Equinix, Inc. (NASDAQ:EQIX) Receives $1,013.43 Consensus Price Target from Brokerages
by Sarita Garza · The Markets DailyEquinix, Inc. (NASDAQ:EQIX – Get Free Report) has been given a consensus recommendation of “Moderate Buy” by the twenty-eight research firms that are presently covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation, nineteen have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $1,013.4348.
Several brokerages recently weighed in on EQIX. Scotiabank reaffirmed an “outperform” rating on shares of Equinix in a research report on Thursday, February 12th. Jefferies Financial Group increased their price objective on Equinix from $950.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Citigroup restated a “buy” rating on shares of Equinix in a report on Thursday, February 12th. Barclays lifted their target price on Equinix from $870.00 to $1,020.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 18th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $1,075.00 price target on shares of Equinix in a report on Friday, February 13th.
Check Out Our Latest Analysis on Equinix
Equinix Stock Down 1.6%
EQIX stock opened at $959.16 on Friday. The stock’s 50 day simple moving average is $890.78 and its 200 day simple moving average is $820.92. The company has a market cap of $94.24 billion, a P/E ratio of 69.76, a price-to-earnings-growth ratio of 2.47 and a beta of 1.04. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. Equinix has a fifty-two week low of $701.41 and a fifty-two week high of $992.90.
Equinix (NASDAQ:EQIX – Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.07 by ($0.16). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.46 billion. Equinix had a net margin of 14.65% and a return on equity of 9.60%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business posted $7.92 EPS. On average, research analysts expect that Equinix will post 33.1 earnings per share for the current fiscal year.
Equinix Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, February 25th were paid a $5.16 dividend. This represents a $20.64 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Wednesday, February 25th. This is a positive change from Equinix’s previous quarterly dividend of $4.69. Equinix’s dividend payout ratio (DPR) is currently 150.11%.
Insider Buying and Selling
In other news, Chairman Charles J. Meyers sold 305 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $961.19, for a total value of $293,162.95. Following the transaction, the chairman owned 12,594 shares in the company, valued at $12,105,226.86. The trade was a 2.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brandi Galvin Morandi sold 630 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $961.19, for a total value of $605,549.70. Following the completion of the transaction, the insider directly owned 10,394 shares of the company’s stock, valued at approximately $9,990,608.86. This represents a 5.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,842 shares of company stock valued at $14,494,840 over the last 90 days. 0.27% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Equinix
Hedge funds have recently made changes to their positions in the business. Ameriflex Group Inc. grew its position in Equinix by 433.3% during the third quarter. Ameriflex Group Inc. now owns 32 shares of the financial services provider’s stock valued at $25,000 after buying an additional 26 shares during the period. Abound Wealth Management raised its position in Equinix by 209.1% in the third quarter. Abound Wealth Management now owns 34 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 23 shares during the period. Kemnay Advisory Services Inc. purchased a new position in Equinix in the fourth quarter valued at about $30,000. Princeton Global Asset Management LLC grew its position in shares of Equinix by 200.0% during the 4th quarter. Princeton Global Asset Management LLC now owns 42 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 28 shares during the period. Finally, WPG Advisers LLC grew its position in shares of Equinix by 51.7% during the 4th quarter. WPG Advisers LLC now owns 44 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 15 shares during the period. 94.94% of the stock is currently owned by institutional investors.
Equinix Company Profile
Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.
Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.