Equinix (NASDAQ:EQIX) Given New $900.00 Price Target at Truist

Equinix (NASDAQ:EQIX) had its target price raised by Truist from $850.00 to $900.00 in a research note released on Thursday morning, The Fly reports. They currently have a buy rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Barclays boosted their target price on shares of Equinix from $861.00 to $867.00 and gave the company an overweight rating in a research note on Monday, May 3rd. Raymond James boosted their target price on shares of Equinix from $856.00 to $915.00 and gave the company a strong-buy rating in a research note on Thursday. Oppenheimer boosted their target price on shares of Equinix from $820.00 to $880.00 and gave the company an outperform rating in a research note on Thursday. Credit Suisse Group reduced their target price on shares of Equinix from $932.00 to $907.00 and set an outperform rating on the stock in a research note on Thursday. Finally, Wolfe Research assumed coverage on shares of Equinix in a research report on Thursday, March 18th. They set an outperform rating on the stock. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $864.48.

Shares of Equinix stock opened at $779.32 on Thursday. The company has a market cap of $69.81 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 2.00 and a beta of 0.28. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a fifty day simple moving average of $748.30. Equinix has a 52-week low of $586.73 and a 52-week high of $839.77.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, April 28th. The financial services provider reported $1.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $6.03 by ($4.29). The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. Equinix had a net margin of 6.62% and a return on equity of 5.85%. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period last year, the firm earned $6.21 EPS. As a group, sell-side analysts forecast that Equinix will post 24.41 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 16th. Shareholders of record on Wednesday, May 19th were issued a dividend of $2.87 per share. The ex-dividend date was Tuesday, May 18th. This represents a $11.48 annualized dividend and a yield of 1.47%. Equinix’s dividend payout ratio is currently 46.37%.

In other news, Director Christopher B. Paisley sold 200 shares of the company’s stock in a transaction dated Monday, May 17th. The stock was sold at an average price of $714.96, for a total value of $142,992.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles J. Meyers sold 5,051 shares of the company’s stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $795.42, for a total value of $4,017,666.42. Following the completion of the sale, the chief executive officer now directly owns 8,815 shares of the company’s stock, valued at $7,011,627.30. The disclosure for this sale can be found here. Insiders have sold a total of 16,501 shares of company stock valued at $13,019,508 over the last three months. Company insiders own 13.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in EQIX. Norges Bank bought a new stake in shares of Equinix in the 4th quarter valued at about $617,316,000. BlackRock Inc. increased its stake in shares of Equinix by 7.2% in the 1st quarter. BlackRock Inc. now owns 7,318,553 shares of the financial services provider’s stock valued at $4,973,617,000 after acquiring an additional 489,436 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Equinix by 37.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,131,173 shares of the financial services provider’s stock valued at $768,734,000 after acquiring an additional 305,804 shares during the last quarter. Sustainable Growth Advisers LP increased its stake in Equinix by 40.4% during the 1st quarter. Sustainable Growth Advisers LP now owns 824,622 shares of the financial services provider’s stock worth $560,405,000 after purchasing an additional 237,452 shares in the last quarter. Finally, Amundi Asset Management US Inc. increased its stake in Equinix by 86.6% during the 1st quarter. Amundi Asset Management US Inc. now owns 397,583 shares of the financial services provider’s stock worth $270,194,000 after purchasing an additional 184,523 shares in the last quarter. 91.43% of the stock is owned by institutional investors.

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today's businesses to access all the right places, partners and possibilities they need to accelerate advantage.

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