Switch Inc (NYSE:SWCH) Receives $11.63 Consensus Target Price from Analysts

Shares of Switch Inc (NYSE:SWCH) have been given a consensus recommendation of “Buy” by the eleven ratings firms that are currently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $11.63.

Several analysts have recently commented on the stock. ValuEngine cut shares of Switch from a “buy” rating to a “hold” rating in a research note on Thursday, August 15th. Zacks Investment Research lowered shares of Switch from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th.

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

A number of hedge funds have recently made changes to their positions in SWCH. WealthPLAN Partners LLC grew its holdings in Switch by 5.4% during the 2nd quarter. WealthPLAN Partners LLC now owns 54,870 shares of the company’s stock worth $842,000 after acquiring an additional 2,822 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Switch in the 2nd quarter valued at $39,000. Point72 Hong Kong Ltd lifted its stake in shares of Switch by 82.6% in the 2nd quarter. Point72 Hong Kong Ltd now owns 9,529 shares of the company’s stock valued at $125,000 after purchasing an additional 4,311 shares during the period. Coastal Investment Advisors Inc. boosted its position in shares of Switch by 446.4% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 5,464 shares of the company’s stock worth $72,000 after purchasing an additional 4,464 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Switch by 328.6% in 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 during the last quarter. 21.30% of the stock is currently owned by hedge funds and other institutional investors.

NYSE SWCH traded up $0.33 on Friday, hitting $16.10. 531,250 shares of the company were exchanged, compared to its average volume of 1,100,260. Switch has a 1-year low of $6.39 and a 1-year high of $16.95. The firm has a 50 day moving average of $15.20 and a two-hundred day moving average of $12.41. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.87. The company has a market cap of $3.86 billion, a P/E ratio of 178.89, a P/E/G ratio of 10.99 and a beta of 0.53.

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

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 19th were issued a $0.029 dividend. This represents a $0.12 annualized dividend and a yield of 0.72%. The ex-dividend date of this dividend was Friday, August 16th. Switch’s dividend payout ratio is 133.33%.

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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Analyst Recommendations for Switch (NYSE:SWCH)

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