Switch (NYSE:SWCH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $12.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.99% from the stock’s current price.
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. “
A number of other brokerages also recently commented on SWCH. Berenberg Bank assumed coverage on shares of Switch in a research note on Tuesday, January 8th. They set a “buy” rating and a $11.00 target price for the company. BMO Capital Markets reiterated a “buy” rating and set a $10.50 target price on shares of Switch in a research note on Tuesday, March 12th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $13.82.
Shares of Switch stock traded up $0.23 during trading hours on Wednesday, reaching $10.91. 6,707 shares of the company were exchanged, compared to its average volume of 1,191,717. Switch has a 1 year low of $6.39 and a 1 year high of $16.04. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $2.64 billion, a P/E ratio of 121.00, a P/E/G ratio of 5.31 and a beta of 1.05.
Switch (NYSE:SWCH) last posted its quarterly earnings data on Tuesday, March 12th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. Switch had a return on equity of 0.56% and a net margin of 1.00%. The business had revenue of $103.21 million for the quarter, compared to analyst estimates of $104.36 million. Sell-side analysts predict that Switch will post 0.17 earnings per share for the current year.
In other Switch news, Director Donald D. Snyder sold 300,000 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $10.42, for a total value of $3,126,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.64% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SWCH. Raymond James & Associates acquired a new stake in shares of Switch during the fourth quarter worth about $108,000. WealthPLAN Partners LLC acquired a new stake in shares of Switch during the fourth quarter worth about $108,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Switch during the fourth quarter worth about $131,000. GSA Capital Partners LLP acquired a new stake in shares of Switch during the fourth quarter worth about $142,000. Finally, Squarepoint Ops LLC boosted its stake in shares of Switch by 30.2% during the fourth quarter. Squarepoint Ops LLC now owns 23,602 shares of the company’s stock worth $165,000 after buying an additional 5,481 shares during the period. Institutional investors own 18.97% of the company’s stock.
Switch Company Profile
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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