Switch (NYSE:SWCH) Reaches New 12-Month High at $33.99

Switch, Inc. (NYSE:SWCHGet Rating) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $33.99 and last traded at $33.97, with a volume of 63481 shares. The stock had previously closed at $33.89.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SWCH. Stifel Nicolaus lowered Switch from a “buy” rating to a “hold” rating in a report on Thursday, May 12th. Berenberg Bank cut shares of Switch from a “buy” rating to a “hold” rating and set a $34.25 price objective for the company. in a report on Tuesday, May 24th. Jefferies Financial Group cut shares of Switch from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11th. Cowen cut Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th. Finally, Cowen cut shares of Switch from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 11th. Eleven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.47.

Switch Stock Performance

The firm’s 50 day moving average price is $33.62 and its two-hundred day moving average price is $30.99. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $8.31 billion, a PE ratio of 22.36 and a beta of 0.64.

Switch Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Monday, August 22nd will be given a $0.0525 dividend. This represents a $0.21 annualized dividend and a yield of 0.62%. The ex-dividend date of this dividend is Friday, August 19th. Switch’s dividend payout ratio (DPR) is 13.82%.

Insider Activity

In other Switch news, Director Thomas A. Thomas sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $33.74, for a total transaction of $1,349,600.00. Following the completion of the sale, the director now owns 3,044,360 shares of the company’s stock, valued at $102,716,706.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 14.00% of the company’s stock.

Institutional Trading of Switch

Several institutional investors and hedge funds have recently modified their holdings of the business. Pentwater Capital Management LP bought a new stake in shares of Switch during the 2nd quarter worth $218,588,000. Elliott Investment Management L.P. purchased a new stake in Switch in the 4th quarter worth approximately $165,682,000. Versor Investments LP purchased a new position in shares of Switch during the second quarter valued at about $101,675,000. Alpine Associates Management Inc. bought a new stake in Switch in the second quarter worth about $91,150,000. Finally, Westchester Capital Management LLC bought a new stake in shares of Switch in the 2nd quarter valued at about $66,614,000. 51.25% of the stock is currently owned by institutional investors.

About Switch

(Get Rating)

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers.

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