Equinix (NASDAQ:EQIX) Given New $1,020.00 Price Target at Barclays

Equinix (NASDAQ:EQIX) had its price objective hoisted by Barclays from $870.00 to $1,020.00 in a research report report published on Wednesday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other analysts also recently commented on EQIX. Wall Street Zen downgraded shares of Equinix from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Scotiabank restated an “outperform” rating on shares of Equinix in a research report on Thursday, February 12th. Weiss Ratings restated a “hold (c)” rating on shares of Equinix in a report on Thursday, January 22nd. Truist Financial upped their target price on Equinix from $973.00 to $1,087.00 and gave the company a “buy” rating in a research report on Wednesday, February 18th. Finally, Wells Fargo & Company increased their target price on Equinix from $925.00 to $975.00 and gave the stock an “overweight” rating in a research note on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $1,013.43.

Equinix Trading Down 0.3%

Shares of Equinix stock opened at $973.56 on Wednesday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.32 and a quick ratio of 1.32. The business has a fifty day simple moving average of $883.74 and a two-hundred day simple moving average of $817.88. Equinix has a 1 year low of $701.41 and a 1 year high of $992.90. The company has a market capitalization of $95.65 billion, a price-to-earnings ratio of 70.80, a P/E/G ratio of 2.51 and a beta of 1.04.

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). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.46 billion. Equinix had a net margin of 14.65% and a return on equity of 9.60%. Equinix’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $7.92 earnings per share. Research analysts forecast that Equinix will post 33.1 EPS for the current year.

Equinix Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 25th were issued a $5.16 dividend. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $20.64 dividend on an annualized basis and a yield of 2.1%. This is an increase from Equinix’s previous quarterly dividend of $4.69. Equinix’s payout ratio is presently 150.11%.

Insider Activity

In other news, CFO Keith D. Taylor sold 2,051 shares of the firm’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $804.17, for a total transaction of $1,649,352.67. Following the transaction, the chief financial officer directly owned 26,373 shares of the company’s stock, valued at approximately $21,208,375.41. This trade represents a 7.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Raouf Abdel sold 927 shares of Equinix stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 7,337 shares of the company’s stock, valued at approximately $5,882,659.86. The trade was a 11.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 16,842 shares of company stock worth $14,494,840. Insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

Several large investors have recently modified their holdings of the stock. Brighton Jones LLC raised its stake in Equinix by 28.9% in the fourth quarter. Brighton Jones LLC now owns 326 shares of the financial services provider’s stock valued at $307,000 after purchasing an additional 73 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in Equinix by 11.5% in the 1st quarter. Integrated Wealth Concepts LLC now owns 522 shares of the financial services provider’s stock valued at $425,000 after buying an additional 54 shares during the period. Empowered Funds LLC increased its holdings in Equinix by 21.8% in the 1st quarter. Empowered Funds LLC now owns 3,050 shares of the financial services provider’s stock valued at $2,487,000 after buying an additional 546 shares during the period. Schnieders Capital Management LLC. acquired a new position in shares of Equinix in the 2nd quarter valued at approximately $231,000. Finally, SG Americas Securities LLC raised its position in shares of Equinix by 12.1% in the 2nd quarter. SG Americas Securities LLC now owns 2,932 shares of the financial services provider’s stock valued at $2,332,000 after buying an additional 316 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

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.