Switch (NYSE:SWCH) Posts Earnings Results, Misses Estimates By $0.01 EPS

Switch (NYSE:SWCH) issued its quarterly earnings results on Thursday. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01), Briefing.com reports. Switch had a net margin of 1.05% and a return on equity of 2.60%. The firm had revenue of $117.60 million for the quarter, compared to analysts’ expectations of $113.22 million. The firm’s revenue was up 14.4% on a year-over-year basis.

SWCH traded down $0.37 during trading on Friday, reaching $14.16. 1,512,455 shares of the company were exchanged, compared to its average volume of 1,035,442. The company’s 50-day moving average is $15.17 and its two-hundred day moving average is $13.94. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 157.33, a P/E/G ratio of 7.37 and a beta of 0.50. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.87. Switch has a 12-month low of $6.39 and a 12-month high of $16.95.

A number of research analysts have recently commented on SWCH shares. Credit Suisse Group set a $18.00 price target on Switch and gave the company a “buy” rating in a research report on Wednesday, October 9th. ValuEngine cut Switch from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Zacks Investment Research cut Switch from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Raymond James increased their price objective on Switch from $16.00 to $18.00 and gave the stock a “strong-buy” rating in a report on Friday. Finally, BMO Capital Markets increased their price objective on Switch from $15.00 to $17.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $15.00.

In related news, Director Thomas A. Thomas sold 30,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $14.50, for a total transaction of $435,000.00. Also, Director Thomas A. Thomas sold 60,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $15.46, for a total value of $927,600.00. Insiders have sold a total of 673,343 shares of company stock worth $10,871,091 in the last three months. 28.39% of the stock is currently owned by insiders.

About Switch

Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services primarily to technology and digital media companies in the United States. It develops and operates data centers in Nevada and Michigan. The company also serves cloud and managed service providers, financial institutions, IT and software providers, government agencies, network and telecommunications providers, and others that conduct critical business on the Internet.

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Earnings History for Switch (NYSE:SWCH)

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