Switch (NYSE:SWCH) Given New $30.00 Price Target at Barclays

Switch (NYSE:SWCH) had its target price increased by Barclays from $28.00 to $30.00 in a research note published on Friday morning, The Fly reports. Barclays currently has an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Switch from $25.00 to $29.00 and gave the company an overweight rating in a research report on Tuesday, November 16th. Cowen reissued a buy rating on shares of Switch in a research report on Wednesday, December 15th. Wells Fargo & Company boosted their price objective on shares of Switch from $23.00 to $28.00 and gave the company an overweight rating in a research report on Wednesday, November 3rd. Royal Bank of Canada assumed coverage on shares of Switch in a report on Thursday, December 16th. They issued an outperform rating and a $30.00 target price for the company. Finally, Credit Suisse Group boosted their price target on shares of Switch from $27.00 to $31.00 and gave the stock an outperform rating in a research note on Tuesday, November 16th. One analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $28.83.

Switch stock opened at $25.76 on Friday. The stock’s 50 day simple moving average is $26.78 and its two-hundred day simple moving average is $24.74. Switch has a fifty-two week low of $13.38 and a fifty-two week high of $29.15. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 151.53 and a beta of 0.68. The company has a debt-to-equity ratio of 2.58, a quick ratio of 0.52 and a current ratio of 0.52.

Switch (NYSE:SWCH) last announced its quarterly earnings data on Thursday, November 4th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). Switch had a return on equity of 3.90% and a net margin of 3.95%. The firm had revenue of $158.10 million during the quarter, compared to analysts’ expectations of $159.58 million. During the same quarter in the previous year, the firm earned $0.05 earnings per share. Switch’s revenue was up 22.8% on a year-over-year basis. On average, analysts predict that Switch will post 0.17 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 1st. Investors of record on Friday, November 19th were issued a $0.052 dividend. This represents a $0.21 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date of this dividend was Thursday, November 18th. Switch’s dividend payout ratio (DPR) is currently 123.53%.

In other news, CEO Rob Roy sold 200,000 shares of the company’s stock in a transaction on Tuesday, November 23rd. The shares were sold at an average price of $26.79, for a total value of $5,358,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Stella Roy sold 250,000 shares of the company’s stock in a transaction on Wednesday, October 20th. The shares were sold at an average price of $25.24, for a total transaction of $6,310,000.00. The disclosure for this sale can be found here. Insiders sold 920,000 shares of company stock valued at $23,648,000 in the last 90 days. Company insiders own 29.18% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of SWCH. Signaturefd LLC grew its position in shares of Switch by 371.4% during the third quarter. Signaturefd LLC now owns 1,122 shares of the company’s stock worth $28,000 after buying an additional 884 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Switch by 113.6% in the third quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the company’s stock worth $37,000 after purchasing an additional 783 shares during the period. Front Row Advisors LLC acquired a new position in Switch in the second quarter worth $46,000. Exchange Traded Concepts LLC acquired a new position in Switch in the fourth quarter worth $64,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in Switch by 46.8% in the third quarter. Rockefeller Capital Management L.P. now owns 4,405 shares of the company’s stock worth $111,000 after purchasing an additional 1,405 shares during the period. Hedge funds and other institutional investors own 49.28% of the company’s stock.

Switch Company Profile

Switch, Inc (Nevada) engages in the provision of technology infrastructure. It specializes in the development of digital platforms for digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers. The firm’s products include Switch CONNECT and Switch SAFE.

See Also: How liquidity affects the bid-ask spread

The Fly logo

Analyst Recommendations for Switch (NYSE:SWCH)

Receive News & Ratings for Switch Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Switch and related companies with MarketBeat.com's FREE daily email newsletter.