Citigroup Boosts Switch (NYSE:SWCH) Price Target to $23.00
SWCH has been the topic of a number of other research reports. Raymond James upped their target price on Switch from $22.00 to $24.00 and gave the company a strong-buy rating in a research note on Friday, August 7th. Credit Suisse Group reaffirmed a buy rating and set a $23.00 target price on shares of Switch in a research note on Tuesday, July 14th. BMO Capital Markets increased their price objective on Switch from $18.00 to $20.00 and gave the stock an outperform rating in a research note on Monday, May 11th. Barclays assumed coverage on Switch in a research note on Wednesday, July 15th. They issued an overweight rating and a $22.00 price objective on the stock. Finally, Wells Fargo & Co increased their price objective on Switch from $19.00 to $20.50 and gave the stock an overweight rating in a research note on Friday, July 10th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $21.06.
SWCH opened at $17.18 on Monday. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 171.82 and a beta of 0.64. The stock’s 50 day moving average price is $18.04 and its 200-day moving average price is $16.81. Switch has a one year low of $10.30 and a one year high of $19.99. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.84 and a current ratio of 0.84.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.16%. This is a positive change from Switch’s previous quarterly dividend of $0.03. Switch’s dividend payout ratio is currently 80.00%.
In other Switch news, insider Teresa A. Borden sold 50,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $18.34, for a total transaction of $917,000.00. Following the completion of the sale, the insider now owns 707,471 shares in the company, valued at $12,975,018.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thomas A. Thomas sold 30,000 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $18.01, for a total value of $540,300.00. Following the sale, the director now owns 1,703,858 shares of the company’s stock, valued at approximately $30,686,482.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 537,000 shares of company stock valued at $9,737,570. 30.52% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Pathstone Family Office LLC purchased a new stake in Switch during the first quarter worth $29,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Switch by 174.3% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,381 shares of the company’s stock valued at $35,000 after purchasing an additional 1,513 shares during the last quarter. Advisor Group Holdings Inc. purchased a new stake in shares of Switch during the 1st quarter valued at $38,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Switch during the 1st quarter valued at $43,000. Finally, American International Group Inc. lifted its holdings in shares of Switch by 81.0% during the 2nd quarter. American International Group Inc. now owns 2,415 shares of the company’s stock valued at $43,000 after purchasing an additional 1,081 shares during the last quarter. Institutional investors own 30.66% of the company’s stock.
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services primarily to technology and digital media companies in the United States. It develops and operates data centers in Nevada and Michigan. The company also serves cloud and managed service providers, financial institutions, IT and software providers, government agencies, network and telecommunications providers, and others that conduct critical business on the Internet.
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