Switch Inc (NYSE:SWCH) has earned an average recommendation of “Buy” from the ten ratings firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $20.38.
Several brokerages recently weighed in on SWCH. BMO Capital Markets increased their target price on Switch from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Credit Suisse Group restated a “buy” rating and issued a $23.00 price objective on shares of Switch in a report on Monday, June 8th. Zacks Investment Research raised Switch from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Friday, May 22nd. JPMorgan Chase & Co. increased their target price on shares of Switch from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, February 28th. Finally, Raymond James raised their price target on shares of Switch from $19.00 to $22.00 and gave the company a “strong-buy” rating in a report on Monday, May 11th.
Switch stock traded down $0.95 during trading on Monday, reaching $17.68. The company had a trading volume of 3,558,696 shares, compared to its average volume of 1,640,434. Switch has a 12-month low of $10.30 and a 12-month high of $19.56. The stock’s 50 day moving average price is $18.14 and its two-hundred day moving average price is $16.15. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of 294.72 and a beta of 0.67. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.84 and a current ratio of 0.84.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Friday, May 22nd were paid a $0.0294 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.67%. This is a positive change from Switch’s previous quarterly dividend of $0.03. Switch’s dividend payout ratio (DPR) is 80.00%.
In related news, Director Thomas A. Thomas sold 30,000 shares of Switch stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $13.95, for a total transaction of $418,500.00. Following the sale, the director now owns 8,250,000 shares of the company’s stock, valued at approximately $115,087,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Teresa A. Borden sold 50,000 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $17.67, for a total transaction of $883,500.00. Following the completion of the transaction, the insider now owns 707,471 shares in the company, valued at approximately $12,501,012.57. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 557,000 shares of company stock worth $9,957,170. Company insiders own 30.52% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Pathstone Family Office LLC acquired a new stake in Switch during the 1st quarter valued at approximately $29,000. The Manufacturers Life Insurance Company acquired a new position in shares of Switch in the 1st quarter valued at approximately $7,742,000. Clearbridge Investments LLC purchased a new position in shares of Switch during the 1st quarter valued at approximately $9,816,000. Phoenix Holdings Ltd. acquired a new stake in shares of Switch during the first quarter worth approximately $616,000. Finally, Waddell & Reed Financial Inc. increased its stake in shares of Switch by 20.4% in the first quarter. Waddell & Reed Financial Inc. now owns 1,871,166 shares of the company’s stock worth $27,001,000 after buying an additional 316,661 shares during the last quarter. Institutional investors and hedge funds own 30.68% of the company’s stock.
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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