Switch (SWCH) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

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Switch (NYSE:SWCH) released its quarterly earnings results on Tuesday, November 13th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01), reports. The company had revenue of $102.80 million during the quarter, compared to analysts’ expectations of $102.84 million. Switch had a negative return on equity of 1.84% and a negative net margin of 16.29%. The company’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.08 EPS. Switch updated its FY 2018 guidance to EPS.

NYSE SWCH traded down $0.31 on Tuesday, hitting $8.13. The stock had a trading volume of 198,939 shares, compared to its average volume of 1,573,999. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.87. Switch has a 52-week low of $7.00 and a 52-week high of $18.59.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Monday, November 26th will be issued a $0.0147 dividend. This represents a $0.06 annualized dividend and a yield of 0.72%. The ex-dividend date is Friday, November 23rd.

In other Switch news, major shareholder Intel Capital Corp sold 1,727,555 shares of Switch stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $10.98, for a total value of $18,968,553.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Thomas A. Thomas purchased 22,000 shares of the business’s stock in a transaction on Thursday, August 30th. The stock was purchased at an average cost of $11.52 per share, for a total transaction of $253,440.00. The disclosure for this purchase can be found here. 12.64% of the stock is currently owned by insiders.

Several brokerages have issued reports on SWCH. Zacks Investment Research downgraded shares of Switch from a “hold” rating to a “sell” rating in a research note on Friday. William Blair reissued an “outperform” rating on shares of Switch in a research note on Tuesday, November 13th. Credit Suisse Group set a $14.00 price objective on shares of Switch and gave the stock a “buy” rating in a research note on Wednesday, November 14th. Raymond James raised shares of Switch from a “market perform” rating to a “strong-buy” rating in a research note on Thursday, November 15th. Finally, Stifel Nicolaus set a $13.00 price objective on shares of Switch and gave the stock a “buy” rating in a research note on Wednesday, November 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Switch presently has an average rating of “Buy” and a consensus price target of $15.50.

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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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Earnings History for Switch (NYSE:SWCH)

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