Equinix (NASDAQ:EQIX) Price Target Raised to $975.00

04 Oct 2024, 08:21 by Mitch Edgeman · The Markets Daily

Equinix (NASDAQ:EQIX – Free Report) had its price target boosted by JPMorgan Chase & Co. from $950.00 to $975.00 in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. Mizuho raised their target price on shares of Equinix from $873.00 to $971.00 and gave the company an outperform rating in a report on Thursday, September 12th. Cfra restated a hold rating on shares of Equinix in a research report on Tuesday, September 24th. The Goldman Sachs Group raised their target price on Equinix from $870.00 to $980.00 and gave the company a buy rating in a report on Thursday, September 26th. Wells Fargo & Company upgraded Equinix from an equal weight rating to an overweight rating and upped their price objective for the stock from $825.00 to $875.00 in a research report on Tuesday, July 23rd. Finally, Truist Financial lifted their target price on Equinix from $915.00 to $935.00 and gave the company a buy rating in a research report on Wednesday, August 21st. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Equinix presently has a consensus rating of Moderate Buy and a consensus price target of $897.13.

Check Out Our Latest Analysis on EQIX

Equinix Trading Down 1.2 %

Shares of Equinix stock opened at $876.22 on Tuesday. Equinix has a 52-week low of $677.80 and a 52-week high of $914.93. The firm has a 50-day moving average of $836.16 and a 200-day moving average of $793.05. The stock has a market cap of $83.16 billion, a PE ratio of 87.89, a PEG ratio of 2.15 and a beta of 0.71. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.22 and a current ratio of 1.22.

Equinix (NASDAQ:EQIX – Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share for the quarter, missing the consensus estimate of $7.88 by ($4.72). The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.16 billion. Equinix had a net margin of 12.24% and a return on equity of 8.46%. Equinix’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $8.04 earnings per share. As a group, sell-side analysts forecast that Equinix will post 31.01 EPS for the current year.

Equinix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 21st were paid a $4.26 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $17.04 annualized dividend and a dividend yield of 1.94%. Equinix’s dividend payout ratio is 170.91%.

Insider Buying and Selling

In other Equinix news, EVP Scott Crenshaw sold 1,107 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $815.60, for a total value of $902,869.20. Following the sale, the executive vice president now owns 4 shares in the company, valued at approximately $3,262.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Scott Crenshaw sold 1,107 shares of Equinix stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $815.60, for a total value of $902,869.20. Following the transaction, the executive vice president now directly owns 4 shares of the company’s stock, valued at $3,262.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Simon Miller sold 569 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $820.91, for a total value of $467,097.79. Following the completion of the sale, the chief accounting officer now owns 5,554 shares in the company, valued at $4,559,334.14. The disclosure for this sale can be found here. Insiders sold a total of 10,043 shares of company stock valued at $8,282,119 in the last three months. Insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

Institutional investors have recently bought and sold shares of the company. Bank of Nova Scotia grew its stake in Equinix by 33.7% during the fourth quarter. Bank of Nova Scotia now owns 11,915 shares of the financial services provider’s stock worth $9,596,000 after purchasing an additional 3,003 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Equinix by 4.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 75,927 shares of the financial services provider’s stock worth $61,151,000 after buying an additional 3,358 shares during the period. NEOS Investment Management LLC increased its stake in shares of Equinix by 74.2% in the 4th quarter. NEOS Investment Management LLC now owns 1,324 shares of the financial services provider’s stock valued at $1,066,000 after acquiring an additional 564 shares in the last quarter. Rafferty Asset Management LLC lifted its position in shares of Equinix by 20.5% during the 4th quarter. Rafferty Asset Management LLC now owns 12,591 shares of the financial services provider’s stock valued at $10,141,000 after acquiring an additional 2,142 shares during the period. Finally, Lake Street Advisors Group LLC bought a new position in Equinix during the fourth quarter worth $440,000. Institutional investors own 94.94% of the company’s stock.

About Equinix

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