Switch (SWCH) Issues Earnings Results

Switch (NYSE:SWCH) issued its quarterly earnings data on Tuesday. The company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.02, Morningstar.com reports. Switch had a return on equity of 0.55% and a net margin of 1.00%. The company had revenue of $103.21 million during the quarter, compared to analysts’ expectations of $104.36 million. Switch updated its FY 2019 guidance to EPS.

Switch stock opened at $9.95 on Thursday. Switch has a 12 month low of $6.39 and a 12 month high of $16.23. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market cap of $2.30 billion, a PE ratio of 110.56, a P/E/G ratio of 4.51 and a beta of 0.97.

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 4th. Stockholders of record on Monday, March 25th will be paid a dividend of $0.0294 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Friday, March 22nd. This is a boost from Switch’s previous quarterly dividend of $0.01. Switch’s dividend payout ratio is 66.67%.

A number of equities research analysts have weighed in on the company. Zacks Investment Research upgraded Switch from a “hold” rating to a “buy” rating and set a $9.75 price objective for the company in a research note on Saturday, March 2nd. BMO Capital Markets reiterated a “buy” rating and issued a $10.50 price objective on shares of Switch in a research note on Tuesday. Stifel Nicolaus set a $13.00 price objective on Switch and gave the company a “buy” rating in a research note on Wednesday, November 14th. Credit Suisse Group set a $14.00 price objective on Switch and gave the company a “buy” rating in a research note on Wednesday, November 14th. Finally, Raymond James reiterated a “hold” rating and issued a $11.00 price objective on shares of Switch in a research note on Sunday, December 2nd. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Switch has an average rating of “Buy” and a consensus target price of $13.61.

Several institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC raised its stake in shares of Switch by 30.2% during the fourth quarter. Squarepoint Ops LLC now owns 23,602 shares of the company’s stock worth $165,000 after purchasing an additional 5,481 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Switch by 7.0% during the third quarter. Alliancebernstein L.P. now owns 89,371 shares of the company’s stock worth $965,000 after purchasing an additional 5,810 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of Switch by 20.7% during the third quarter. Teachers Advisors LLC now owns 41,947 shares of the company’s stock worth $453,000 after purchasing an additional 7,182 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Switch by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 358,217 shares of the company’s stock worth $2,507,000 after purchasing an additional 9,507 shares during the last quarter. Finally, WealthPLAN Partners LLC purchased a new stake in shares of Switch during the fourth quarter worth approximately $108,000. Institutional investors and hedge funds own 19.43% of the company’s stock.

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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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