Switch, Inc. (NYSE:SWCH) Expected to Post Quarterly Sales of $163.12 Million

Analysts expect Switch, Inc. (NYSE:SWCH) to report sales of $163.12 million for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Switch’s earnings, with estimates ranging from $161.84 million to $165.70 million. Switch reported sales of $127.75 million in the same quarter last year, which indicates a positive year over year growth rate of 27.7%. The firm is scheduled to announce its next quarterly earnings report on Monday, March 7th.

According to Zacks, analysts expect that Switch will report full year sales of $593.25 million for the current fiscal year, with estimates ranging from $592.50 million to $594.52 million. For the next financial year, analysts anticipate that the business will post sales of $683.41 million, with estimates ranging from $672.95 million to $696.40 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Switch.

Switch (NYSE:SWCH) last posted its earnings results on Thursday, November 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). Switch had a net margin of 3.95% and a return on equity of 3.90%. The company had revenue of $158.10 million during the quarter, compared to analyst estimates of $159.58 million. During the same quarter last year, the business posted $0.05 EPS. Switch’s quarterly revenue was up 22.8% compared to the same quarter last year.

A number of research analysts recently commented on SWCH shares. Barclays increased their price target on Switch from $23.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, August 6th. Credit Suisse Group increased their price target on Switch from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Tuesday, November 16th. JPMorgan Chase & Co. increased their price target on Switch from $25.00 to $29.00 and gave the company an “overweight” rating in a report on Tuesday, November 16th. Raymond James increased their price target on Switch from $25.00 to $27.00 and gave the company a “strong-buy” rating in a report on Monday, November 8th. Finally, Cowen raised Switch from a “market perform” rating to an “outperform” rating and set a $26.00 price target for the company in a report on Friday, August 6th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $26.82.

In related news, CEO Rob Roy sold 119,092 shares of the firm’s stock in a transaction that occurred on Tuesday, September 21st. The stock was sold at an average price of $25.98, for a total value of $3,094,010.16. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Erin Thomas Morton sold 132,287 shares of the firm’s stock in a transaction that occurred on Thursday, September 9th. The shares were sold at an average price of $26.22, for a total value of $3,468,565.14. The disclosure for this sale can be found here. In the last three months, insiders sold 1,639,055 shares of company stock worth $41,635,259. Company insiders own 29.18% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Moody Aldrich Partners LLC increased its position in shares of Switch by 23.7% during the 2nd quarter. Moody Aldrich Partners LLC now owns 463,301 shares of the company’s stock valued at $9,780,000 after purchasing an additional 88,841 shares during the period. Glenmede Trust Co. NA increased its position in shares of Switch by 30.7% during the 2nd quarter. Glenmede Trust Co. NA now owns 64,281 shares of the company’s stock valued at $1,356,000 after purchasing an additional 15,094 shares during the period. Morgan Stanley increased its position in shares of Switch by 164.0% during the 2nd quarter. Morgan Stanley now owns 1,060,396 shares of the company’s stock valued at $22,384,000 after purchasing an additional 658,801 shares during the period. California State Teachers Retirement System increased its position in shares of Switch by 12.5% during the 1st quarter. California State Teachers Retirement System now owns 158,163 shares of the company’s stock valued at $2,572,000 after purchasing an additional 17,540 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Switch during the 2nd quarter valued at $1,849,000. Institutional investors own 47.07% of the company’s stock.

Shares of SWCH stock traded up $0.44 during trading hours on Thursday, reaching $27.02. The company had a trading volume of 3,595,179 shares, compared to its average volume of 2,202,926. The stock has a market capitalization of $6.54 billion, a P/E ratio of 158.94 and a beta of 0.69. Switch has a twelve month low of $13.38 and a twelve month high of $27.87. The company has a quick ratio of 0.83, a current ratio of 0.52 and a debt-to-equity ratio of 2.58. The company’s fifty day simple moving average is $25.63.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 1st. Investors of record on Friday, November 19th will be issued a $0.052 dividend. This represents a $0.21 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend is Thursday, November 18th. Switch’s dividend payout ratio (DPR) is 123.53%.

Switch Company Profile

Switch, Inc (Nevada) engages in the provision of technology infrastructure. It specializes in the development of digital platforms for digital media companies, cloud and managed service providers, financial institutions, and telecommunications providers. The firm’s products include Switch CONNECT and Switch SAFE.

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