Switch (NYSE:SWCH) Lowered to Hold at ValuEngine

ValuEngine lowered shares of Switch (NYSE:SWCH) from a buy rating to a hold rating in a research note issued to investors on Thursday morning, ValuEngine reports.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Switch from a buy rating to a hold rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. upped their target price on shares of Switch from $10.00 to $12.00 in a research report on Friday, May 10th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $12.11.

Shares of Switch stock opened at $15.15 on Thursday. The firm has a fifty day moving average of $13.69 and a two-hundred day moving average of $11.47. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 168.33, a PEG ratio of 10.08 and a beta of 0.68. Switch has a 52 week low of $6.39 and a 52 week high of $15.56. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.47 and a current ratio of 0.97.

Switch (NYSE:SWCH) last issued its earnings results on Wednesday, August 7th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.02). The business had revenue of $111.59 million for the quarter, compared to the consensus estimate of $109.47 million. Switch had a net margin of 1.05% and a return on equity of 2.60%. The business’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.02 EPS. As a group, research analysts forecast that Switch will post 0.13 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Monday, August 19th will be issued a $0.029 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.77%. The ex-dividend date is Friday, August 16th. Switch’s dividend payout ratio (DPR) is 133.33%.

In other news, major shareholder William Gonsalves Balelo sold 27,276 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $12.97, for a total value of $353,769.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 28.39% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd bought a new position in shares of Switch during the second quarter worth approximately $39,000. Waddell & Reed Financial Inc. increased its holdings in shares of Switch by 45.9% during the second quarter. Waddell & Reed Financial Inc. now owns 1,505,616 shares of the company’s stock worth $19,709,000 after purchasing an additional 473,716 shares during the period. Essex Investment Management Co. LLC increased its holdings in shares of Switch by 1,314.8% during the second quarter. Essex Investment Management Co. LLC now owns 271,980 shares of the company’s stock worth $3,560,000 after purchasing an additional 252,756 shares during the period. Nuveen Asset Management LLC bought a new position in shares of Switch during the second quarter worth approximately $2,103,000. Finally, UBS Asset Management Americas Inc. bought a new position in shares of Switch during the second quarter worth approximately $348,000. 21.06% of the stock is owned by hedge funds and other institutional investors.

About Switch

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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