Zacks: Analysts Anticipate Switch Inc (SWCH) to Announce $0.03 EPS

Equities analysts expect Switch Inc (NYSE:SWCH) to report $0.03 earnings per share for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Switch’s earnings, with the highest EPS estimate coming in at $0.04 and the lowest estimate coming in at $0.02. The business is expected to announce its next earnings results on Monday, August 13th.

According to Zacks, analysts expect that Switch will report full year earnings of $0.17 per share for the current fiscal year, with EPS estimates ranging from $0.14 to $0.20. For the next financial year, analysts forecast that the business will post earnings of $0.26 per share, with EPS estimates ranging from $0.22 to $0.30. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that cover Switch.

Switch (NYSE:SWCH) last released its earnings results on Monday, May 14th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.03). The company had revenue of $97.70 million during the quarter, compared to analysts’ expectations of $99.79 million. Switch’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share.

Several research analysts have recently issued reports on SWCH shares. UBS Group raised Switch from a “market perform” rating to an “outperform” rating in a research report on Monday, March 12th. Raymond James raised Switch from a “market perform” rating to an “outperform” rating in a research report on Monday, March 12th. Credit Suisse Group set a $22.00 price objective on Switch and gave the stock a “buy” rating in a research report on Thursday, March 29th. BMO Capital Markets lowered their price objective on Switch from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Tuesday, April 3rd. Finally, William Blair reaffirmed an “outperform” rating on shares of Switch in a research report on Thursday, April 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $20.00.

Shares of Switch traded up $0.06, hitting $13.06, on Thursday, MarketBeat Ratings reports. 643,800 shares of the company’s stock were exchanged, compared to its average volume of 934,678. Switch has a 1-year low of $11.90 and a 1-year high of $24.90. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 0.80.

The company also recently announced a quarterly dividend, which was paid on Friday, June 8th. Investors of record on Tuesday, May 29th were given a $0.0147 dividend. The ex-dividend date was Friday, May 25th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.45%.

In related news, major shareholder Intel Capital Corp sold 36,314 shares of the company’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $12.60, for a total value of $457,556.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 787,830 shares of company stock valued at $10,104,914. Insiders own 12.64% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in SWCH. Wells Fargo & Company MN acquired a new stake in shares of Switch in the 4th quarter valued at about $76,684,000. BlackRock Inc. acquired a new stake in shares of Switch in the 4th quarter valued at about $31,480,000. Deutsche Bank AG acquired a new stake in shares of Switch in the 4th quarter valued at about $22,327,000. Alkeon Capital Management LLC acquired a new stake in shares of Switch in the 4th quarter valued at about $18,175,000. Finally, Zimmer Partners LP acquired a new stake in shares of Switch in the 4th quarter valued at about $17,208,000. 14.13% of the stock is owned by hedge funds and other institutional investors.

About Switch

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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