Brokerages Anticipate Switch Inc (SWCH) Will Post Earnings of $0.03 Per Share

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Analysts forecast that Switch Inc (NYSE:SWCH) will report $0.03 earnings per share for the current quarter, according to Zacks. Six analysts have issued estimates for Switch’s earnings. The highest EPS estimate is $0.04 and the lowest is $0.03. Switch posted earnings per share of $0.08 in the same quarter last year, which suggests a negative year-over-year growth rate of 62.5%. The business is expected to issue its next quarterly earnings report 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 expect that the firm will post earnings of $0.20 per share, with EPS estimates ranging from $0.13 to $0.23. Zacks’ EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Switch.

Switch (NYSE:SWCH) last announced its quarterly earnings data 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). The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $102.78 million. Switch had a negative net margin of 12.35% and a positive return on equity of 0.49%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 earnings per share.

Several equities analysts recently commented on SWCH shares. Stifel Nicolaus initiated coverage on shares of Switch in a research report on Monday, July 16th. They issued a “buy” rating for the company. Citigroup raised shares of Switch from a “neutral” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Thursday, July 19th. BMO Capital Markets reissued a “buy” rating and set a $20.00 price target on shares of Switch in a research report on Monday, August 13th. Raymond James lowered shares of Switch from an “outperform” rating to a “market perform” rating and set a $17.00 price target for the company. in a research report on Monday, August 13th. Finally, JPMorgan Chase & Co. lowered shares of Switch from an “overweight” rating to a “neutral” rating and set a $17.00 price target for the company. in a research report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $17.11.

Shares of Switch stock traded down $0.48 during midday trading on Friday, hitting $8.55. The company had a trading volume of 1,341,581 shares, compared to its average volume of 1,030,164. The company has a quick ratio of 2.78, a current ratio of 2.78 and a debt-to-equity ratio of 0.81. Switch has a 12-month low of $8.45 and a 12-month high of $20.18.

In other news, Director Thomas A. Thomas bought 22,000 shares of the business’s stock in a transaction dated Thursday, August 30th. The stock was purchased at an average cost of $11.52 per share, with a total value of $253,440.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 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. Insiders have sold a total of 2,225,555 shares of company stock valued at $1,333,209,166 over the last three months. 12.64% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of SWCH. Nisa Investment Advisors LLC purchased a new position in shares of Switch during the 2nd quarter valued at approximately $103,000. First Republic Investment Management Inc. purchased a new position in shares of Switch during the 2nd quarter valued at approximately $157,000. Sustainable Insight Capital Management LLC purchased a new position in shares of Switch during the 2nd quarter valued at approximately $173,000. Baird Financial Group Inc. purchased a new position in shares of Switch during the 2nd quarter valued at approximately $193,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Switch by 111.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 14,096 shares of the company’s stock valued at $224,000 after purchasing an additional 7,430 shares in the last quarter. 18.09% of the stock is owned by hedge funds and other institutional investors.

Switch Company Profile

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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