Several other brokerages have also recently commented on SWCH. JPMorgan Chase & Co. raised their target price on Switch from $10.00 to $12.00 in a research report on Friday, May 10th. Zacks Investment Research cut Switch from a buy rating to a hold rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Switch currently has a consensus rating of Buy and an average target price of $12.11.
SWCH opened at $15.15 on Thursday. The firm has a market cap of $3.71 billion, a PE ratio of 168.33, a P/E/G ratio of 10.08 and a beta of 0.68. The company has a quick ratio of 1.47, a current ratio of 0.97 and a debt-to-equity ratio of 0.87. The business has a fifty day simple moving average of $13.69 and a 200-day simple moving average of $11.47. Switch has a fifty-two week low of $6.39 and a fifty-two week high of $15.56.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Monday, August 19th will be given a $0.029 dividend. The ex-dividend date is Friday, August 16th. This represents a $0.12 annualized dividend and a dividend yield of 0.77%. Switch’s dividend payout ratio (DPR) is presently 133.33%.
In other 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 28.39% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd acquired a new stake in Switch during the second quarter valued at approximately $39,000. Waddell & Reed Financial Inc. boosted its holdings in Switch by 45.9% during the second quarter. Waddell & Reed Financial Inc. now owns 1,505,616 shares of the company’s stock valued at $19,709,000 after purchasing an additional 473,716 shares in the last quarter. Essex Investment Management Co. LLC boosted its holdings in Switch by 1,314.8% during the second quarter. Essex Investment Management Co. LLC now owns 271,980 shares of the company’s stock valued at $3,560,000 after purchasing an additional 252,756 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in Switch during the second quarter valued at approximately $2,103,000. Finally, UBS Asset Management Americas Inc. acquired a new stake in Switch during the second quarter valued at approximately $348,000. Institutional investors and hedge funds own 21.06% 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.
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