in the previous year, the company earned $0.07 earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, research analysts predict that Switch will post 0.11 EPS for the current fiscal year.

In related news, major shareholder William Gonsalves Balelo sold 207,154 shares of the stock in a transaction on Thursday, July 19th. The stock was sold at an average price of $6,325.38, for a total value of $1,310,327,768.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Intel Capital Corp sold 1,727,555 shares of the stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $10.98, for a total value of $18,968,553.90. The disclosure for this sale can be found here. Insiders have sold 2,125,555 shares of company stock valued at $1,331,894,166 over the last quarter. Company insiders own 12.64% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of SWCH. Nisa Investment Advisors LLC acquired a new stake in Switch in the second quarter valued at $103,000. First Republic Investment Management Inc. bought a new stake in Switch during the second quarter valued at $157,000. Sustainable Insight Capital Management LLC bought a new stake in Switch during the second quarter valued at $173,000. Baird Financial Group Inc. bought a new stake in Switch during the second quarter valued at $193,000. Finally, The Manufacturers Life Insurance Company boosted its position in Switch by 111.5% during the first quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock valued at $224,000 after acquiring an additional 7,430 shares during the last quarter. Institutional investors and hedge funds own 18.09% of the company’s stock.

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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