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Switch Inc (NYSE:SWCH)’s share price hit a new 52-week low on Friday . The stock traded as low as $8.41 and last traded at $8.65, with a volume of 1498878 shares changing hands. The stock had previously closed at $9.11.
SWCH has been the subject of several recent research reports. Citigroup raised shares of Switch from a “neutral” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Thursday, July 19th. Zacks Investment Research downgraded shares of Switch from a “hold” rating to a “sell” rating in a research report on Thursday, August 16th. Stifel Nicolaus initiated coverage on shares of Switch in a research report on Monday, July 16th. They set a “buy” rating for the company. Jefferies Financial Group decreased their target price on shares of Switch to $12.00 and set a “hold” rating for the company in a research report on Tuesday, August 14th. Finally, Raymond James downgraded shares of Switch from an “outperform” rating to a “market perform” rating and set a $17.00 target price for the company. in a research report on Monday, August 13th. Eight equities research badysts have rated the stock with a hold rating and six have badigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $16.35.
The company has a debt-to-equity ratio of 0.81, a quick ratio of 2.78 and a current ratio of 2.78.
Switch (NYSE:SWCH) last issued its quarterly earnings data on Monday, August 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.02). Switch had a positive return on equity of 0.49% and a negative net margin of 12.35%. The firm had revenue of $102.20 million during the quarter, compared to the consensus estimate of $102.78 million. During the same period in the previous year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, research badysts predict that Switch Inc will post 0.11 earnings per share for the current fiscal year.
In other news, Director Thomas A. Thomas acquired 22,000 shares of Switch stock in a transaction on Thursday, August 30th. The stock was acquired at an average cost of $11.52 per share, with a total value of $253,440.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Intel Capital Corp sold 1,727,555 shares of the company’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $10.98, for a total transaction of $18,968,553.90. The disclosure for this sale can be found here. Insiders sold a total of 1,918,401 shares of company stock valued at $21,566,398 over the last ninety days. 12.64% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. lifted its stake in shares of Switch by 31.2% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 107,178 shares of the company’s stock valued at $1,706,000 after buying an additional 25,509 shares in the last quarter. Northern Trust Corp lifted its stake in Switch by 2.9% in the 1st quarter. Northern Trust Corp now owns 143,847 shares of the company’s stock worth $2,289,000 after purchasing an additional 4,035 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Switch by 1,011.7% in the 1st quarter. New York State Common Retirement Fund now owns 66,700 shares of the company’s stock worth $1,061,000 after purchasing an additional 60,700 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Switch by 57.4% in the 1st quarter. Russell Investments Group Ltd. now owns 72,370 shares of the company’s stock worth $1,137,000 after purchasing an additional 26,383 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in Switch in the 1st quarter worth approximately $294,000. 18.09% of the stock is owned by hedge funds and other institutional investors.
Switch Company Profile (NYSE:SWCH)
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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