Equities research analysts expect Switch Inc (NYSE:SWCH) to post sales of $104.36 million for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Switch’s earnings. The lowest sales estimate is $103.11 million and the highest is $106.80 million. Switch reported sales of $99.33 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.1%. The business is scheduled to report its next earnings report on Monday, April 1st.
On average, analysts expect that Switch will report full-year sales of $407.00 million for the current year, with estimates ranging from $405.76 million to $409.50 million. For the next financial year, analysts forecast that the company will post sales of $449.33 million, with estimates ranging from $437.60 million to $457.39 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Switch.
Switch (NYSE:SWCH) last issued its quarterly earnings data on Tuesday, November 13th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). Switch had a negative net margin of 16.29% and a negative return on equity of 1.84%. The firm had revenue of $102.80 million during the quarter, compared to analyst estimates of $102.84 million. During the same period last year, the business earned $0.08 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year.
Several equities analysts have recently commented on SWCH shares. Berenberg Bank started coverage on Switch in a research note on Tuesday, January 8th. They set a “buy” rating and a $11.00 target price for the company. Wells Fargo & Co upgraded Switch from a “market perform” rating to an “outperform” rating and reduced their target price for the company from $13.50 to $11.50 in a research note on Thursday, October 25th. Raymond James reiterated a “hold” rating and set a $11.00 target price on shares of Switch in a research note on Sunday, December 2nd. Zacks Investment Research cut Switch from a “hold” rating to a “sell” rating in a research note on Friday, November 16th. Finally, Credit Suisse Group set a $14.00 target price on Switch and gave the company a “buy” rating in a research note on Wednesday, November 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. Switch has a consensus rating of “Buy” and a consensus target price of $14.00.
NYSE:SWCH traded up $0.13 during trading hours on Thursday, hitting $8.12. The stock had a trading volume of 546,845 shares, compared to its average volume of 936,197. 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 1-year low of $6.39 and a 1-year high of $16.99.
In other Switch news, Director Donald D. Snyder sold 50,000 shares of the firm’s stock in a transaction on Tuesday, December 4th. The stock was sold at an average price of $7.25, for a total value of $362,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 12.64% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Sylebra HK Co Ltd lifted its stake in Switch by 25.9% in the third quarter. Sylebra HK Co Ltd now owns 6,734,661 shares of the company’s stock valued at $72,734,000 after buying an additional 1,387,046 shares during the last quarter. Vanguard Group Inc lifted its stake in Switch by 3.3% in the third quarter. Vanguard Group Inc now owns 3,466,693 shares of the company’s stock valued at $37,440,000 after buying an additional 111,601 shares during the last quarter. Vanguard Group Inc. lifted its stake in Switch by 3.3% in the third quarter. Vanguard Group Inc. now owns 3,466,693 shares of the company’s stock valued at $37,440,000 after buying an additional 111,601 shares during the last quarter. TPG Group Holdings SBS Advisors Inc. acquired a new position in shares of Switch during the second quarter valued at $29,370,000. Finally, American Assets Capital Advisers LLC increased its holdings in shares of Switch by 61.2% during the third quarter. American Assets Capital Advisers LLC now owns 2,225,025 shares of the company’s stock valued at $24,031,000 after purchasing an additional 844,630 shares during the period. Institutional investors own 19.08% of the company’s stock.
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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