Switch (SWCH) Stock Rating Lowered by Zacks Investment Research

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Switch (NYSE:SWCH) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

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. “

A number of other research firms have also weighed in on SWCH. BMO Capital Markets reissued a “buy” rating and set a $10.50 target price on shares of Switch in a report on Tuesday, March 12th. JPMorgan Chase & Co. boosted their target price on Switch from $10.00 to $12.00 in a report on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Switch has a consensus rating of “Buy” and a consensus price target of $13.45.

Shares of SWCH stock traded up $0.31 during trading on Wednesday, reaching $12.15. 683,626 shares of the company’s stock were exchanged, compared to its average volume of 912,763. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $2.85 billion, a PE ratio of 134.94, a PEG ratio of 5.87 and a beta of 1.10. Switch has a twelve month low of $6.39 and a twelve month high of $14.47.

Switch (NYSE:SWCH) last posted its earnings results on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $107.03 million for the quarter, compared to analyst estimates of $105.43 million. Switch had a return on equity of 1.27% and a net margin of 0.98%. As a group, sell-side analysts predict that Switch will post 0.17 EPS for the current fiscal year.

In other news, major shareholder Scott Russell Gragson sold 104,350 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $11.06, for a total transaction of $1,154,111.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Donald D. Snyder sold 300,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $10.42, for a total value of $3,126,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 554,350 shares of company stock worth $5,921,819. Insiders own 28.39% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Assetmark Inc. grew its holdings in shares of Switch by 56.2% during the 1st quarter. Assetmark Inc. now owns 7,140 shares of the company’s stock worth $74,000 after purchasing an additional 2,570 shares in the last quarter. NumerixS Investment Technologies Inc acquired a new stake in shares of Switch during the 1st quarter worth $90,000. BNP Paribas Arbitrage SA grew its holdings in shares of Switch by 328.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 9,121 shares of the company’s stock worth $94,000 after purchasing an additional 6,993 shares in the last quarter. Raymond James & Associates acquired a new stake in shares of Switch during the 4th quarter worth $108,000. Finally, WealthPLAN Partners LLC acquired a new stake in shares of Switch during the 4th quarter worth $108,000. 19.17% of the stock is currently owned by institutional investors.

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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