Zacks: Brokerages Expect Switch, Inc. (NYSE:SWCH) Will Post Quarterly Sales of $129.53 Million

Equities research analysts predict that Switch, Inc. (NYSE:SWCH) will announce $129.53 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Switch’s earnings. The highest sales estimate is $132.30 million and the lowest is $126.80 million. Switch reported sales of $128.10 million during the same quarter last year, which would suggest a positive year over year growth rate of 1.1%. The firm is scheduled to report its next earnings results after the market closes on Friday, May 14th.

On average, analysts expect that Switch will report full year sales of $546.66 million for the current fiscal year, with estimates ranging from $541.10 million to $551.44 million. For the next year, analysts anticipate that the firm will post sales of $614.58 million, with estimates ranging from $580.60 million to $635.13 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Switch.

Switch (NYSE:SWCH) last posted its quarterly earnings results on Sunday, February 28th. The company reported $0.05 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.05. The company had revenue of $127.75 million for the quarter, compared to the consensus estimate of $131.36 million. Switch had a return on equity of 2.90% and a net margin of 2.60%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.04 EPS.

A number of analysts have recently commented on SWCH shares. Jefferies Financial Group raised Switch from a “hold” rating to a “buy” rating and upped their price target for the company from $18.00 to $22.00 in a research note on Wednesday, January 13th. Truist started coverage on shares of Switch in a report on Tuesday, February 2nd. They issued a “buy” rating and a $24.00 target price on the stock. Raymond James reissued an “outperform” rating and set a $19.00 price target (down from $24.00) on shares of Switch in a research report on Monday, March 8th. Finally, William Blair restated an “outperform” rating on shares of Switch in a research report on Tuesday, March 2nd. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Switch has an average rating of “Buy” and a consensus price target of $21.28.

In other news, Director Thomas A. Thomas sold 15,660 shares of Switch stock in a transaction that occurred on Thursday, January 21st. The shares were sold at an average price of $16.55, for a total value of $259,173.00. Following the sale, the director now directly owns 2,159,659 shares in the company, valued at $35,742,356.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rob Roy sold 89,797 shares of the business’s stock in a transaction on Monday, January 11th. The stock was sold at an average price of $16.09, for a total transaction of $1,444,833.73. Following the completion of the sale, the chief executive officer now directly owns 765,452 shares in the company, valued at approximately $12,316,122.68. The disclosure for this sale can be found here. Company insiders own 30.52% of the company’s stock.

A number of large investors have recently modified their holdings of SWCH. Barclays PLC grew its holdings in shares of Switch by 561.9% in the 4th quarter. Barclays PLC now owns 5,322 shares of the company’s stock valued at $86,000 after acquiring an additional 4,518 shares in the last quarter. SG Americas Securities LLC bought a new position in Switch in the third quarter valued at approximately $116,000. CIBC World Markets Inc. acquired a new position in shares of Switch during the 4th quarter worth approximately $164,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Switch by 105.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,112 shares of the company’s stock worth $166,000 after purchasing an additional 5,192 shares in the last quarter. Finally, Prelude Capital Management LLC boosted its holdings in shares of Switch by 101.5% in the 4th quarter. Prelude Capital Management LLC now owns 12,798 shares of the company’s stock valued at $210,000 after buying an additional 6,446 shares during the last quarter. 35.47% of the stock is currently owned by hedge funds and other institutional investors.

SWCH traded down $0.16 during midday trading on Monday, reaching $17.32. 1,207,019 shares of the company were exchanged, compared to its average volume of 2,257,802. The stock has a market capitalization of $4.18 billion, a P/E ratio of 133.24 and a beta of 0.72. Switch has a one year low of $13.38 and a one year high of $19.99. The stock’s 50-day simple moving average is $16.12 and its 200 day simple moving average is $16.17. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.57 and a current ratio of 1.57.

The company also recently announced a quarterly dividend, which was paid on Friday, March 26th. Shareholders of record on Tuesday, March 16th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend was Monday, March 15th. Switch’s dividend payout ratio (DPR) is presently 133.33%.

Switch Company Profile

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services in the United States. It develops and operates data centers in Nevada, Michigan, and Georgia. The company serves technology and digital media companies, financial institutions, government agencies, and network and telecommunications providers, as well as cloud, IT, and software providers.

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