Switch Inc (NYSE:SWCH) shot up 10% during trading on Monday after Credit Suisse Group raised their price target on the stock from $18.00 to $19.00. Credit Suisse Group currently has an outperform rating on the stock. Switch traded as high as $15.61 and last traded at $15.57, 2,465,626 shares changed hands during mid-day trading. An increase of 137% from the average session volume of 1,042,002 shares. The stock had previously closed at $14.16.
Other research analysts have also issued reports about the company. ValuEngine lowered Switch from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. BMO Capital Markets upped their price objective on Switch from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Zacks Investment Research lowered Switch from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Raymond James upped their price objective on Switch from $16.00 to $18.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $15.14.
In other news, Director Thomas A. Thomas sold 30,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $14.50, for a total transaction of $435,000.00. Also, Director Thomas A. Thomas sold 60,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $15.46, for a total value of $927,600.00. Over the last three months, insiders have sold 673,343 shares of company stock worth $10,871,091. 28.39% of the stock is currently owned by insiders.
The firm has a 50 day moving average of $15.12 and a two-hundred day moving average of $14.00. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 174.67, a price-to-earnings-growth ratio of 7.54 and a beta of 0.50. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.87.
Switch (NYSE:SWCH) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). The business had revenue of $117.60 million during the quarter, compared to analyst estimates of $113.22 million. Switch had a net margin of 1.48% and a return on equity of 3.32%. The firm’s revenue was up 14.4% compared to the same quarter last year. Sell-side analysts forecast that Switch Inc will post 0.16 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 19th will be paid a $0.0294 dividend. This represents a $0.12 annualized dividend and a yield of 0.75%. The ex-dividend date is Monday, November 18th. Switch’s dividend payout ratio (DPR) is presently 133.33%.
About Switch (NYSE:SWCH)
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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