Switch (SWCH) Given a $13.00 Price Target by Stifel Nicolaus Analysts

Switch (NYSE:SWCH) has been given a $13.00 price objective by equities research analysts at Stifel Nicolaus in a report released on Wednesday. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price suggests a potential upside of 59.90% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. BMO Capital Markets decreased their price objective on shares of Switch from $20.00 to $14.00 and set an “average” rating on the stock in a report on Tuesday, August 14th. They noted that the move was a valuation call. Citigroup raised shares of Switch from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Thursday, July 19th. Jefferies Financial Group reissued a “hold” rating and set a $10.00 price objective (down previously from $12.00) on shares of Switch in a report on Tuesday, October 23rd. Zacks Investment Research raised shares of Switch from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. Finally, Raymond James lowered shares of Switch from an “outperform” rating to a “market perform” rating and set a $17.00 price objective on the stock. in a report on Monday, August 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $15.50.

NYSE:SWCH traded down $0.31 during mid-day trading on Wednesday, reaching $8.13. 198,939 shares of the company were exchanged, compared to its average volume of 1,573,999. Switch has a 12 month low of $7.00 and a 12 month high of $18.59. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.50 and a quick ratio of 1.50.

Switch (NYSE:SWCH) last issued its quarterly earnings data on Tuesday, November 13th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Switch had a negative return on equity of 1.84% and a negative net margin of 16.29%. The company had revenue of $102.80 million for the quarter, compared to the consensus estimate of $102.84 million. During the same period in the prior year, the company earned $0.08 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. On average, sell-side analysts expect that Switch will post 0.08 EPS for the current fiscal year.

In other news, major shareholder Intel Capital Corp sold 1,727,555 shares of the firm’s stock in a transaction dated 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 document filed with the SEC, which is available at the SEC website. Also, Director Thomas A. Thomas bought 22,000 shares of Switch stock in a transaction dated Thursday, August 30th. The stock was acquired at an average cost of $11.52 per share, for a total transaction of $253,440.00. The disclosure for this purchase can be found here. 12.64% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of SWCH. Nisa Investment Advisors LLC bought a new position in Switch during the 2nd quarter worth approximately $103,000. First Republic Investment Management Inc. bought a new position in Switch during the 2nd quarter worth approximately $157,000. Sustainable Insight Capital Management LLC bought a new position in Switch during the 2nd quarter worth approximately $173,000. Baird Financial Group Inc. bought a new position in Switch during the 2nd quarter worth approximately $193,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Switch by 111.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock worth $224,000 after acquiring an additional 7,430 shares during the last quarter. 16.40% of the stock is currently owned by institutional investors.

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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