Zacks: Analysts Anticipate Switch, Inc. (NYSE:SWCH) Will Announce Quarterly Sales of $166.04 Million

Analysts expect that Switch, Inc. (NYSE:SWCH – Get Rating) will report $166.04 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Switch’s earnings, with the highest sales estimate coming in at $167.38 million and the lowest estimate coming in at $163.10 million. Switch posted sales of $141.69 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 17.2%. The firm is expected to announce its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Switch will report full year sales of $671.59 million for the current fiscal year, with estimates ranging from $667.60 million to $675.42 million. For the next fiscal year, analysts expect that the business will post sales of $743.65 million, with estimates ranging from $730.30 million to $762.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Switch.

Switch (NYSE:SWCH – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The business had revenue of $164.60 million during the quarter, compared to analyst estimates of $163.82 million. Switch had a net margin of 1.05% and a return on equity of 2.81%. Switch’s revenue was up 25.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.08 earnings per share.

SWCH has been the topic of several analyst reports. Credit Suisse Group cut shares of Switch to a “neutral” rating in a research note on Monday, May 16th. Zacks Investment Research raised shares of Switch from a “sell” rating to a “hold” rating in a research note on Tuesday. Cowen cut shares of Switch from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 11th. Raymond James cut shares of Switch from a “strong-buy” rating to a “market perform” rating in a research note on Monday, May 16th. Finally, Wells Fargo & Company cut shares of Switch from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $28.00 to $31.00 in a research note on Friday, March 25th. Eleven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Switch currently has a consensus rating of “Hold” and an average price target of $29.91.

In related news, Director Thomas A. Thomas sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $33.46, for a total value of $1,338,400.00. Following the transaction, the director now owns 3,118,397 shares in the company, valued at $104,341,563.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 29.18% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new stake in shares of Switch during the first quarter valued at approximately $27,000. PNC Financial Services Group Inc. grew its position in shares of Switch by 113.6% during the third quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the company’s stock worth $37,000 after buying an additional 783 shares in the last quarter. WD Rutherford LLC grew its position in shares of Switch by 575.0% during the first quarter. WD Rutherford LLC now owns 1,350 shares of the company’s stock worth $42,000 after buying an additional 1,150 shares in the last quarter. Total Clarity Wealth Management Inc. acquired a new stake in shares of Switch during the fourth quarter worth approximately $43,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in shares of Switch during the first quarter worth approximately $46,000. Institutional investors own 51.25% of the company’s stock.

Shares of NYSE SWCH opened at $33.25 on Friday. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 831.46 and a beta of 0.71. Switch has a 52 week low of $18.39 and a 52 week high of $33.84. The company’s 50-day moving average price is $30.84 and its 200 day moving average price is $27.85. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 2.83.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 6th. Investors of record on Tuesday, May 24th will be issued a $0.0525 dividend. This is a positive change from Switch’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Monday, May 23rd. This represents a $0.21 annualized dividend and a yield of 0.63%. Switch’s dividend payout ratio (DPR) is presently 525.13%.

About Switch (Get Rating)

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. 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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