Raymond James Reiterates Hold Rating for Switch (SWCH)

Raymond James reiterated their hold rating on shares of Switch (NYSE:SWCH) in a research note published on Sunday morning. The firm currently has a $11.00 target price on the stock.

Other analysts also recently issued reports about the stock. BMO Capital Markets reduced their price target on shares of Switch from $20.00 to $14.00 and set an average rating for the company in a report on Tuesday, August 14th. They noted that the move was a valuation call. Stifel Nicolaus set a $13.00 price target on shares of Switch and gave the company a buy rating in a report on Wednesday, November 14th. Credit Suisse Group set a $14.00 price target on shares of Switch and gave the company a buy rating in a report on Wednesday, November 14th. Jefferies Financial Group reduced their price target on shares of Switch to $12.00 and set a hold rating for the company in a report on Tuesday, August 14th. Finally, Zacks Investment Research raised shares of Switch from a sell rating to a hold rating in a report on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $14.90.

SWCH stock opened at $7.77 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.87. Switch has a 12 month low of $7.00 and a 12 month high of $18.57.

Switch (NYSE:SWCH) last posted its earnings results on Tuesday, November 13th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). The business had revenue of $102.80 million during the quarter, compared to the consensus estimate of $102.84 million. Switch had a negative return on equity of 1.84% and a negative net margin of 16.29%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 earnings per share. Analysts anticipate that Switch will post 0.08 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 6th. Stockholders of record on Monday, November 26th will be paid a $0.0147 dividend. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date is Friday, November 23rd.

In other news, major shareholder Intel Capital Corp sold 1,727,555 shares of the stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $10.98, for a total value of $18,968,553.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.64% of the company’s stock.

Several hedge funds have recently made changes to their positions in SWCH. Nisa Investment Advisors LLC acquired a new position in shares of Switch in the 2nd quarter valued at $103,000. First Republic Investment Management Inc. acquired a new stake in shares of Switch during the 2nd quarter worth about $157,000. Sustainable Insight Capital Management LLC acquired a new stake in shares of Switch during the 2nd quarter worth about $173,000. Baird Financial Group Inc. acquired a new stake in shares of Switch during the 2nd quarter worth about $193,000. Finally, Jane Street Group LLC increased its position in shares of Switch by 134.9% during the 2nd quarter. Jane Street Group LLC now owns 29,210 shares of the company’s stock worth $355,000 after purchasing an additional 16,776 shares in the last quarter. Institutional investors own 16.40% of the company’s stock.

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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