Several other analysts have also issued reports on SWCH. Cowen started coverage on Switch in a research note on Friday, January 19th. They issued an underweight rating for the company. UBS raised Switch from a market perform rating to an outperform rating in a research note on Monday, March 12th. Raymond James raised Switch from a market perform rating to an outperform rating in a research note on Monday, March 12th. BMO Capital Markets cut their target price on Switch from $23.00 to $20.00 and set an outperform rating for the company in a research note on Tuesday, April 3rd. Finally, William Blair reaffirmed an outperform rating on shares of Switch in a research note on Thursday, April 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Switch has a consensus rating of Hold and a consensus price target of $20.83.
Shares of NYSE SWCH traded down $0.12 during midday trading on Thursday, hitting $12.87. 19,135 shares of the company’s stock were exchanged, compared to its average volume of 908,554. Switch has a 12-month low of $12.87 and a 12-month high of $13.39. The company has a debt-to-equity ratio of 0.80, a current ratio of 3.37 and a quick ratio of 4.41.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 8th. Shareholders of record on Tuesday, May 29th will be given a $0.0147 dividend. The ex-dividend date is Friday, May 25th. This represents a $0.06 annualized dividend and a yield of 0.46%.
A number of hedge funds have recently made changes to their positions in SWCH. Schwab Charles Investment Management Inc. bought a new stake in Switch in the fourth quarter valued at approximately $1,486,000. FNY Managed Accounts LLC bought a new position in shares of Switch during the fourth quarter valued at approximately $181,000. Shikiar Asset Management Inc. bought a new position in shares of Switch during the fourth quarter valued at approximately $1,157,000. American Assets Capital Advisers LLC bought a new position in shares of Switch during the fourth quarter valued at approximately $720,000. Finally, Engineers Gate Manager LP bought a new position in shares of Switch during the fourth quarter valued at approximately $2,204,000. Hedge funds and other institutional investors own 14.13% of the company’s stock.
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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