Switch Inc (NYSE:SWCH) insider Teresa A. Borden sold 23,600 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $15.06, for a total transaction of $355,416.00. Following the transaction, the insider now directly owns 707,471 shares of the company’s stock, valued at approximately $10,654,513.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Switch stock opened at $15.20 on Wednesday. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 149.51 and a beta of 0.59. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.51. The company’s 50-day moving average price is $16.94 and its two-hundred day moving average price is $16.78. Switch Inc has a 52 week low of $10.30 and a 52 week high of $19.99.
Switch (NYSE:SWCH) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.06 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. Switch had a net margin of 2.03% and a return on equity of 2.72%. The company had revenue of $126.92 million during the quarter, compared to analyst estimates of $127.19 million. During the same quarter last year, the firm posted $0.01 EPS. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. Research analysts expect that Switch Inc will post 0.2 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the business. UBS Group AG raised its position in Switch by 8,427.3% during the first quarter. UBS Group AG now owns 538,667 shares of the company’s stock valued at $7,773,000 after acquiring an additional 532,350 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Switch by 30.7% in the 1st quarter. Victory Capital Management Inc. now owns 19,373 shares of the company’s stock valued at $280,000 after purchasing an additional 4,548 shares in the last quarter. Aperio Group LLC raised its holdings in shares of Switch by 69.9% in the first quarter. Aperio Group LLC now owns 36,857 shares of the company’s stock valued at $532,000 after buying an additional 15,158 shares during the last quarter. Arizona State Retirement System bought a new stake in Switch during the 1st quarter worth about $198,000. Finally, New York State Common Retirement Fund grew its position in shares of Switch by 4.6% during the 1st quarter. New York State Common Retirement Fund now owns 109,279 shares of the company’s stock worth $1,577,000 after buying an additional 4,846 shares during the period. Institutional investors own 34.40% of the company’s stock.
Several brokerages recently commented on SWCH. Barclays initiated coverage on shares of Switch in a research report on Wednesday, July 15th. They set an “overweight” rating and a $22.00 price target for the company. Raymond James boosted their price objective on shares of Switch from $22.00 to $24.00 and gave the stock a “strong-buy” rating in a research note on Friday, August 7th. Credit Suisse Group reiterated a “buy” rating and set a $23.00 price objective on shares of Switch in a research note on Tuesday, July 14th. Citigroup boosted their price objective on shares of Switch from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Zacks Investment Research upgraded shares of Switch from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Friday, May 22nd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Switch currently has an average rating of “Buy” and an average target price of $21.06.
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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