Equinix (NASDAQ:EQIX) Price Target Cut to $925.00 by Analysts at Wells Fargo & Company

Equinix (NASDAQ:EQIX) had its price objective cut by Wells Fargo & Company from $1,065.00 to $925.00 in a report released on Thursday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other equities analysts also recently issued reports on EQIX. Bank of America dropped their price target on shares of Equinix from $1,000.00 to $950.00 and set a “buy” rating for the company in a research note on Thursday. Cfra Research upgraded Equinix from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. Scotiabank lowered their target price on Equinix from $1,030.00 to $965.00 and set a “sector outperform” rating for the company in a research report on Thursday. Mizuho cut 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, TD Securities increased their price target on Equinix from $978.00 to $1,018.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and six have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $977.30.

Equinix Price Performance

Equinix stock opened at $745.53 on Thursday. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $72.93 billion, a PE ratio of 77.50, a P/E/G ratio of 1.07 and a beta of 0.97. Equinix has a 12 month low of $701.41 and a 12 month high of $994.03. The stock has a 50-day moving average price of $867.36 and a two-hundred day moving average price of $882.41.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.01 by $0.66. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.23 billion. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $8.86 earnings per share. Analysts expect that Equinix will post 33.1 EPS for the current year.

Equinix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were paid a $4.69 dividend. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Wednesday, May 21st. Equinix’s dividend payout ratio (DPR) is 195.01%.

Insider Buying and Selling

In other news, CEO Adaire Fox-Martin sold 2,949 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $884.91, for a total value of $2,609,599.59. Following the completion of the transaction, the chief executive officer now directly owns 9,615 shares of the company’s stock, valued at $8,508,409.65. This represents a 23.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kurt Pletcher sold 127 shares of the business’s stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total value of $111,467.90. Following the completion of the transaction, the insider now directly owns 1,842 shares in the company, valued at approximately $1,616,723.40. This represents a 6.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,176 shares of company stock worth $2,808,008 in the last quarter. Insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

A number of large investors have recently added to or reduced their stakes in the stock. Activest Wealth Management boosted its stake in Equinix by 121.4% in the first quarter. Activest Wealth Management now owns 31 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 17 shares during the last quarter. Pinney & Scofield Inc. bought a new stake in shares of Equinix in the 4th quarter worth approximately $28,000. GKV Capital Management Co. Inc. purchased a new position in Equinix in the first quarter valued at approximately $30,000. Saudi Central Bank bought a new position in Equinix during the first quarter valued at $31,000. Finally, Quarry LP purchased a new stake in Equinix in the first quarter worth $31,000. Hedge funds and other institutional investors 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.