Switch, Inc. (NYSE:SWCH - Get Rating) - Equities research analysts at William Blair boosted their FY2022 earnings estimates for Switch in a research report issued on Wednesday, May 11th. William Blair analyst J. Breen now anticipates that the company will post earnings per share of $0.27 for the year, up from their previous estimate of $0.24. William Blair has a "Market Perform" rating on the stock.
Several other equities analysts have also weighed in on the stock. Cowen lowered shares of Switch from an "outperform" rating to a "market perform" rating in a report on Wednesday, May 11th. Citigroup lowered shares of Switch from a "buy" rating to a "neutral" rating in a report on Thursday. Barclays lowered shares of Switch from an "overweight" rating to an "equal weight" rating in a report on Friday. Wells Fargo & Company lowered shares of Switch from an "overweight" rating to an "equal weight" rating and boosted their price objective for the stock from $28.00 to $31.00 in a report on Friday, March 25th. Finally, Cowen lowered shares of Switch from an "outperform" rating to a "market perform" rating in a report on Wednesday, May 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $29.91.
Shares of NYSE SWCH opened at $33.47 on Monday. Switch has a 52-week low of $18.24 and a 52-week high of $33.84. The firm has a fifty day moving average of $30.19 and a 200-day moving average of $27.61. The stock has a market capitalization of $8.17 billion, a PE ratio of 836.96 and a beta of 0.71. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 2.70. Switch (NYSE:SWCH - Get Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). Switch had a net margin of 1.05% and a return on equity of 2.82%. The company had revenue of $164.60 million for the quarter, compared to analysts' expectations of $163.82 million. During the same period in the prior year, the firm earned $0.08 earnings per share. The firm's quarterly revenue was up 25.7% on a year-over-year basis.
Hedge funds have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. acquired a new stake in Switch during the first quarter valued at approximately $27,000. WD Rutherford LLC lifted its stake in Switch by 575.0% during the first quarter. WD Rutherford LLC now owns 1,350 shares of the company's stock valued at $42,000 after purchasing an additional 1,150 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Switch by 113.6% during the third quarter. PNC Financial Services Group Inc. now owns 1,472 shares of the company's stock valued at $37,000 after purchasing an additional 783 shares during the last quarter. Total Clarity Wealth Management Inc. acquired a new stake in Switch during the fourth quarter valued at approximately $43,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in Switch during the first quarter valued at approximately $46,000. 51.25% of the stock is owned by institutional investors and hedge funds.
In other news, Director Thomas A. Thomas sold 40,000 shares of the stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $30.73, for a total value of $1,229,200.00. Following the completion of the transaction, the director now directly owns 2,658,397 shares in the company, valued at $81,692,539.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 29.18% of the company's stock.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 6th. Shareholders of record on Tuesday, May 24th will be given a $0.0525 dividend. This is a boost from Switch's previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Monday, May 23rd. This represents a $0.21 annualized dividend and a yield of 0.63%. Switch's dividend payout ratio is 525.13%.
About Switch (Get Rating)
Switch, Inc, through its subsidiary, Switch, Ltd., provides colocation space and related services. 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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