Switch Inc (NYSE:SWCH) Receives $13.10 Average PT from Brokerages

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Switch Inc (NYSE:SWCH) has been given an average recommendation of “Buy” by the eleven research firms that are presently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $11.63.

A number of analysts have issued reports on the stock. ValuEngine lowered shares of Switch from a “buy” rating to a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their price target on shares of Switch from $10.00 to $12.00 in a research note on Friday, May 10th. Finally, Zacks Investment Research lowered shares of Switch from a “buy” rating to a “hold” rating in a research note on Tuesday.

NYSE SWCH opened at $15.38 on Monday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.47 and a quick ratio of 1.47. The firm has a market capitalization of $3.80 billion, a PE ratio of 170.89, a P/E/G ratio of 10.24 and a beta of 0.68. The firm has a 50-day moving average of $13.60. Switch has a 12 month low of $6.39 and a 12 month high of $15.56.

Switch (NYSE:SWCH) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.02). The business had revenue of $111.59 million for the quarter, compared to analysts’ expectations of $109.47 million. Switch had a return on equity of 2.59% and a net margin of 1.05%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the company earned $0.02 earnings per share. On average, equities research analysts anticipate that Switch will post 0.13 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Monday, August 19th will be paid a dividend of $0.029 per share. The ex-dividend date is Friday, August 16th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.75%. Switch’s payout ratio is 133.33%.

In related news, major shareholder William Gonsalves Balelo sold 27,276 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $12.97, for a total transaction of $353,769.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 28.39% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its holdings in Switch by 15,357.4% in the fourth quarter. Legal & General Group Plc now owns 132,934 shares of the company’s stock valued at $931,000 after purchasing an additional 132,074 shares in the last quarter. Bank of Montreal Can boosted its holdings in Switch by 243.2% in the first quarter. Bank of Montreal Can now owns 125,875 shares of the company’s stock valued at $1,298,000 after purchasing an additional 89,202 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Switch by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 358,217 shares of the company’s stock valued at $2,507,000 after purchasing an additional 9,507 shares in the last quarter. Two Sigma Advisers LP acquired a new position in Switch in the fourth quarter valued at approximately $213,000. Finally, Raymond James & Associates acquired a new position in Switch in the fourth quarter valued at approximately $108,000. Hedge funds and other institutional investors own 21.06% of the company’s stock.

Switch Company Profile

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services primarily to technology and digital media companies in the United States. It develops and operates data centers in Nevada and Michigan. The company also serves cloud and managed service providers, financial institutions, IT and software providers, government agencies, network and telecommunications providers, and others that conduct critical business on the Internet.

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Analyst Recommendations for Switch (NYSE:SWCH)

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