Zacks Investment Research lowered shares of Switch (NYSE:SWCH) from a hold rating to a sell rating in a research report released on Thursday.

According to Zacks, “Switch, Inc. is a technology infrastructure company. It designs, constructs and operates hyperscale data centers. The Company is developer and operator of the SUPERNAP, data center facilities, and provides colocation, telecommunications, cloud services and content ecosystems. Switch, Inc. is based in LAS VEGAS, United States. “

Other equities analysts also recently issued reports about the company. Raymond James downgraded Switch from an outperform rating to a market perform rating and set a $17.00 target price for the company. in a research note on Monday, August 13th. BMO Capital Markets reissued a buy rating and set a $20.00 target price on shares of Switch in a research note on Monday, August 13th. Cowen raised Switch from an underperform rating to a market perform rating in a research note on Thursday, May 10th. Jefferies Financial Group cut their target price on Switch to $12.00 and set a hold rating for the company in a research note on Tuesday, August 14th. Finally, Citigroup raised Switch from a neutral rating to a buy rating and set a $20.00 target price for the company in a research note on Thursday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. Switch currently has an average rating of Hold and a consensus target price of $17.11.

Switch stock opened at $10.30 on Thursday. Switch has a twelve month low of $10.00 and a twelve month high of $24.90. The company has a debt-to-equity ratio of 0.80, a current ratio of 3.37 and a quick ratio of 3.37.

Switch (NYSE:SWCH) last issued its earnings results on Monday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $102.20 million during the quarter, compared to analyst estimates of $102.78 million. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the business posted $0.07 earnings per share. research analysts forecast that Switch will post 0.17 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Friday, August 24th will be paid a $0.0147 dividend. This represents a $0.06 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend is Thursday, August 23rd.

In related news, major shareholder Scott Russell Gragson sold 100,000 shares of the firm’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Intel Capital Corp sold 199,458 shares of the firm’s stock in a transaction that occurred on Monday, June 4th. The shares were sold at an average price of $12.61, for a total value of $2,515,165.38. The disclosure for this sale can be found here. Insiders sold a total of 1,806,317 shares of company stock valued at $1,331,166,808 over the last ninety days. 12.64% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its stake 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 purchasing an additional 2,074,569 shares in the last quarter. Sylebra HK Co Ltd increased its stake 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 purchasing an additional 4,470,378 shares in the last quarter. Intel Corp purchased a new position in Switch in the 2nd quarter valued at approximately $21,024,000. BlackRock Inc. increased its stake 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 purchasing an additional 77,081 shares in the last quarter. Finally, American Assets Capital Advisers LLC purchased a new position in Switch in the 2nd quarter valued at approximately $16,800,000. 15.63% of the stock is owned by hedge funds and other 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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