Switch (SWCH) Issues Quarterly Earnings Results

Switch (NYSE:SWCH) posted its quarterly earnings results on Tuesday. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02, Morningstar.com reports. Switch had a negative net margin of 16.29% and a negative return on equity of 1.84%. Switch updated its FY 2019 guidance to EPS.

Shares of SWCH opened at $9.31 on Wednesday. Switch has a fifty-two week low of $6.39 and a fifty-two week high of $16.23. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.87.

Several research firms have issued reports on SWCH. BMO Capital Markets dropped their price target on shares of Switch from $14.00 to $10.50 and set an “outperform” rating on the stock in a research report on Wednesday, November 14th. Stifel Nicolaus set a $13.00 price target on shares of Switch and gave the stock a “buy” rating in a research report on Wednesday, November 14th. William Blair reaffirmed an “outperform” rating on shares of Switch in a research report on Tuesday, November 13th. Credit Suisse Group set a $14.00 price target on shares of Switch and gave the stock a “buy” rating in a research report on Wednesday, November 14th. Finally, Raymond James raised shares of Switch from a “market perform” rating to a “strong-buy” rating in a research report on Thursday, November 15th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Switch has a consensus rating of “Buy” and a consensus target price of $13.61.



Several institutional investors and hedge funds have recently modified their holdings of SWCH. Bank of New York Mellon Corp raised its position in shares of Switch by 545.1% in the second quarter. Bank of New York Mellon Corp now owns 643,349 shares of the company’s stock valued at $7,830,000 after purchasing an additional 543,618 shares during the period. Northern Trust Corp raised its position in shares of Switch by 70.3% in the second quarter. Northern Trust Corp now owns 245,017 shares of the company’s stock valued at $2,982,000 after purchasing an additional 101,170 shares during the period. Beach Point Capital Management LP bought a new position in shares of Switch in the third quarter valued at about $5,005,000. Alliancebernstein L.P. raised its position in shares of Switch by 7.0% in the third quarter. Alliancebernstein L.P. now owns 89,371 shares of the company’s stock valued at $965,000 after purchasing an additional 5,810 shares during the period. Finally, Credit Suisse AG raised its position in shares of Switch by 2,614.8% in the third quarter. Credit Suisse AG now owns 689,430 shares of the company’s stock valued at $7,446,000 after purchasing an additional 664,035 shares during the period. 18.02% of the stock is currently owned by institutional investors.

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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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Earnings History for Switch (NYSE:SWCH)

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