Switch (NYSE:SWCH) Shares Up 10% Following Analyst Upgrade

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.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SWCH. First Trust Advisors LP acquired a new stake in shares of Switch during the 2nd quarter worth $23,830,000. Vanguard Group Inc. grew its holdings in shares of Switch by 34.1% during the 2nd quarter. Vanguard Group Inc. now owns 5,036,875 shares of the company’s stock worth $65,933,000 after purchasing an additional 1,280,511 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Switch by 56.9% during the 2nd quarter. Renaissance Technologies LLC now owns 2,822,400 shares of the company’s stock worth $36,945,000 after purchasing an additional 1,023,800 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Switch by 43.8% during the 2nd quarter. BlackRock Inc. now owns 2,188,024 shares of the company’s stock worth $28,642,000 after purchasing an additional 666,279 shares in the last quarter. Finally, Senvest Management LLC boosted its stake in Switch by 34.9% in the second quarter. Senvest Management LLC now owns 2,202,684 shares of the company’s stock valued at $28,833,000 after buying an additional 570,214 shares in the last quarter. 21.37% of the stock is currently owned by institutional investors.

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.

Recommended Story: Why do companies issue convertible shares?

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.