Credit Suisse Group set a $18.00 price objective on Switch (NYSE:SWCH) in a research note released on Wednesday morning, TipRanks reports. The brokerage currently has a buy rating on the stock.
A number of other equities research analysts have also issued reports on SWCH. ValuEngine lowered shares of Switch from a hold rating to a sell rating in a report on Wednesday, October 2nd. Zacks Investment Research lowered shares of Switch from a buy rating to a hold rating in a report on Tuesday, August 13th. Finally, BMO Capital Markets raised their price target on shares of Switch from $15.00 to $17.00 and gave the stock an outperform rating in a report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $13.28.
Shares of Switch stock opened at $15.56 on Wednesday. The firm has a market cap of $3.81 billion, a PE ratio of 172.89, a price-to-earnings-growth ratio of 10.72 and a beta of 0.52. Switch has a 12-month low of $6.39 and a 12-month high of $16.95. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.87. The company’s fifty day simple moving average is $15.98 and its two-hundred day simple moving average is $13.35.
Switch (NYSE:SWCH) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The firm had revenue of $111.59 million during the quarter, compared to the consensus estimate of $109.47 million. Switch had a return on equity of 2.60% and a net margin of 1.05%. Switch’s revenue was up 9.2% on a year-over-year basis. During the same period last year, the business earned $0.02 EPS. As a group, sell-side analysts expect that Switch will post 0.13 earnings per share for the current fiscal year.
In other news, Director Thomas A. Thomas sold 60,000 shares of Switch stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $15.46, for a total transaction of $927,600.00. Also, major shareholder William Gonsalves Balelo sold 583,343 shares of Switch stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $16.30, for a total transaction of $9,508,490.90. The disclosure for this sale can be found here. Insiders own 28.39% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Harvest Fund Management Co. Ltd bought a new stake in shares of Switch during the 2nd quarter valued at about $39,000. Coastal Investment Advisors Inc. boosted its stake in shares of Switch by 446.4% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 5,464 shares of the company’s stock valued at $72,000 after purchasing an additional 4,464 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Switch during the 2nd quarter valued at about $100,000. Tower Research Capital LLC TRC boosted its stake in Switch by 8,566.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,666 shares of the company’s stock worth $113,000 after acquiring an additional 8,566 shares in the last quarter. Finally, NumerixS Investment Technologies Inc bought a new stake in Switch during the first quarter worth about $90,000. 21.30% of the stock is currently owned by hedge funds and other institutional investors.
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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