Equinix (NASDAQ:EQIX) Announces Quarterly Earnings Results

Equinix (NASDAQ:EQIX) posted its quarterly earnings results on Wednesday. The financial services provider reported $7.92 earnings per share for the quarter, beating the consensus estimate of $2.75 by $5.17, Zacks reports. Equinix had a net margin of 12.29% and a return on equity of 8.34%.

Equinix Stock Down 0.9 %

Shares of Equinix stock traded down $8.44 during trading on Wednesday, hitting $935.20. 514,298 shares of the stock were exchanged, compared to its average volume of 486,069. The stock has a market cap of $90.24 billion, a price-to-earnings ratio of 84.33, a price-to-earnings-growth ratio of 2.23 and a beta of 0.72. The firm’s 50-day moving average price is $937.53 and its 200 day moving average price is $894.48. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.16 and a quick ratio of 1.16. Equinix has a 12-month low of $684.14 and a 12-month high of $994.03.

Analyst Ratings Changes

EQIX has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their target price on Equinix from $1,100.00 to $1,075.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Royal Bank of Canada boosted their price objective on shares of Equinix from $936.00 to $1,025.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Scotiabank lifted their price target on shares of Equinix from $985.00 to $1,114.00 and gave the company a “sector outperform” rating in a research report on Thursday, January 23rd. Truist Financial upped their price objective on shares of Equinix from $935.00 to $1,090.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Finally, BMO Capital Markets lifted their target price on shares of Equinix from $975.00 to $1,020.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Equinix has an average rating of “Buy” and a consensus price target of $996.06.

Insider Buying and Selling at Equinix

In other Equinix news, EVP Raouf Abdel sold 1,331 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $903.71, for a total transaction of $1,202,838.01. Following the transaction, the executive vice president now owns 6,579 shares of the company’s stock, valued at approximately $5,945,508.09. This trade represents a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kurt Pletcher sold 222 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $962.20, for a total value of $213,608.40. Following the completion of the sale, the insider now directly owns 1,015 shares of the company’s stock, valued at approximately $976,633. This trade represents a 17.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,801 shares of company stock worth $15,530,564 over the last ninety days. Corporate insiders own 0.27% 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.