Zacks Investment Research lowered shares of Switch (NYSE:SWCH) from a buy rating to a hold rating in a research note released on Thursday morning.
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. “
Other research analysts also recently issued research reports about the stock. Credit Suisse Group set a $14.00 price target on shares of Switch and gave the stock a buy rating in a research report on Wednesday, November 14th. Stifel Nicolaus set a $13.00 price target on shares of Switch and gave the stock a buy rating in a research report on Wednesday, November 14th. BMO Capital Markets restated a buy rating and issued a $10.50 price target on shares of Switch in a research report on Tuesday, March 12th. Berenberg Bank started coverage on shares of Switch in a research report on Tuesday, January 8th. They issued a buy rating and a $11.00 price target on the stock. Finally, Raymond James restated a hold rating and issued a $11.00 price target on shares of Switch in a research report on Sunday, December 2nd. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $13.73.
Shares of NYSE SWCH opened at $10.64 on Thursday. The company has a market capitalization of $2.66 billion, a PE ratio of 118.22, a PEG ratio of 4.51 and a beta of 0.97. Switch has a 52-week low of $6.39 and a 52-week high of $16.23. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.50 and a current ratio of 1.50.
Switch (NYSE:SWCH) last issued its quarterly earnings results on Tuesday, March 12th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. The firm had revenue of $103.21 million for the quarter, compared to the consensus estimate of $104.36 million. Switch had a net margin of 1.00% and a return on equity of 0.55%. On average, equities research analysts expect that Switch will post 0.14 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 4th. Stockholders of record on Monday, March 25th will be paid a $0.0294 dividend. The ex-dividend date is Friday, March 22nd. This represents a $0.12 annualized dividend and a dividend yield of 1.11%. This is a positive change from Switch’s previous quarterly dividend of $0.01. Switch’s payout ratio is currently 66.67%.
Several large investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC increased its stake in shares of Switch by 30.2% in the 4th quarter. Squarepoint Ops LLC now owns 23,602 shares of the company’s stock valued at $165,000 after acquiring an additional 5,481 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Switch by 7.0% in the 3rd quarter. Alliancebernstein L.P. now owns 89,371 shares of the company’s stock valued at $965,000 after acquiring an additional 5,810 shares in the last quarter. Teachers Advisors LLC increased its stake in shares of Switch by 20.7% in the 3rd quarter. Teachers Advisors LLC now owns 41,947 shares of the company’s stock valued at $453,000 after acquiring an additional 7,182 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Switch by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 358,217 shares of the company’s stock valued at $2,507,000 after acquiring an additional 9,507 shares in the last quarter. Finally, WealthPLAN Partners LLC bought a new stake in shares of Switch in the 4th quarter valued at $108,000. Institutional investors own 19.43% of the company’s stock.
Switch Company Profile
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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