Equities research analysts expect Switch Inc (NYSE:SWCH) to post earnings of $0.03 per share for the current quarter, Zacks reports. Six analysts have made estimates for Switch’s earnings, with the highest EPS estimate coming in at $0.04 and the lowest estimate coming in at $0.03. Switch reported earnings of $0.08 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 62.5%. The business is expected to announce its next earnings results on Monday, November 12th.
According to Zacks, analysts expect that Switch will report full-year earnings of $0.11 per share for the current financial year, with EPS estimates ranging from $0.08 to $0.12. For the next financial year, analysts forecast that the firm will report earnings of $0.20 per share, with EPS estimates ranging from $0.13 to $0.23. Zacks’ earnings per share calculations are an average based on a survey of analysts that follow Switch.
Switch (NYSE:SWCH) last posted its quarterly earnings results on Monday, August 13th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Switch had a positive return on equity of 0.49% and a negative net margin of 12.35%. The business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $102.78 million. During the same quarter in the previous year, the business posted $0.07 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis.
Several brokerages have issued reports on SWCH. BMO Capital Markets restated a “buy” rating and set a $20.00 price objective on shares of Switch in a research report on Monday, August 13th. William Blair restated an “outperform” rating on shares of Switch in a research report on Tuesday, August 14th. BTIG Research downgraded shares of Switch from a “buy” rating to a “neutral” rating and set a $22.00 price objective for the company. in a research report on Tuesday, August 14th. JPMorgan Chase & Co. downgraded shares of Switch from an “overweight” rating to a “neutral” rating and set a $17.00 price objective for the company. in a research report on Tuesday, August 14th. Finally, Stifel Nicolaus cut their price objective on shares of Switch from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, August 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $17.11.
In other news, major shareholder William Gonsalves Balelo sold 207,154 shares of Switch stock in a transaction that occurred on Thursday, July 19th. The shares were sold at an average price of $6,325.38, for a total value of $1,310,327,768.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Intel Capital Corp sold 1,727,555 shares of Switch stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $10.98, for a total transaction of $18,968,553.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,225,555 shares of company stock valued at $1,333,209,166. 12.64% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in shares of Switch by 47.1% in the second quarter. Wells Fargo & Company MN now owns 6,479,394 shares of the company’s stock valued at $78,855,000 after buying an additional 2,074,569 shares in the last quarter. Sylebra HK Co Ltd raised its position in Switch by 509.6% during the second quarter. Sylebra HK Co Ltd now owns 5,347,615 shares of the company’s stock valued at $65,080,000 after purchasing an additional 4,470,378 shares in the last quarter. TPG Group Holdings SBS Advisors Inc. acquired a new position in Switch during the second quarter valued at approximately $29,370,000. Intel Corp acquired a new position in Switch during the second quarter valued at approximately $21,024,000. Finally, BlackRock Inc. raised its position in Switch by 5.7% during the second quarter. BlackRock Inc. now owns 1,435,265 shares of the company’s stock valued at $17,468,000 after purchasing an additional 77,081 shares in the last quarter. Institutional investors own 18.09% of the company’s stock.
Switch stock traded down $0.48 during midday trading on Friday, reaching $8.55. 1,341,581 shares of the company’s stock were exchanged, compared to its average volume of 1,030,164. Switch has a 52 week low of $8.45 and a 52 week high of $20.18. The company has a current ratio of 2.78, a quick ratio of 2.78 and a debt-to-equity ratio of 0.81.
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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