Equinix, Inc. (EQIX) Upgraded by J P Morgan Chase & Co to “Overweight”

J P Morgan Chase & Co upgraded shares of Equinix, Inc. (NASDAQ:EQIX) from a neutral rating to an overweight rating in a report issued on Thursday morning. The firm currently has $550.00 target price on the financial services provider’s stock.

Several other research firms have also recently weighed in on EQIX. BidaskClub upgraded shares of Equinix from a buy rating to a strong-buy rating in a research report on Thursday, August 24th. UBS AG began coverage on shares of Equinix in a research report on Wednesday, October 18th. They set a neutral rating for the company. Barclays PLC upgraded shares of Equinix from an equal weight rating to an overweight rating and increased their price objective for the stock from $475.00 to $505.00 in a research report on Wednesday, October 18th. Jefferies Group LLC reiterated a hold rating and set a $440.00 price objective on shares of Equinix in a research report on Thursday, October 12th. Finally, Deutsche Bank AG began coverage on shares of Equinix in a research report on Tuesday, October 24th. They set a buy rating and a $550.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $492.47.

Shares of Equinix (EQIX) traded up $19.59 during midday trading on Thursday, reaching $486.65. 464,702 shares of the company’s stock traded hands, compared to its average volume of 375,019. The company has a current ratio of 2.11, a quick ratio of 1.69 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $37,931.93, a price-to-earnings ratio of 27.37, a PEG ratio of 3.04 and a beta of 0.46.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $3.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $2.24. Equinix had a net margin of 5.58% and a return on equity of 5.59%. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the company posted $3.95 earnings per share. Equinix’s revenue for the quarter was up 24.6% compared to the same quarter last year. equities research analysts expect that Equinix will post 16.07 earnings per share for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 15th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, November 14th. Equinix’s dividend payout ratio (DPR) is 264.03%.

In other Equinix news, Director Camp Peter Van sold 4,444 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $445.81, for a total value of $1,981,179.64. Following the transaction, the director now directly owns 8,572 shares of the company’s stock, valued at $3,821,483.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karl Strohmeyer sold 250 shares of the firm’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $464.96, for a total transaction of $116,240.00. The disclosure for this sale can be found here. Insiders sold 11,411 shares of company stock worth $5,152,777 over the last ninety days. Insiders own 0.58% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Verition Fund Management LLC lifted its stake in shares of Equinix by 17.0% in the second quarter. Verition Fund Management LLC now owns 819 shares of the financial services provider’s stock valued at $351,000 after buying an additional 119 shares in the last quarter. Nicholas Company Inc. purchased a new stake in shares of Equinix in the second quarter valued at about $3,201,000. Ameriprise Financial Inc. raised its holdings in shares of Equinix by 7.8% in the second quarter. Ameriprise Financial Inc. now owns 610,357 shares of the financial services provider’s stock valued at $261,747,000 after purchasing an additional 43,933 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Equinix by 1.1% in the second quarter. Prudential Financial Inc. now owns 110,757 shares of the financial services provider’s stock valued at $47,532,000 after purchasing an additional 1,185 shares during the last quarter. Finally, Bank of Nova Scotia raised its holdings in shares of Equinix by 3.8% in the second quarter. Bank of Nova Scotia now owns 1,891 shares of the financial services provider’s stock valued at $812,000 after purchasing an additional 70 shares during the last quarter. 96.54% of the stock is currently owned by hedge funds and other institutional investors.

Equinix Company Profile

Equinix, Inc (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems.

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