Switch (NYSE:SWCH) Updates FY 2021 Earnings Guidance

Switch (NYSE:SWCH) issued an update on its FY 2021 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $- for the period. The company issued revenue guidance of $543 million-555 million, compared to the consensus revenue estimate of $547.05 million.

SWCH traded up $0.50 on Thursday, reaching $21.28. The company’s stock had a trading volume of 83,108 shares, compared to its average volume of 2,346,610. The business has a 50 day simple moving average of $18.42. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.70. The company has a market capitalization of $5.14 billion, a P/E ratio of 88.80 and a beta of 0.72. Switch has a fifty-two week low of $13.38 and a fifty-two week high of $21.09.

Switch (NYSE:SWCH) last released its quarterly earnings results on Monday, May 10th. The company reported $0.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.03. Switch had a return on equity of 4.80% and a net margin of 5.52%. The business had revenue of $130.90 million during the quarter, compared to analysts’ expectations of $129.10 million. During the same quarter in the prior year, the business earned $0.04 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, research analysts forecast that Switch will post 0.28 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 4th. Shareholders of record on Tuesday, May 25th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.94%. The ex-dividend date was Monday, May 24th. Switch’s payout ratio is 95.24%.

SWCH has been the topic of several research reports. Raymond James increased their price objective on Switch from $19.00 to $20.00 and gave the company an outperform rating in a research note on Tuesday, May 11th. Zacks Investment Research lowered Switch from a buy rating to a hold rating in a research note on Thursday, May 13th. TheStreet raised Switch from a c rating to a b- rating in a research note on Tuesday, June 1st. William Blair reissued an outperform rating on shares of Switch in a research note on Tuesday, March 2nd. Finally, Credit Suisse Group raised their price target on Switch from $19.00 to $20.00 and gave the stock an outperform rating in a research note on Tuesday, May 11th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Switch has a consensus rating of Buy and a consensus target price of $21.44.

In other news, insider Erin Thomas Morton sold 100,000 shares of Switch stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $18.24, for a total value of $1,824,000.00. Following the completion of the transaction, the insider now owns 578,353 shares in the company, valued at approximately $10,549,158.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thomas A. Thomas sold 53,750 shares of Switch stock in a transaction that occurred on Thursday, April 15th. The stock was sold at an average price of $17.40, for a total value of $935,250.00. Following the completion of the transaction, the director now owns 2,514,069 shares of the company’s stock, valued at approximately $43,744,800.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 901,193 shares of company stock worth $17,205,651. Company insiders own 30.52% of the company’s stock.

Switch Company Profile

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services in the United States. 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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Earnings History and Estimates for Switch (NYSE:SWCH)

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