Switch (NYSE:SWCH) Rating Reiterated by Credit Suisse Group

Switch (NYSE:SWCH)‘s stock had its “buy” rating reaffirmed by research analysts at Credit Suisse Group in a research note issued to investors on Tuesday, TipRanks reports. They presently have a $23.00 price objective on the stock. Credit Suisse Group’s price target suggests a potential upside of 28.71% from the stock’s previous close.

Several other equities analysts also recently commented on SWCH. BMO Capital Markets upped their price objective on shares of Switch from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Raymond James upped their price objective on shares of Switch from $19.00 to $22.00 and gave the company a “strong-buy” rating in a report on Monday, May 11th. Wells Fargo & Co upped their price objective on shares of Switch from $19.00 to $20.50 and gave the company an “overweight” rating in a report on Friday, July 10th. Zacks Investment Research upgraded shares of Switch from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Friday, May 22nd. Finally, Citigroup upped their price target on shares of Switch from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Switch currently has an average rating of “Buy” and an average target price of $20.72.

Shares of SWCH opened at $17.87 on Tuesday. Switch has a 1-year low of $10.30 and a 1-year high of $19.56. The company has a market cap of $4.32 billion, a price-to-earnings ratio of 297.88 and a beta of 0.66. The company’s fifty day simple moving average is $18.20 and its 200 day simple moving average is $16.47. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.45.

Switch (NYSE:SWCH) last released its quarterly earnings data on Friday, May 8th. The company reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.01). Switch had a net margin of 1.27% and a return on equity of 3.16%. The company had revenue of $128.10 million during the quarter, compared to analyst estimates of $123.52 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. Switch’s revenue for the quarter was up 19.7% on a year-over-year basis. As a group, research analysts forecast that Switch will post 0.21 earnings per share for the current year.

In related news, insider Teresa A. Borden sold 100,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $17.98, for a total transaction of $1,798,000.00. Following the completion of the sale, the insider now owns 707,471 shares of the company’s stock, valued at $12,720,328.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas A. Thomas sold 22,000 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $18.91, for a total transaction of $416,020.00. Following the sale, the director now directly owns 8,187,500 shares of the company’s stock, valued at approximately $154,825,625. The disclosure for this sale can be found here. Insiders have sold 557,000 shares of company stock valued at $10,080,770 in the last ninety days. 30.52% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of SWCH. Amalgamated Bank lifted its holdings in shares of Switch by 5.8% in the fourth quarter. Amalgamated Bank now owns 15,764 shares of the company’s stock worth $234,000 after acquiring an additional 859 shares during the last quarter. Strs Ohio lifted its holdings in shares of Switch by 3.6% in the first quarter. Strs Ohio now owns 38,961 shares of the company’s stock worth $562,000 after acquiring an additional 1,359 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Switch by 174.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,381 shares of the company’s stock worth $35,000 after acquiring an additional 1,513 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Switch by 82.7% in the fourth quarter. Great West Life Assurance Co. Can now owns 3,684 shares of the company’s stock worth $54,000 after acquiring an additional 1,668 shares during the last quarter. Finally, Pathstone Family Office LLC bought a new position in shares of Switch in the first quarter worth about $29,000. 30.66% of the stock is owned by institutional investors and hedge funds.

About Switch

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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