Equinix (NASDAQ:EQIX) Upgraded to “Strong-Buy” by Evercore ISI

Evercore ISI upgraded shares of Equinix (NASDAQ:EQIX) to a strong-buy rating in a report issued on Wednesday, Zacks.com reports.

A number of other research firms also recently weighed in on EQIX. The Goldman Sachs Group upped their target price on Equinix from $870.00 to $980.00 and gave the stock a buy rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. upped their price objective on Equinix from $950.00 to $975.00 and gave the company an overweight rating in a report on Tuesday. Wells Fargo & Company raised Equinix from an equal weight rating to an overweight rating and raised their target price for the company from $825.00 to $875.00 in a research note on Tuesday, July 23rd. Cfra reiterated a hold rating on shares of Equinix in a research report on Tuesday, September 24th. Finally, Truist Financial raised their price objective on shares of Equinix from $915.00 to $935.00 and gave the company a buy rating in a research report on Wednesday, August 21st. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $897.13.

Equinix Price Performance

Shares of EQIX opened at $876.22 on Wednesday. Equinix has a one year low of $677.80 and a one year high of $914.93. The stock’s fifty day moving average is $836.16 and its 200-day moving average is $793.05. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.22 and a current ratio of 1.22. The firm has a market capitalization of $83.16 billion, a price-to-earnings ratio of 87.89, a price-to-earnings-growth ratio of 2.15 and a beta of 0.71.

Equinix (NASDAQ:EQIX) last released its earnings results on Wednesday, August 7th. The financial services provider reported $3.16 EPS for the quarter, missing the consensus estimate of $7.88 by ($4.72). The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.16 billion. Equinix had a net margin of 12.24% and a return on equity of 8.46%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $8.04 EPS. Equities analysts anticipate that Equinix will post 31.01 EPS for the current year.

Equinix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 21st were given a $4.26 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $17.04 annualized dividend and a dividend yield of 1.94%. Equinix’s dividend payout ratio (DPR) is presently 170.91%.

Insider Activity

In other Equinix news, CAO Simon Miller sold 569 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total transaction of $467,097.79. Following the completion of the sale, the chief accounting officer now directly owns 5,554 shares in the company, valued at approximately $4,559,334.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Equinix news, Chairman Charles J. Meyers sold 6,234 shares of Equinix stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the completion of the sale, the chairman now owns 7,680 shares of the company’s stock, valued at approximately $6,328,089.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Simon Miller sold 569 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total transaction of $467,097.79. Following the completion of the transaction, the chief accounting officer now directly owns 5,554 shares in the company, valued at $4,559,334.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,043 shares of company stock worth $8,282,119. 0.27% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Swedbank AB bought a new stake in Equinix in the first quarter worth approximately $294,526,000. Principal Financial Group Inc. boosted its holdings in Equinix by 14.5% in the second quarter. Principal Financial Group Inc. now owns 1,888,191 shares of the financial services provider’s stock worth $1,428,606,000 after purchasing an additional 238,883 shares in the last quarter. Vanguard Group Inc. increased its position in Equinix by 1.9% during the first quarter. Vanguard Group Inc. now owns 12,503,989 shares of the financial services provider’s stock worth $10,319,917,000 after buying an additional 238,815 shares during the last quarter. M&G Plc bought a new position in Equinix during the first quarter valued at about $187,089,000. Finally, Quadrature Capital Ltd bought a new position in Equinix during the first quarter valued at about $145,308,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

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.