Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded Switch from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 15th. JPMorgan Chase & Co. lifted their price objective on Switch from $10.00 to $12.00 in a research report on Friday, May 10th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Switch has an average rating of “Buy” and an average target price of $13.45.
Shares of NYSE:SWCH traded up $0.20 during trading on Monday, hitting $12.49. 841,900 shares of the stock were exchanged, compared to its average volume of 1,186,949. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 138.78, a price-to-earnings-growth ratio of 6.26 and a beta of 1.10. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.47 and a quick ratio of 1.44. Switch has a 12-month low of $6.39 and a 12-month high of $14.37.
In other Switch news, Director Donald D. Snyder sold 300,000 shares of the business’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Scott Russell Gragson sold 138,200 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $10.94, for a total value of $1,511,908.00. The disclosure for this sale can be found here. Insiders sold a total of 554,350 shares of company stock valued at $5,921,819 over the last quarter. 28.39% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Assetmark Inc. raised its holdings in Switch by 56.2% in the 1st quarter. Assetmark Inc. now owns 7,140 shares of the company’s stock valued at $74,000 after acquiring an additional 2,570 shares during the last quarter. NumerixS Investment Technologies Inc acquired a new position in Switch in the 1st quarter valued at $90,000. BNP Paribas Arbitrage SA raised its holdings in Switch by 328.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,121 shares of the company’s stock valued at $94,000 after acquiring an additional 6,993 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in Switch in the 1st quarter valued at $120,000. Finally, WealthPLAN Partners LLC acquired a new position in Switch in the 4th quarter valued at $108,000. Institutional investors own 19.17% of the company’s stock.
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.
Recommended Story: How is the discount rate different from the Federal Funds rate?
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for Switch Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Switch and related companies with MarketBeat.com's FREE daily email newsletter.