Equinix (NASDAQ:EQIX) Price Target Cut to $950.00 by Analysts at Bank of America

Equinix (NASDAQ:EQIX) had its price target cut by Bank of America from $1,000.00 to $950.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

EQIX has been the subject of a number of other research reports. BNP Paribas raised shares of Equinix to a “strong-buy” rating in a report on Thursday, May 1st. Stifel Nicolaus increased their price objective on shares of Equinix from $1,030.00 to $1,050.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Wolfe Research lowered shares of Equinix from an “outperform” rating to a “peer perform” rating in a research report on Monday, June 9th. New Street Research upgraded shares of Equinix to a “strong-buy” rating in a report on Monday, April 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 equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and six have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $977.30.

Equinix Stock Performance

NASDAQ EQIX opened at $745.53 on Thursday. The firm’s 50 day simple moving average is $867.36 and its 200 day simple moving average is $882.41. The firm has a market capitalization of $72.93 billion, a price-to-earnings ratio of 77.50, a P/E/G ratio of 1.07 and a beta of 0.97. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 1.20. Equinix has a 1 year low of $701.41 and a 1 year high of $994.03.

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

Equinix Announces Dividend

The company also recently disclosed 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 of this dividend was Wednesday, May 21st. Equinix’s dividend payout ratio is currently 195.01%.

Insider Buying and Selling

In other Equinix news, Director Christopher B. Paisley sold 100 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $869.41, for a total value of $86,941.00. Following the transaction, the director now directly owns 17,569 shares of the company’s stock, valued at approximately $15,274,664.29. The trade was a 0.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kurt Pletcher sold 127 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total transaction of $111,467.90. Following the sale, the insider now directly owns 1,842 shares of the company’s stock, valued at approximately $1,616,723.40. This trade represents a 6.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,176 shares of company stock valued at $2,808,008 over the last quarter. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Several institutional investors have recently made changes to their positions in the stock. Activest Wealth Management increased its position in Equinix by 121.4% in the 1st quarter. Activest Wealth Management now owns 31 shares of the financial services provider’s stock valued at $25,000 after buying an additional 17 shares in the last quarter. Pinney & Scofield Inc. acquired a new stake in Equinix in the fourth quarter valued at approximately $28,000. GKV Capital Management Co. Inc. bought a new stake in shares of Equinix during the first quarter valued at approximately $30,000. Saudi Central Bank bought a new stake in shares of Equinix during the first quarter valued at approximately $31,000. Finally, Quarry LP acquired a new position in shares of Equinix during the first quarter worth approximately $31,000. Institutional investors and hedge funds 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.