Switch (NYSE:SWCH) Downgraded by Cowen

Cowen lowered shares of Switch (NYSE:SWCHGet Rating) from an outperform rating to a market perform rating in a report issued on Wednesday, Stock Target Advisor reports.

SWCH has been the topic of a number of other reports. Cowen downgraded shares of Switch from an outperform rating to a market perform rating in a research note on Wednesday. TheStreet downgraded shares of Switch from a b- rating to a c- rating in a research note on Friday, February 25th. Barclays increased their price objective on shares of Switch from $28.00 to $30.00 and gave the stock an overweight rating in a research note on Friday, January 14th. Zacks Investment Research downgraded shares of Switch from a hold rating to a sell rating in a research note on Tuesday, May 3rd. Finally, Wells Fargo & Company downgraded shares of Switch from an overweight rating to an equal weight rating and increased their price objective for the stock from $28.00 to $31.00 in a research note on Friday, March 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $29.91.

NYSE:SWCH opened at $33.47 on Wednesday. Switch has a 52 week low of $18.24 and a 52 week high of $33.84. The firm has a market cap of $8.17 billion, a price-to-earnings ratio of 836.96 and a beta of 0.71. The firm’s 50-day simple moving average is $30.19 and its 200 day simple moving average is $27.61. The company has a debt-to-equity ratio of 2.70, a quick ratio of 0.50 and a current ratio of 0.50.

Switch (NYSE:SWCHGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $164.60 million for the quarter, compared to the consensus estimate of $163.82 million. Switch had a return on equity of 2.82% and a net margin of 1.05%. Switch’s revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.08 earnings per share. Sell-side analysts anticipate that Switch will post 0.2 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, June 6th. Shareholders of record on Tuesday, May 24th will be issued a dividend of $0.0525 per share. This is a positive change from Switch’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Monday, May 23rd. This represents a $0.21 annualized dividend and a yield of 0.63%. Switch’s dividend payout ratio (DPR) is presently 525.13%.

In other Switch news, Director Thomas A. Thomas sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $30.73, for a total transaction of $1,229,200.00. Following the completion of the transaction, the director now owns 2,658,397 shares in the company, valued at approximately $81,692,539.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 29.18% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Morgan Stanley increased its stake in Switch by 164.0% during the 2nd quarter. Morgan Stanley now owns 1,060,396 shares of the company’s stock valued at $22,384,000 after purchasing an additional 658,801 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Switch by 113.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the company’s stock valued at $37,000 after purchasing an additional 783 shares in the last quarter. Swiss National Bank increased its stake in Switch by 3.5% during the 3rd quarter. Swiss National Bank now owns 216,900 shares of the company’s stock valued at $5,507,000 after purchasing an additional 7,400 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Switch by 1.3% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 54,254 shares of the company’s stock valued at $1,378,000 after purchasing an additional 686 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Switch by 5.5% during the 3rd quarter. BlackRock Inc. now owns 8,290,907 shares of the company’s stock valued at $210,507,000 after purchasing an additional 432,733 shares in the last quarter. Institutional investors own 51.25% of the company’s stock.

Switch Company Profile (Get Rating)

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.

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