Switch (NYSE:SWCH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $12.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.99% from the stock’s previous close.
According to Zacks, “Switch, Inc. is a technology infrastructure company. It designs, constructs and operates hyperscale data centers. The Company is developer and operator of the SUPERNAP, data center facilities, and provides colocation, telecommunications, cloud services and content ecosystems. Switch, Inc. is based in LAS VEGAS, United States. “
A number of other research analysts have also recently weighed in on the stock. BMO Capital Markets reissued a “buy” rating and set a $10.50 price objective on shares of Switch in a research note on Tuesday, March 12th. Berenberg Bank assumed coverage on shares of Switch in a research note on Tuesday, January 8th. They set a “buy” rating and a $11.00 price objective for the company. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Switch presently has a consensus rating of “Buy” and a consensus price target of $13.82.
Switch stock traded up $0.23 during mid-day trading on Wednesday, reaching $10.91. The company had a trading volume of 6,707 shares, compared to its average volume of 1,191,717. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.85. Switch has a 1 year low of $6.39 and a 1 year high of $16.04. The stock has a market cap of $2.64 billion, a PE ratio of 121.00, a price-to-earnings-growth ratio of 5.31 and a beta of 1.05.
Switch (NYSE:SWCH) last issued its quarterly earnings data on Tuesday, March 12th. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.02. Switch had a net margin of 1.00% and a return on equity of 0.56%. The business had revenue of $103.21 million during the quarter, compared to analysts’ expectations of $104.36 million. On average, sell-side analysts forecast that Switch will post 0.17 EPS for the current fiscal year.
In related news, Director Donald D. Snyder sold 300,000 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $10.42, for a total transaction of $3,126,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 12.64% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates acquired a new stake in Switch during the fourth quarter worth approximately $108,000. WealthPLAN Partners LLC acquired a new stake in Switch during the fourth quarter worth approximately $108,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Switch during the fourth quarter worth approximately $131,000. GSA Capital Partners LLP acquired a new stake in Switch during the fourth quarter worth approximately $142,000. Finally, Squarepoint Ops LLC boosted its position in Switch by 30.2% during the fourth quarter. Squarepoint Ops LLC now owns 23,602 shares of the company’s stock worth $165,000 after acquiring an additional 5,481 shares during the last quarter. Hedge funds and other institutional investors own 18.97% of the company’s stock.
Switch Company Profile
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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