Equinix (NASDAQ:EQIX) Releases FY 2024 Earnings Guidance

Equinix (NASDAQ:EQIX) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 34.450-35.290 for the period, compared to the consensus estimate of 25.160. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.9 billion. Equinix also updated its FY24 guidance to $34.45-35.29 EPS.

Analysts Set New Price Targets

A number of brokerages have weighed in on EQIX. Truist Financial raised their target price on Equinix from $915.00 to $950.00 and gave the company a buy rating in a report on Monday, March 18th. Royal Bank of Canada increased their price target on Equinix from $855.00 to $950.00 and gave the company an outperform rating in a research note on Thursday, February 29th. HSBC cut Equinix from a buy rating to a hold rating and set a $900.00 price target for the company. in a research note on Wednesday, March 20th. Stifel Nicolaus reiterated a buy rating and issued a $960.00 price target on shares of Equinix in a research note on Wednesday, March 13th. Finally, Oppenheimer increased their price target on Equinix from $875.00 to $950.00 and gave the company an outperform rating in a research note on Wednesday, March 20th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $870.44.

Equinix Trading Down 2.7 %

Shares of EQIX stock traded down $19.16 during mid-day trading on Wednesday, hitting $692.71. The company’s stock had a trading volume of 875,729 shares, compared to its average volume of 599,941. The company’s fifty day simple moving average is $800.46 and its 200-day simple moving average is $802.10. Equinix has a 52 week low of $672.88 and a 52 week high of $914.93. The company has a market cap of $65.54 billion, a PE ratio of 67.19, a P/E/G ratio of 1.81 and a beta of 0.62. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.13 and a current ratio of 1.13.

Equinix Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd will be paid a dividend of $4.26 per share. This represents a $17.04 dividend on an annualized basis and a yield of 2.46%. Equinix’s dividend payout ratio (DPR) is currently 165.28%.

Insider Buying and Selling at Equinix

In other news, Chairman Camp Peter Van sold 122 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $831.12, for a total transaction of $101,396.64. Following the transaction, the chairman now directly owns 7,968 shares of the company’s stock, valued at $6,622,364.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Equinix news, CFO Keith D. Taylor sold 1,164 shares of Equinix stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $832.98, for a total transaction of $969,588.72. Following the completion of the transaction, the chief financial officer now owns 23,187 shares in the company, valued at approximately $19,314,307.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Camp Peter Van sold 122 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $831.12, for a total value of $101,396.64. Following the sale, the chairman now directly owns 7,968 shares of the company’s stock, valued at $6,622,364.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,585 shares of company stock valued at $3,818,268. Company 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.