Wall Street brokerages expect Switch Inc (NYSE:SWCH) to announce earnings per share (EPS) of $0.03 for the current quarter, Zacks reports. Six analysts have provided estimates for Switch’s earnings, with the lowest EPS estimate coming in at $0.03 and the highest estimate coming in at $0.04. Switch posted earnings of $0.08 per share during the same quarter last year, which would indicate a negative year over year growth rate of 62.5%. The firm is expected to announce its next quarterly earnings results on Monday, November 12th.
On average, 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 year, analysts forecast that the company will post earnings of $0.20 per share, with EPS estimates ranging from $0.13 to $0.23. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that follow Switch.
Switch (NYSE:SWCH) last posted its earnings results on Monday, August 13th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $102.78 million. During the same period in the prior year, the business earned $0.07 EPS. Switch’s quarterly revenue was up 11.0% compared to the same quarter last year.
Several equities analysts have commented on the stock. BMO Capital Markets dropped their target price on shares of Switch from $20.00 to $14.00 and set an “average” rating on the stock in a research report on Tuesday, August 14th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Switch from a “hold” rating to a “sell” rating in a research report on Thursday, August 16th. Credit Suisse Group set a $19.00 target price on shares of Switch and gave the stock a “buy” rating in a research report on Thursday, May 17th. William Blair reissued an “outperform” rating on shares of Switch in a research report on Tuesday, May 15th. Finally, Raymond James cut shares of Switch from an “outperform” rating to a “market perform” rating and set a $17.00 target price on the stock. in a research report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $17.11.
In related news, major shareholder Scott Russell Gragson sold 100,000 shares of Switch stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $13.15, for a total value of $1,315,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder William Gonsalves Balelo sold 207,154 shares of Switch stock in a transaction that occurred on Thursday, July 19th. The stock was sold at an average price of $6,325.38, for a total transaction of $1,310,327,768.52. The disclosure for this sale can be found here. Insiders sold a total of 1,770,003 shares of company stock worth $1,330,709,251 in the last ninety days. 12.64% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the stock. Sylebra HK Co Ltd grew its stake in Switch by 509.6% in the 2nd quarter. Sylebra HK Co Ltd now owns 5,347,615 shares of the company’s stock valued at $65,080,000 after buying an additional 4,470,378 shares in the last quarter. Wells Fargo & Company MN grew its stake in Switch by 47.1% in the 2nd 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. Intel Corp purchased a new position in Switch in the 2nd quarter valued at approximately $21,024,000. American Assets Capital Advisers LLC purchased a new position in Switch in the 2nd quarter valued at approximately $16,800,000. Finally, Bank of New York Mellon Corp grew its stake in Switch by 545.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 643,349 shares of the company’s stock valued at $7,830,000 after buying an additional 543,618 shares in the last quarter. 18.10% of the stock is currently owned by institutional investors.
Shares of Switch stock traded down $0.09 during mid-day trading on Thursday, hitting $11.46. 496,200 shares of the stock were exchanged, compared to its average volume of 1,037,454. Switch has a 12 month low of $10.00 and a 12 month high of $24.90. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.78 and a quick ratio of 2.78.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Friday, August 24th will be issued a $0.0147 dividend. The ex-dividend date of this dividend is Thursday, August 23rd. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.51%.
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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