Switch, Inc. (NYSE:SWCH) – Equities research analysts at William Blair increased their FY2021 earnings estimates for shares of Switch in a report released on Tuesday, May 11th. William Blair analyst J. Breen now forecasts that the company will post earnings of $0.28 per share for the year, up from their prior estimate of $0.25. William Blair currently has a “Outperform” rating on the stock.
Several other equities analysts also recently weighed in on the stock. Truist assumed coverage on shares of Switch in a research note on Tuesday, February 2nd. They issued a “buy” rating and a $24.00 target price for the company. Raymond James lifted their target price on shares of Switch from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Tuesday. Zacks Investment Research downgraded shares of Switch from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Credit Suisse Group boosted their price objective on shares of Switch from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Switch presently has an average rating of “Buy” and a consensus price target of $21.44.
Switch (NYSE:SWCH) last posted its earnings results on Monday, May 10th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.03. The firm had revenue of $130.90 million during the quarter, compared to the consensus estimate of $129.10 million. Switch had a net margin of 2.60% and a return on equity of 2.90%. The company’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.04 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 4th. Shareholders of record on Tuesday, May 25th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, May 24th. This represents a $0.20 annualized dividend and a yield of 1.08%. Switch’s payout ratio is presently 133.33%.
In other Switch news, insider Erin Thomas Morton sold 100,000 shares of Switch stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $18.24, for a total transaction of $1,824,000.00. Following the completion of the sale, the insider now directly owns 578,353 shares in the company, valued at $10,549,158.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas A. Thomas sold 53,750 shares of Switch stock in a transaction that occurred on Thursday, April 15th. The shares were sold at an average price of $17.40, for a total transaction of $935,250.00. Following the sale, the director now owns 2,514,069 shares of the company’s stock, valued at $43,744,800.60. The disclosure for this sale can be found here. Insiders own 30.52% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Strs Ohio lifted its holdings in shares of Switch by 17.7% in the 3rd quarter. Strs Ohio now owns 78,218 shares of the company’s stock worth $1,220,000 after acquiring an additional 11,757 shares during the last quarter. DAVENPORT & Co LLC lifted its holdings in shares of Switch by 27.5% in the 4th quarter. DAVENPORT & Co LLC now owns 14,632 shares of the company’s stock worth $240,000 after acquiring an additional 3,155 shares during the last quarter. Coastal Investment Advisors Inc. lifted its holdings in shares of Switch by 14.2% in the 4th quarter. Coastal Investment Advisors Inc. now owns 13,912 shares of the company’s stock worth $228,000 after acquiring an additional 1,735 shares during the last quarter. Sarasin & Partners LLP bought a new stake in shares of Switch in the 4th quarter worth approximately $2,259,000. Finally, Pacer Advisors Inc. lifted its holdings in shares of Switch by 26.6% in the 4th quarter. Pacer Advisors Inc. now owns 870,730 shares of the company’s stock worth $14,254,000 after acquiring an additional 183,089 shares during the last quarter. Institutional investors and hedge funds own 35.47% of the company’s stock.
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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