Switch (NYSE:SWCH) Sets New 52-Week High at $33.99

Switch, Inc. (NYSE:SWCHGet Rating)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $33.99 and last traded at $33.95, with a volume of 2234264 shares trading hands. The stock had previously closed at $33.88.

Analyst Upgrades and Downgrades

SWCH has been the subject of a number of recent research reports. Barclays cut Switch from an “overweight” rating to an “equal weight” rating in a research note on Friday, May 13th. Stifel Nicolaus cut Switch from a “buy” rating to a “hold” rating in a research note on Thursday, May 12th. William Blair cut Switch from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. Jefferies Financial Group cut Switch from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11th. Finally, Berenberg Bank cut Switch from a “buy” rating to a “hold” rating and set a $34.25 price target for the company. in a research note on Tuesday, May 24th. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.48.

Switch Stock Performance

The stock has a market cap of $8.30 billion, a P/E ratio of 848.46 and a beta of 0.64. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 2.83. The business has a 50 day moving average price of $33.59 and a two-hundred day moving average price of $30.44.

Switch (NYSE:SWCHGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $164.60 million during the quarter, compared to the consensus estimate of $163.82 million. Switch had a return on equity of 2.81% and a net margin of 1.05%. The business’s revenue was up 25.7% on a year-over-year basis. During the same period last year, the company earned $0.08 EPS. On average, sell-side analysts forecast that Switch, Inc. will post 0.19 earnings per share for the current fiscal year.

Switch Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 6th. Investors of record on Tuesday, May 24th were given a $0.0525 dividend. This is an increase from Switch’s previous quarterly dividend of $0.05. This represents a $0.21 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date was Monday, May 23rd. Switch’s payout ratio is currently 525.13%.

Insider Buying and Selling

In other Switch news, Director Thomas A. Thomas sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $33.74, for a total transaction of $1,349,600.00. Following the sale, the director now directly owns 3,044,360 shares in the company, valued at $102,716,706.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 120,000 shares of company stock worth $4,014,000. Corporate insiders own 14.00% of the company’s stock.

Institutional Investors Weigh In On Switch

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Switch in the fourth quarter worth approximately $8,438,000. Calamos Advisors LLC purchased a new stake in shares of Switch in the fourth quarter worth approximately $505,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Switch by 64.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,802 shares of the company’s stock worth $395,000 after buying an additional 5,387 shares during the period. Fifth Third Bancorp raised its holdings in shares of Switch by 28.9% in the fourth quarter. Fifth Third Bancorp now owns 28,174 shares of the company’s stock worth $807,000 after buying an additional 6,310 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its stake in Switch by 12.2% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 30,502 shares of the company’s stock worth $874,000 after purchasing an additional 3,321 shares in the last quarter. 51.25% of the stock is currently owned by hedge funds and other institutional investors.

About Switch

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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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