Switch, Inc., through its subsidiary, Switch, Ltd., provides colocation space and related services. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers. Switch, Inc. was founded in 2000 and is headquartered in Las Vegas, Nevada.
Analysts Set New Price Targets
A number of research firms have issued reports on SWCH. Cowen lowered Switch from an "outperform" rating to a "market perform" rating in a research report on Wednesday, May 11th. William Blair lowered Switch from an "outperform" rating to a "market perform" rating in a research report on Wednesday, May 11th. Raymond James lowered Switch from a "strong-buy" rating to a "market perform" rating in a research report on Monday, May 16th. Berenberg Bank lowered Switch from a "buy" rating to a "hold" rating and set a $34.25 target price on the stock. in a research report on Tuesday, May 24th. Finally, Cowen lowered Switch from an "outperform" rating to a "market perform" rating in a research report on Wednesday, May 11th. Eleven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $31.47.
Switch Stock Performance
SWCH Stock traded up $0.07 on Friday, reaching $33.95. The company's stock had a trading volume of 2,254,535 shares, compared to its average volume of 1,701,995. The firm has a fifty day moving average of $33.59 and a two-hundred day moving average of $30.54. The company has a debt-to-equity ratio of 2.83, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market capitalization of $8.30 billion, a P/E ratio of 848.96 and a beta of 0.64. Switch has a 52 week low of $22.96 and a 52 week high of $33.99.
Switch (NYSE:SWCH - Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). The firm had revenue of $164.60 million for the quarter, compared to the consensus estimate of $163.82 million. Switch had a net margin of 1.05% and a return on equity of 2.81%. The business's revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.08 earnings per share. As a group, analysts predict that Switch will post 0.19 EPS for the current fiscal year.
Switch Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 6th. Stockholders of record on Tuesday, May 24th were issued a $0.0525 dividend. The ex-dividend date was Monday, May 23rd. This represents a $0.21 dividend on an annualized basis and a dividend yield of 0.62%. This is a positive change from Switch's previous quarterly dividend of $0.05. Switch's dividend payout ratio is presently 525.13%.
Insider Activity
In other Switch news, Director Thomas A. Thomas sold 40,000 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $33.74, for a total transaction of $1,349,600.00. Following the transaction, the director now directly owns 3,044,360 shares of the company's stock, valued at $102,716,706.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 120,000 shares of company stock worth $4,014,000 over the last quarter. Corporate insiders own 14.00% of the company's stock.