Equinix (NASDAQ:EQIX) Earns “Buy” Rating from Truist Financial

Equinix (NASDAQ:EQIX)‘s stock had its “buy” rating restated by research analysts at Truist Financial in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $1,127.00 target price on the financial services provider’s stock, up from their previous target price of $1,087.00. Truist Financial’s price target points to a potential upside of 15.95% from the stock’s current price.

Several other equities analysts also recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Equinix from $950.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Thursday, February 12th. Barclays raised their price objective on Equinix from $870.00 to $1,020.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 18th. Citigroup reiterated a “buy” rating on shares of Equinix in a report on Thursday, February 12th. Wells Fargo & Company boosted their price objective on shares of Equinix from $925.00 to $975.00 and gave the stock an “overweight” rating in a research note on Thursday, February 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Equinix in a research note on Thursday, January 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,016.86.

Equinix Stock Up 0.8%

Shares of EQIX traded up $7.92 during midday trading on Tuesday, reaching $971.97. 78,243 shares of the stock were exchanged, compared to its average volume of 645,391. The company has a market cap of $95.50 billion, a price-to-earnings ratio of 70.99, a P/E/G ratio of 2.48 and a beta of 1.04. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.40. Equinix has a 12-month low of $701.41 and a 12-month high of $992.90. The firm has a 50 day simple moving average of $910.75 and a 200-day simple moving average of $828.83.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 EPS for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.46 billion. Equinix had a return on equity of 9.60% and a net margin of 14.65%.The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $7.92 EPS. Research analysts forecast that Equinix will post 33.1 EPS for the current year.

Insider Transactions at Equinix

In other Equinix news, EVP Raouf Abdel sold 927 shares of the business’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $801.78, for a total value of $743,250.06. Following the sale, the executive vice president owned 7,337 shares of the company’s stock, valued at $5,882,659.86. The trade was a 11.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Charles J. Meyers sold 2,716 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $965.15, for a total transaction of $2,621,347.40. Following the transaction, the chairman directly owned 12,594 shares of the company’s stock, valued at $12,155,099.10. The trade was a 17.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,842 shares of company stock valued at $14,494,840 over the last 90 days. Corporate insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Equinix

Several large investors have recently modified their holdings of EQIX. Norges Bank acquired a new position in shares of Equinix in the 4th quarter worth approximately $984,355,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Equinix by 408.1% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,186,497 shares of the financial services provider’s stock valued at $929,312,000 after buying an additional 953,001 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Equinix by 377,167.4% in the fourth quarter. SG Americas Securities LLC now owns 716,808 shares of the financial services provider’s stock valued at $549,190,000 after buying an additional 716,618 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Equinix by 25.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,875,355 shares of the financial services provider’s stock worth $2,252,094,000 after acquiring an additional 588,967 shares during the last quarter. Finally, Cohen & Steers Inc. raised its stake in shares of Equinix by 23.3% in the fourth quarter. Cohen & Steers Inc. now owns 2,609,011 shares of the financial services provider’s stock worth $1,998,978,000 after acquiring an additional 493,141 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.