Equinix (NASDAQ:EQIX) Stock Price Expected to Rise, Citigroup Analyst Says

Equinix (NASDAQ:EQIX) had its price objective hoisted by Citigroup from $970.00 to $990.00 in a research report released on Monday morning, MarketBeat.com reports. Citigroup currently has a buy rating on the financial services provider’s stock.

A number of other analysts also recently commented on EQIX. JMP Securities restated a “market outperform” rating and set a $1,200.00 price target on shares of Equinix in a research report on Thursday, May 1st. Wells Fargo & Company decreased their price target on Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. Barclays upped their price objective on Equinix from $822.00 to $834.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Mizuho lowered their target price on Equinix from $1,094.00 to $1,053.00 and set an “outperform” rating on the stock in a report on Friday, March 28th. Finally, Truist Financial reduced their price objective on shares of Equinix from $1,028.00 to $990.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and six have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $1,005.11.

Equinix Price Performance

Shares of NASDAQ:EQIX opened at $872.35 on Monday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19. The firm’s 50 day moving average is $826.93 and its two-hundred day moving average is $894.32. The firm has a market capitalization of $85.33 billion, a P/E ratio of 102.03, a PEG ratio of 1.78 and a beta of 0.97. Equinix has a 52 week low of $684.14 and a 52 week high of $994.03.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.01 by $0.66. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. Equinix had a return on equity of 6.31% and a net margin of 9.32%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $8.86 EPS. Analysts anticipate that Equinix will post 33.1 earnings per share for the current year.

Equinix Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, May 21st will be given a $4.69 dividend. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Wednesday, May 21st. Equinix’s dividend payout ratio (DPR) is 195.01%.

Insider Activity at Equinix

In other Equinix news, insider Brandi Galvin Morandi sold 684 shares of the company’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $940.51, for a total value of $643,308.84. Following the transaction, the insider now directly owns 8,377 shares of the company’s stock, valued at $7,878,652.27. This represents a 7.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith D. Taylor sold 2,454 shares of Equinix stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $929.34, for a total value of $2,280,600.36. Following the sale, the chief financial officer now owns 24,402 shares of the company’s stock, valued at approximately $22,677,754.68. This represents a 9.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,040 shares of company stock valued at $6,547,068. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

A number of institutional investors have recently added to or reduced their stakes in EQIX. Vanguard Group Inc. raised its holdings in Equinix by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 12,664,699 shares of the financial services provider’s stock valued at $11,941,418,000 after buying an additional 88,654 shares in the last quarter. Geode Capital Management LLC grew its holdings in Equinix by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 2,412,513 shares of the financial services provider’s stock valued at $2,269,037,000 after purchasing an additional 62,005 shares during the last quarter. FMR LLC raised its position in shares of Equinix by 3.7% in the fourth quarter. FMR LLC now owns 2,264,958 shares of the financial services provider’s stock valued at $2,135,606,000 after purchasing an additional 81,144 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Equinix by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 1,938,572 shares of the financial services provider’s stock worth $1,827,847,000 after buying an additional 44,471 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Equinix by 0.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,902,053 shares of the financial services provider’s stock worth $1,793,429,000 after buying an additional 14,294 shares during the period. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Equinix Company Profile

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.