Switch (SWCH) Announces Quarterly Earnings Results

Switch (NYSE:SWCH) released its earnings results on Monday. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.02), Briefing.com reports. The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $102.78 million. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.07 earnings per share.

NYSE:SWCH opened at $10.85 on Wednesday. Switch has a twelve month low of $10.00 and a twelve month high of $24.90. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 0.80.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Friday, August 24th will be given a dividend of $0.0147 per share. The ex-dividend date of this dividend is Thursday, August 23rd. This represents a $0.06 annualized dividend and a dividend yield of 0.54%.



SWCH has been the topic of several research analyst reports. BMO Capital Markets lowered their target price on shares of Switch from $20.00 to $14.00 and set an “average” rating on the stock in a research note on Tuesday. They noted that the move was a valuation call. Citigroup raised shares of Switch from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Thursday, July 19th. Stifel Nicolaus initiated coverage on shares of Switch in a research note on Monday, July 16th. They set a “buy” rating on the stock. Credit Suisse Group set a $19.00 target price on shares of Switch and gave the company a “buy” rating in a research note on Thursday, May 17th. Finally, Jefferies Financial Group lowered their target price on shares of Switch to $12.00 and set a “hold” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $17.11.

In other news, major shareholder William Gonsalves Balelo sold 93,142 shares of the firm’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $13.73, for a total transaction of $1,278,839.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Intel Capital Corp sold 199,458 shares of the firm’s stock in a transaction dated Monday, June 4th. The shares were sold at an average price of $12.61, for a total transaction of $2,515,165.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,806,317 shares of company stock valued at $1,331,166,808. Insiders own 12.64% 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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