Switch Inc (NYSE:SWCH) has been assigned an average recommendation of “Buy” from the thirteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $13.89.

SWCH has been the subject of several research analyst reports. Wells Fargo & Co raised Switch from a “market perform” rating to an “outperform” rating and decreased their target price for the company from $13.50 to $11.50 in a research report on Thursday, October 25th. Zacks Investment Research raised Switch from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. William Blair reaffirmed an “outperform” rating on shares of Switch in a research report on Tuesday. Credit Suisse Group set a $14.00 target price on Switch and gave the company a “buy” rating in a research report on Wednesday. Finally, BTIG Research lowered Switch from a “buy” rating to a “neutral” rating and set a $22.00 target price for the company. in a research report on Tuesday, August 14th.

In related news, major shareholder Intel Capital Corp sold 1,727,555 shares of Switch stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $10.98, for a total value of $18,968,553.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas A. Thomas acquired 22,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The stock was purchased at an average cost of $11.52 per share, with a total value of $253,440.00. The disclosure for this purchase can be found here. Company insiders own 12.64% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sylebra HK Co Ltd increased its holdings in Switch by 25.9% in the 3rd quarter. Sylebra HK Co Ltd now owns 6,734,661 shares of the company’s stock worth $72,734,000 after acquiring an additional 1,387,046 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Switch by 47.1% in the 2nd quarter. Wells Fargo & Company MN now owns 6,479,394 shares of the company’s stock worth $78,855,000 after acquiring an additional 2,074,569 shares during the last quarter. TPG Group Holdings SBS Advisors Inc. purchased a new stake in Switch in the 2nd quarter worth about $29,370,000. American Assets Capital Advisers LLC increased its holdings in Switch by 61.2% in the 3rd quarter. American Assets Capital Advisers LLC now owns 2,225,025 shares of the company’s stock worth $24,031,000 after acquiring an additional 844,630 shares during the last quarter. Finally, Intel Corp purchased a new stake in Switch in the 2nd quarter worth about $21,024,000. 16.66% of the stock is owned by institutional investors.

Shares of Switch stock traded up $0.80 during trading hours on Friday, hitting $7.87. 3,368,677 shares of the company’s stock traded hands, compared to its average volume of 1,075,331. Switch has a 12-month low of $7.00 and a 12-month high of $19.49. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.81.

Switch (NYSE:SWCH) last announced its earnings results on Tuesday, November 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). Switch had a negative net margin of 12.35% and a positive return on equity of 0.49%. The business had revenue of $102.80 million for the quarter, compared to analysts’ expectations of $102.84 million. During the same period in the prior year, the business earned $0.08 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, equities research analysts expect that Switch will post 0.12 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 6th. Investors of record on Monday, November 26th will be issued a $0.0147 dividend. This represents a $0.06 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Friday, November 23rd.

Switch Company Profile

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services to technology and digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers that conduct critical business on the Internet. The company develops and operates data centers in Nevada, Michigan, and Georgia.

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Analyst Recommendations for Switch (NYSE:SWCH)

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