Equinix (NASDAQ:EQIX) Price Target Raised to $985.00

Equinix (NASDAQ:EQIX) had its price objective hoisted by research analysts at Scotiabank from $954.00 to $985.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price target would indicate a potential upside of 7.73% from the company’s previous close.

A number of other equities analysts also recently weighed in on the company. HSBC upgraded Equinix from a “hold” rating to a “buy” rating and upped their target price for the company from $865.00 to $1,000.00 in a report on Friday, October 4th. JPMorgan Chase & Co. raised their price objective on shares of Equinix from $950.00 to $975.00 and gave the company an “overweight” rating in a research report on Tuesday, October 1st. BMO Capital Markets raised their target price on Equinix from $975.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft boosted their target price on Equinix from $880.00 to $910.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. Finally, TD Cowen raised their price target on shares of Equinix from $865.00 to $984.00 and gave the stock a “buy” rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $944.63.

Equinix Stock Performance

Shares of NASDAQ EQIX traded up $4.13 during mid-day trading on Thursday, hitting $914.35. The company had a trading volume of 451,347 shares, compared to its average volume of 528,273. Equinix has a 12 month low of $684.14 and a 12 month high of $943.02. The stock has a market cap of $86.78 billion, a price-to-earnings ratio of 91.71, a PEG ratio of 2.11 and a beta of 0.71. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.22 and a quick ratio of 1.22. The firm’s 50 day simple moving average is $866.57 and its two-hundred day simple moving average is $804.08.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 EPS for the quarter, missing analysts’ consensus estimates of $7.88 by ($4.72). Equinix had a net margin of 12.24% and a return on equity of 8.46%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period last year, the business posted $8.04 earnings per share. Equinix’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities research analysts forecast that Equinix will post 31.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Brandi Galvin Morandi sold 863 shares of Equinix stock in a transaction on Friday, October 25th. The stock was sold at an average price of $915.00, for a total transaction of $789,645.00. Following the sale, the insider now directly owns 8,231 shares in the company, valued at approximately $7,531,365. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Brandi Galvin Morandi sold 863 shares of Equinix stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $915.00, for a total value of $789,645.00. Following the sale, the insider now owns 8,231 shares of the company’s stock, valued at approximately $7,531,365. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Charles J. Meyers sold 6,234 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total value of $5,136,628.98. Following the completion of the sale, the chairman now directly owns 7,680 shares of the company’s stock, valued at $6,328,089.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,906 shares of company stock valued at $9,071,764 in the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Equinix

A number of institutional investors and hedge funds have recently made changes to their positions in the business. CNB Bank boosted its position in shares of Equinix by 172.7% during the 1st quarter. CNB Bank now owns 30 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 19 shares during the last quarter. LRI Investments LLC bought a new position in shares of Equinix in the 1st quarter worth $31,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Equinix in the second quarter worth $30,000. GHP Investment Advisors Inc. increased its stake in Equinix by 50.0% in the third quarter. GHP Investment Advisors Inc. now owns 39 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 13 shares during the last quarter. Finally, Fortitude Family Office LLC raised its position in Equinix by 50.0% during the third quarter. Fortitude Family Office LLC now owns 39 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 13 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.