Equinix (NASDAQ:EQIX) Price Target Cut to $986.00 by Analysts at Truist Financial

Equinix (NASDAQ:EQIX) had its price target reduced by stock analysts at Truist Financial from $990.00 to $986.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 13.34% from the stock’s previous close.

EQIX has been the subject of several other reports. BNP Paribas raised shares of Equinix to a “strong-buy” rating in a report on Thursday, May 1st. BMO Capital Markets cut their price objective on Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Barclays raised their price objective on Equinix from $822.00 to $834.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. Stifel Nicolaus increased their price target on shares of Equinix from $1,030.00 to $1,050.00 and gave the company a “buy” rating in a research report on Thursday, May 1st. Finally, Moffett Nathanson raised Equinix from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 5th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and six have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $1,004.89.

Equinix Stock Up 0.6%

Equinix stock traded up $5.53 during trading on Monday, hitting $869.92. 159,074 shares of the company were exchanged, compared to its average volume of 527,094. 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 company has a market capitalization of $85.09 billion, a P/E ratio of 101.74, a PEG ratio of 1.78 and a beta of 0.97. The business’s 50 day moving average is $825.01 and its 200 day moving average is $894.10. Equinix has a 52 week low of $701.41 and a 52 week high of $994.03.

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

Insider Buying and Selling at Equinix

In other Equinix news, insider Brandi Galvin Morandi sold 684 shares of the company’s stock in a transaction on 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 owns 8,377 shares of the company’s stock, valued at approximately $7,878,652.27. This represents a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kurt Pletcher sold 127 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the transaction, the insider now directly owns 1,842 shares of the company’s stock, valued at $1,616,723.40. This represents a 6.45% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,167 shares of company stock worth $6,658,536. 0.27% of the stock is owned by insiders.

Institutional Investors Weigh In On Equinix

Several institutional investors and hedge funds have recently modified their holdings of EQIX. JPMorgan Chase & Co. increased its holdings in shares of Equinix by 17.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,338,597 shares of the financial services provider’s stock worth $1,188,180,000 after purchasing an additional 203,656 shares during the period. Harbor Capital Advisors Inc. grew its position in Equinix by 2.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,880 shares of the financial services provider’s stock worth $1,773,000 after acquiring an additional 50 shares during the last quarter. Czech National Bank grew its holdings in Equinix by 8.2% during the 4th quarter. Czech National Bank now owns 20,921 shares of the financial services provider’s stock worth $19,726,000 after acquiring an additional 1,580 shares during the last quarter. Brookstone Capital Management acquired a new position in Equinix during the 4th quarter worth $223,000. Finally, Wedmont Private Capital lifted its position in Equinix by 7.3% during the 4th quarter. Wedmont Private Capital now owns 1,032 shares of the financial services provider’s stock valued at $928,000 after purchasing an additional 70 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

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.