Switch (NYSE:SWCH) Downgraded by Citigroup to Neutral

Switch (NYSE:SWCHGet Rating) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Thursday, The Fly reports.

A number of other equities research analysts also recently commented on SWCH. Cowen downgraded Switch from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Cowen downgraded Switch from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Zacks Investment Research downgraded Switch from a “hold” rating to a “sell” rating in a research report on Tuesday, May 3rd. TheStreet downgraded Switch from a “b-” rating to a “c-” rating in a research report on Friday, February 25th. Finally, Stifel Nicolaus downgraded Switch from a “buy” rating to a “hold” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Switch currently has a consensus rating of “Hold” and an average target price of $29.91.

NYSE SWCH opened at $33.47 on Thursday. 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 company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 2.70. The business has a 50-day moving average price of $30.19 and a 200-day moving average price of $27.61. Switch has a twelve month low of $18.24 and a twelve month high of $33.84.

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 2.82% 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. Research analysts expect that Switch will post 0.2 EPS for the current fiscal year.

In related news, Director Thomas A. Thomas sold 40,000 shares of the firm’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $30.73, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 29.18% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Brown Brothers Harriman & Co. purchased a new position in Switch in the 1st quarter worth $27,000. WD Rutherford LLC raised its stake in Switch by 575.0% in the 1st quarter. WD Rutherford LLC now owns 1,350 shares of the company’s stock worth $42,000 after acquiring an additional 1,150 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Switch by 113.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the company’s stock worth $37,000 after acquiring an additional 783 shares during the last quarter. Total Clarity Wealth Management Inc. purchased a new position in Switch in the 4th quarter worth $43,000. Finally, Catalyst Capital Advisors LLC purchased a new position in Switch in the 1st quarter worth $46,000. Institutional investors own 51.25% of the company’s stock.

About Switch (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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