Equinix, Inc. (EQIX) Announces Earnings Results, Beats Expectations By $2.24 EPS
Equinix, Inc. (NASDAQ:EQIX) announced its earnings results on Wednesday. The financial services provider reported $3.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $2.24, Bloomberg Earnings reports. Equinix had a net margin of 5.58% and a return on equity of 5.77%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business earned $3.95 earnings per share. Equinix’s revenue was up 24.6% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 15th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Tuesday, November 14th. Equinix’s dividend payout ratio is currently 264.03%.
In related news, insider Karl Strohmeyer sold 250 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $464.96, for a total transaction of $116,240.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Keith D. Taylor sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $464.57, for a total transaction of $464,570.00. Following the transaction, the chief financial officer now directly owns 32,096 shares in the company, valued at $14,910,838.72. The disclosure for this sale can be found here. Insiders have sold 11,411 shares of company stock worth $5,152,777 over the last ninety days. 0.58% of the stock is currently owned by insiders.
A number of analysts recently issued reports on the stock. Citigroup Inc. raised their target price on shares of Equinix from $518.00 to $530.00 and gave the stock a “buy” rating in a research report on Thursday. Oppenheimer Holdings, Inc. raised their target price on shares of Equinix from $472.00 to $500.00 and gave the stock an “outperform” rating in a research report on Thursday. Morgan Stanley raised their target price on shares of Equinix from $424.00 to $435.00 and gave the stock an “equal weight” rating in a research report on Thursday. Credit Suisse Group restated an “outperform” rating and set a $515.00 target price (up previously from $510.00) on shares of Equinix in a research report on Thursday. Finally, Deutsche Bank AG assumed coverage on shares of Equinix in a research report on Tuesday, October 24th. They set a “buy” rating and a $550.00 target price on the stock. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $492.47.
Equinix Company Profile
Equinix, Inc (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems.
Receive News & Ratings for Equinix Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Equinix Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.