Switch (NYSE:SWCH) Cut to “Hold” at Zacks Investment Research

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Zacks Investment Research lowered shares of Switch (NYSE:SWCH) from a buy rating to a hold rating in a research note published on Tuesday, 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. “

Other research analysts have also issued research reports about the company. ValuEngine upgraded Switch from a hold rating to a buy rating in a report on Monday, May 20th. JPMorgan Chase & Co. raised their price objective on Switch from $10.00 to $12.00 in a report on Friday, May 10th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $12.11.

Shares of SWCH stock opened at $15.15 on Tuesday. The stock’s fifty day moving average is $13.69 and its two-hundred day moving average is $11.47. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.47 and a current ratio of 0.97. The firm has a market capitalization of $3.71 billion, a P/E ratio of 168.33, a PEG ratio of 10.22 and a beta of 0.68. Switch has a fifty-two week low of $6.39 and a fifty-two week high of $15.56.

Switch (NYSE:SWCH) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The firm had revenue of $111.59 million during the quarter, compared to analysts’ expectations of $109.47 million. Switch had a net margin of 1.05% and a return on equity of 2.60%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 EPS. On average, equities analysts forecast that Switch will post 0.13 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Monday, August 19th will be paid a $0.029 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Friday, August 16th. Switch’s dividend payout ratio (DPR) is presently 133.33%.

In other Switch news, major shareholder William Gonsalves Balelo sold 27,276 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $12.97, for a total value of $353,769.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 28.39% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of SWCH. BlackRock Inc. grew its position in Switch by 2.1% in the 4th quarter. BlackRock Inc. now owns 1,450,479 shares of the company’s stock worth $10,153,000 after purchasing an additional 29,413 shares in the last quarter. Raymond James & Associates bought a new stake in Switch in the 4th quarter worth about $108,000. Geode Capital Management LLC grew its position in Switch by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 358,217 shares of the company’s stock worth $2,507,000 after purchasing an additional 9,507 shares in the last quarter. Two Sigma Advisers LP bought a new stake in Switch in the 4th quarter worth about $213,000. Finally, Bank of America Corp DE grew its position in Switch by 1,984.5% in the 4th quarter. Bank of America Corp DE now owns 99,098 shares of the company’s stock worth $694,000 after purchasing an additional 94,344 shares in the last quarter. 21.06% of the stock is owned by institutional investors and hedge funds.

About Switch

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.

Read More: Why is the ex-dividend date different from the record date?

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