Equinix (NASDAQ:EQIX) Rating Lowered to “Market Perform” at BMO Capital Markets

Equinix (NASDAQ:EQIX) was downgraded by equities researchers at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a report issued on Thursday, Marketbeat.com reports. They presently have a $850.00 target price on the financial services provider’s stock, down from their previous target price of $1,045.00. BMO Capital Markets’ target price points to a potential upside of 14.01% from the company’s previous close.

A number of other brokerages have also commented on EQIX. Scotiabank cut their price objective on shares of Equinix from $1,040.00 to $1,030.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, April 22nd. Cfra Research upgraded shares of Equinix from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 28th. Truist Financial reduced their price target on Equinix from $990.00 to $986.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Citigroup boosted their price target on Equinix from $970.00 to $990.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Finally, TD Securities increased their price objective on Equinix from $978.00 to $1,018.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Four investment 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 company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $977.30.

Equinix Stock Down 9.6%

Shares of EQIX opened at $745.53 on Thursday. 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 has a 52 week low of $701.41 and a 52 week high of $994.03. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.65 and a current ratio of 1.65. The business’s fifty day moving average price is $867.36 and its two-hundred day moving average price is $882.41.

Equinix (NASDAQ:EQIX) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.01 by $0.66. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company earned $8.86 EPS. On average, analysts predict that Equinix will post 33.1 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Christopher B. Paisley sold 100 shares of Equinix stock in a transaction on Friday, May 16th. The shares were sold at an average price of $869.41, for a total transaction of $86,941.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kurt Pletcher sold 127 shares of Equinix stock in a transaction that occurred 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 $1,616,723.40. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,176 shares of company stock valued at $2,808,008. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Equinix

Several hedge funds have recently added to or reduced their stakes in the stock. AG2R LA Mondiale Gestion D Actifs purchased a new stake in shares of Equinix during the first quarter valued at $3,296,000. Voya Investment Management LLC raised its position in Equinix by 27.0% in the first quarter. Voya Investment Management LLC now owns 222,442 shares of the financial services provider’s stock worth $181,368,000 after acquiring an additional 47,262 shares during the period. BROOKFIELD Corp ON increased its stake in shares of Equinix by 2.7% in the 1st quarter. BROOKFIELD Corp ON now owns 73,197 shares of the financial services provider’s stock worth $59,681,000 after purchasing an additional 1,942 shares in the last quarter. Nicola Wealth Management LTD. raised its holdings in Equinix by 10.4% in the 1st quarter. Nicola Wealth Management LTD. now owns 3,931 shares of the financial services provider’s stock worth $3,205,000 after purchasing an additional 370 shares during the period. Finally, First Hawaiian Bank lifted its position in Equinix by 34.2% during the first quarter. First Hawaiian Bank now owns 663 shares of the financial services provider’s stock valued at $541,000 after purchasing an additional 169 shares in the last quarter. 94.94% of the stock is owned by 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.