Shares of Switch, Inc. (NYSE:SWCH) have been given a consensus recommendation of “Buy” by the twelve research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, nine have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $25.11.
Several equities research analysts have weighed in on the company. Barclays upped their target price on Switch from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, August 6th. JPMorgan Chase & Co. upgraded Switch from a “neutral” rating to an “overweight” rating and set a $25.00 price target for the company in a report on Friday, August 6th. Cowen upgraded Switch from a “market perform” rating to an “outperform” rating and set a $26.00 price target for the company in a report on Friday, August 6th. Raymond James upgraded Switch from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $20.00 to $25.00 in a research note on Friday, August 6th. Finally, Citigroup raised their target price on Switch from $23.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, August 26th.
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NYSE SWCH opened at $26.10 on Wednesday. The stock has a fifty day moving average of $22.94 and a 200-day moving average of $19.89. The stock has a market capitalization of $6.31 billion, a P/E ratio of 118.64 and a beta of 0.75. Switch has a 52 week low of $13.38 and a 52 week high of $26.85. The company has a debt-to-equity ratio of 2.48, a quick ratio of 0.83 and a current ratio of 0.83.
Switch (NYSE:SWCH) last announced its quarterly earnings data on Thursday, August 5th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The company had revenue of $141.69 million for the quarter, compared to analyst estimates of $135.03 million. Switch had a return on equity of 4.62% and a net margin of 5.23%. Equities research analysts forecast that Switch will post 0.21 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 31st. Shareholders of record on Thursday, August 19th were given a $0.0525 dividend. This is a boost from Switch’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Wednesday, August 18th. This represents a $0.21 dividend on an annualized basis and a dividend yield of 0.80%. Switch’s payout ratio is presently 100.00%.
In other Switch news, Director Thomas A. Thomas sold 53,750 shares of Switch stock in a transaction on Thursday, July 15th. The shares were sold at an average price of $20.69, for a total value of $1,112,087.50. Following the completion of the transaction, the director now directly owns 3,012,147 shares of the company’s stock, valued at approximately $62,321,321.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Erin Thomas Morton sold 75,675 shares of the firm’s stock in a transaction dated Tuesday, July 6th. The stock was sold at an average price of $21.26, for a total transaction of $1,608,850.50. Following the completion of the sale, the insider now owns 402,678 shares of the company’s stock, valued at approximately $8,560,934.28. The disclosure for this sale can be found here. Insiders sold 698,219 shares of company stock worth $16,243,715 in the last 90 days. Corporate insiders own 29.18% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Parametric Portfolio Associates LLC grew its position in shares of Switch by 34.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 299,250 shares of the company’s stock worth $6,317,000 after buying an additional 76,033 shares during the last quarter. Front Row Advisors LLC purchased a new stake in Switch during the 2nd quarter worth approximately $46,000. Morgan Stanley grew its position in Switch by 164.0% during the 2nd quarter. Morgan Stanley now owns 1,060,396 shares of the company’s stock worth $22,384,000 after purchasing an additional 658,801 shares during the last quarter. Invesco Ltd. grew its position in Switch by 4.3% during the 2nd quarter. Invesco Ltd. now owns 149,527 shares of the company’s stock worth $3,156,000 after purchasing an additional 6,226 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY grew its position in Switch by 132,166.7% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 7,936 shares of the company’s stock worth $168,000 after purchasing an additional 7,930 shares during the last quarter. 46.66% of the stock is currently owned by hedge funds and other institutional investors.
About Switch
Switch, Inc (Nevada) engages in the provision of technology infrastructure. It specializes in the development of digital platforms for digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers. The firm’s products include Switch CONNECT and Switch SAFE.
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