Equinix (NASDAQ:EQIX) Given New $1,087.00 Price Target at Truist Financial

Equinix (NASDAQ:EQIX) had its target price hoisted by Truist Financial from $973.00 to $1,087.00 in a report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other brokerages also recently issued reports on EQIX. Barclays reiterated a “positive” rating and issued a $870.00 price target on shares of Equinix in a report on Tuesday, January 13th. Scotiabank reiterated an “outperform” rating on shares of Equinix in a report on Thursday, February 12th. Wells Fargo & Company raised their price target on shares of Equinix from $925.00 to $975.00 and gave the company an “overweight” rating in a report on Thursday, February 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $1,075.00 price objective on shares of Equinix in a research report on Friday, February 13th. Finally, The Goldman Sachs Group increased their target price on shares of Equinix from $785.00 to $894.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Equinix has a consensus rating of “Moderate Buy” and an average target price of $1,001.41.

Equinix Trading Down 2.9%

Shares of EQIX opened at $924.24 on Wednesday. The firm has a market capitalization of $90.81 billion, a price-to-earnings ratio of 67.22, a PEG ratio of 1.59 and a beta of 1.06. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.32 and a quick ratio of 1.32. Equinix has a 1-year low of $701.41 and a 1-year high of $992.90. The company has a 50-day moving average of $805.03 and a 200 day moving average of $792.85.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 EPS for the quarter, missing the consensus estimate of $9.07 by ($0.16). Equinix had a return on equity of 9.60% and a net margin of 14.65%.The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter in the previous year, the business earned $7.92 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, research analysts expect that Equinix will post 33.1 EPS for the current year.

Equinix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, February 25th will be given a $5.16 dividend. This represents a $20.64 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, February 25th. This is an increase from Equinix’s previous quarterly dividend of $4.69. Equinix’s payout ratio is 136.44%.

Insider Activity at Equinix

In other Equinix news, insider Jonathan Lin sold 888 shares of the firm’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $801.78, for a total value of $711,980.64. Following the completion of the transaction, the insider owned 9,390 shares of the company’s stock, valued at approximately $7,528,714.20. This trade represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Raouf Abdel sold 927 shares of the business’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $801.78, for a total transaction of $743,250.06. Following the sale, the executive vice president directly owned 7,337 shares in the company, valued at $5,882,659.86. This trade represents a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 14,353 shares of company stock worth $11,283,043 in the last 90 days. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Westside Investment Management Inc. increased its holdings in Equinix by 190.9% in the 2nd quarter. Westside Investment Management Inc. now owns 32 shares of the financial services provider’s stock worth $25,000 after buying an additional 21 shares during the period. Ameriflex Group Inc. increased its stake in shares of Equinix by 433.3% in the third quarter. Ameriflex Group Inc. now owns 32 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 26 shares during the period. Atlantic Union Bankshares Corp purchased a new position in shares of Equinix during the second quarter worth $26,000. Bank of Jackson Hole Trust lifted its position in Equinix by 70.0% during the second quarter. Bank of Jackson Hole Trust now owns 34 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 14 shares during the period. Finally, Abound Wealth Management boosted its holdings in Equinix by 209.1% in the third quarter. Abound Wealth Management now owns 34 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 23 shares during the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

About Equinix

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.