Equinix (NASDAQ:EQIX) Price Target Lowered to $965.00 at Scotiabank

Equinix (NASDAQ:EQIX) had its price objective trimmed by Scotiabank from $1,030.00 to $965.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a sector outperform rating on the financial services provider’s stock.

Several other equities research analysts have also weighed in on the company. Barclays lifted their price target on Equinix from $834.00 to $837.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 27th. Truist Financial dropped their target price on shares of Equinix from $990.00 to $986.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Wolfe Research lowered shares of Equinix from an “outperform” rating to a “peer perform” rating in a research note on Monday, June 9th. Cfra Research raised shares of Equinix from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. Finally, BMO Capital Markets set a $850.00 price objective on shares of Equinix and gave the stock a “market perform” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and six have assigned a strong buy rating to the company. According to MarketBeat, Equinix currently has a consensus rating of “Buy” and an average target price of $977.30.

Equinix Trading Down 9.6%

Shares of EQIX opened at $745.53 on Thursday. Equinix has a 1-year low of $701.41 and a 1-year high of $994.03. 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 firm’s 50-day moving average price is $867.36 and its 200-day moving average price is $882.41. The firm 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.

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

Equinix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, May 21st were issued a dividend of $4.69 per share. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $18.76 annualized dividend and a dividend yield of 2.52%. Equinix’s payout ratio is 195.01%.

Insider Transactions at Equinix

In other news, CEO Adaire Fox-Martin sold 2,949 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total value of $2,609,599.59. Following the transaction, the chief executive officer now owns 9,615 shares in the company, valued at $8,508,409.65. This represents a 23.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 completion of the transaction, the insider now directly owns 1,842 shares in the company, valued at approximately $1,616,723.40. The trade was a 6.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,176 shares of company stock worth $2,808,008 in the last ninety days. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Equinix

Several hedge funds and other institutional investors have recently modified their holdings of EQIX. Activest Wealth Management lifted its position in Equinix by 121.4% during the first quarter. Activest Wealth Management now owns 31 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Pinney & Scofield Inc. purchased a new stake in Equinix in the fourth quarter worth about $28,000. GKV Capital Management Co. Inc. bought a new position in shares of Equinix in the first quarter worth about $30,000. Saudi Central Bank purchased a new position in shares of Equinix during the 1st quarter valued at about $31,000. Finally, Quarry LP purchased a new position in shares of Equinix during the 1st quarter valued at about $31,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

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.