Equinix (NASDAQ:EQIX) Price Target Cut to $935.00 by Analysts at JPMorgan Chase & Co.

Equinix (NASDAQ:EQIX) had its price objective decreased by JPMorgan Chase & Co. from $975.00 to $935.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the company. BMO Capital Markets set a $850.00 target price on Equinix and gave the stock a “market perform” rating in a research report on Thursday. JMP Securities reaffirmed a “market outperform” rating and issued a $1,200.00 price target on shares of Equinix in a report on Friday, May 23rd. Bank of America cut their price objective on Equinix from $1,000.00 to $950.00 and set a “buy” rating for the company in a report on Thursday. TD Securities upped their price objective on shares of Equinix from $978.00 to $1,018.00 and gave the stock a “buy” rating in a research report on Thursday, May 1st. Finally, Mizuho lowered their target price on shares of Equinix from $1,094.00 to $1,053.00 and set an “outperform” rating on the stock in a research note on Friday, March 28th. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and six have issued a strong buy rating to the stock. According to data from MarketBeat, Equinix presently has a consensus rating of “Buy” and an average target price of $977.30.

Equinix Stock Down 9.6%

EQIX stock opened at $745.53 on Thursday. The stock has a fifty day moving average of $867.36 and a 200-day moving average of $882.41. Equinix has a fifty-two week low of $701.41 and a fifty-two week high of $994.03. The company has a market capitalization of $72.93 billion, a price-to-earnings ratio of 77.50, a PEG ratio of 1.07 and a beta of 0.97. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.65 and a current ratio of 1.65.

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

Equinix Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders 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 presently 195.01%.

Insider Activity at Equinix

In related news, insider Kurt Pletcher sold 127 shares of Equinix stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $877.70, for a total value of $111,467.90. Following the transaction, the insider now directly owns 1,842 shares of the company’s stock, valued at $1,616,723.40. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adaire Fox-Martin sold 2,949 shares of the business’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the completion of the transaction, the chief executive officer now owns 9,615 shares in the company, valued at $8,508,409.65. The trade was a 23.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,176 shares of company stock worth $2,808,008 in the last ninety days. 0.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Equinix in the 4th quarter worth approximately $1,067,270,000. GAMMA Investing LLC lifted its stake in Equinix by 82,340.9% in the first quarter. GAMMA Investing LLC now owns 890,362 shares of the financial services provider’s stock worth $725,957,000 after acquiring an additional 889,282 shares during the period. Nuveen LLC bought a new stake in Equinix in the first quarter valued at $662,663,000. Northern Trust Corp boosted its holdings in Equinix by 65.3% in the fourth quarter. Northern Trust Corp now owns 1,483,781 shares of the financial services provider’s stock valued at $1,399,042,000 after acquiring an additional 586,034 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Equinix by 28.7% during the 4th quarter. Wellington Management Group LLP now owns 1,804,227 shares of the financial services provider’s stock valued at $1,701,188,000 after purchasing an additional 401,991 shares during the period. Hedge funds and other institutional investors own 94.94% 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.