Switch (NYSE:SWCH) was upgraded by equities researchers at Raymond James from a “market perform” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, MarketBeat reports.

Other analysts also recently issued research reports about the company. Zacks Investment Research downgraded Switch from a “hold” rating to a “sell” rating in a research note on Thursday, August 16th. Jefferies Financial Group decreased their price target on Switch to $12.00 and set a “hold” rating for the company in a research note on Tuesday, August 14th. BMO Capital Markets decreased their price target on Switch from $20.00 to $14.00 and set an “average” rating for the company in a research note on Tuesday, August 14th. They noted that the move was a valuation call. Citigroup upgraded Switch from a “neutral” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Thursday, July 19th. Finally, William Blair restated an “outperform” rating on shares of Switch in a research note on Tuesday, August 14th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Switch has a consensus rating of “Buy” and an average target price of $15.50.

Shares of SWCH traded down $0.34 during midday trading on Thursday, reaching $8.10. The stock had a trading volume of 196,501 shares, compared to its average volume of 1,573,999. Switch has a 52 week low of $7.00 and a 52 week high of $18.59. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.50 and a quick ratio of 1.50.

Switch (NYSE:SWCH) last posted its quarterly earnings results on Tuesday, November 13th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). Switch had a negative net margin of 16.29% and a negative return on equity of 1.84%. The business had revenue of $102.80 million for the quarter, compared to analyst estimates of $102.84 million. During the same period in the previous year, the firm posted $0.08 earnings per share. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities research analysts predict that Switch will post 0.08 earnings per share for the current fiscal year.

In other news, major shareholder Intel Capital Corp sold 1,727,555 shares of the firm’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $10.98, for a total value of $18,968,553.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Thomas A. Thomas purchased 22,000 shares of Switch stock in a transaction dated Thursday, August 30th. The stock was bought at an average price of $11.52 per share, for a total transaction of $253,440.00. The disclosure for this purchase can be found here. 12.64% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. Northern Trust Corp boosted its position in Switch by 2.9% during the 1st quarter. Northern Trust Corp now owns 143,847 shares of the company’s stock worth $2,289,000 after acquiring an additional 4,035 shares during the period. The Manufacturers Life Insurance Company boosted its position in Switch by 111.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock worth $224,000 after acquiring an additional 7,430 shares during the period. Principal Financial Group Inc. boosted its position in Switch by 5.3% during the 1st quarter. Principal Financial Group Inc. now owns 273,344 shares of the company’s stock worth $4,349,000 after acquiring an additional 13,662 shares during the period. Nisa Investment Advisors LLC acquired a new position in Switch during the 2nd quarter worth $103,000. Finally, American Assets Capital Advisers LLC acquired a new position in Switch during the 2nd quarter worth $16,800,000. 16.40% of the stock is currently owned by institutional investors and hedge funds.

About Switch

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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Analyst Recommendations for Switch (NYSE:SWCH)

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