Switch Inc (SWCH) Given Average Recommendation of “Hold” by Brokerages
Shares of Switch Inc (NYSE:SWCH) have received an average recommendation of “Hold” from the fourteen ratings firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $16.75.
A number of equities research analysts have weighed in on the company. BTIG Research lowered Switch from a “buy” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a report on Tuesday, August 14th. Zacks Investment Research lowered Switch from a “hold” rating to a “sell” rating in a report on Thursday, August 16th. JPMorgan Chase & Co. lowered Switch from an “overweight” rating to a “neutral” rating and set a $17.00 price objective on the stock. in a report on Tuesday, August 14th. Citigroup raised 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. Finally, Jefferies Financial Group lowered their price objective on Switch to $12.00 and set a “hold” rating on the stock in a report on Tuesday, August 14th.
SWCH traded down $0.12 during trading on Friday, reaching $10.70. The company’s stock had a trading volume of 727,002 shares, compared to its average volume of 1,024,559. Switch has a 52-week low of $10.00 and a 52-week high of $24.90. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.81.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Friday, August 24th were paid a dividend of $0.0147 per share. This represents a $0.06 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Thursday, August 23rd.
In related news, major shareholder Intel Capital Corp sold 1,727,555 shares of Switch stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $10.98, for a total transaction of $18,968,553.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Scott Russell Gragson sold 100,000 shares of Switch stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $13.15, for a total value of $1,315,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 2,225,555 shares of company stock worth $1,333,209,166 in the last three months. Corporate insiders own 12.64% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN raised its holdings in Switch by 47.1% in the 2nd quarter. Wells Fargo & Company MN now owns 6,479,394 shares of the company’s stock valued at $78,855,000 after acquiring an additional 2,074,569 shares during the last quarter. Sylebra HK Co Ltd raised its holdings in Switch by 509.6% in the 2nd quarter. Sylebra HK Co Ltd now owns 5,347,615 shares of the company’s stock valued at $65,080,000 after acquiring an additional 4,470,378 shares during the last quarter. TPG Group Holdings SBS Advisors Inc. acquired a new position in Switch in the 2nd quarter valued at $29,370,000. Intel Corp acquired a new position in Switch in the 2nd quarter valued at $21,024,000. Finally, BlackRock Inc. raised its holdings in Switch by 5.7% in the 2nd quarter. BlackRock Inc. now owns 1,435,265 shares of the company’s stock valued at $17,468,000 after acquiring an additional 77,081 shares during the last quarter. Hedge funds and other institutional investors own 18.09% of the company’s stock.
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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