Switch Inc (NYSE:SWCH) has been assigned an average recommendation of “Hold” from the thirteen ratings firms that are currently covering the company, Marketbeat reports. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $15.94.
Several brokerages have recently weighed in on SWCH. Zacks Investment Research cut Switch from a “hold” rating to a “sell” rating in a research report on Thursday, August 16th. Raymond James cut 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. Jefferies Financial Group reduced their price target on Switch to $12.00 and set a “hold” rating for the company in a research report on Tuesday, August 14th. BMO Capital Markets reduced 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. Finally, 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.
In other Switch news, Director Thomas A. Thomas bought 22,000 shares of Switch stock in a transaction that occurred on Thursday, August 30th. The stock was acquired at an average cost of $11.52 per share, for a total transaction of $253,440.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Intel Capital Corp sold 1,727,555 shares of the business’s stock in a transaction dated Thursday, September 20th. The stock was 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. 12.64% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC purchased a new position in Switch during the second quarter worth about $103,000. First Republic Investment Management Inc. purchased a new position in Switch during the second quarter worth about $157,000. Sustainable Insight Capital Management LLC purchased a new position in Switch during the second quarter worth about $173,000. Baird Financial Group Inc. purchased a new position in Switch during the second quarter worth about $193,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Switch by 111.5% during the first quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock worth $224,000 after purchasing an additional 7,430 shares during the last quarter. Institutional investors and hedge funds own 18.28% of the company’s stock.
NYSE:SWCH opened at $9.29 on Friday. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.81. Switch has a 1 year low of $8.41 and a 1 year high of $20.18.
Switch (NYSE:SWCH) last released its earnings results on Monday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.02). The firm had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $102.78 million. Switch had a positive return on equity of 0.49% and a negative net margin of 12.35%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.07 earnings per share. Equities research analysts anticipate that Switch will post 0.12 EPS for the current fiscal year.
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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