Equinix (NASDAQ:EQIX) Raised to Buy at HSBC

HSBC upgraded shares of Equinix (NASDAQ:EQIX) from a hold rating to a buy rating in a research report report published on Friday, MarketBeat reports. They currently have $1,000.00 price target on the financial services provider’s stock, up from their previous price target of $865.00.

Other analysts also recently issued reports about the stock. Mizuho lifted their price target on shares of Equinix from $873.00 to $971.00 and gave the company an outperform rating in a report on Thursday, September 12th. Wells Fargo & Company upgraded Equinix from an equal weight rating to an overweight rating and boosted their target price for the stock from $825.00 to $875.00 in a research report on Tuesday, July 23rd. TD Cowen raised their price target on Equinix from $859.00 to $865.00 and gave the company a buy rating in a report on Thursday, August 8th. Evercore ISI raised Equinix to a strong-buy rating in a report on Wednesday, October 2nd. Finally, Cfra reissued a hold rating on shares of Equinix in a report on Tuesday, September 24th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $903.80.

Equinix Price Performance

NASDAQ:EQIX opened at $876.88 on Friday. The business’s 50-day simple moving average is $838.25 and its two-hundred day simple moving average is $792.58. Equinix has a 52 week low of $677.80 and a 52 week high of $914.93. The stock has a market cap of $83.22 billion, a PE ratio of 87.95, a P/E/G ratio of 2.15 and a beta of 0.71. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.26.

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

Equinix Announces Dividend

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

Insider Buying and Selling

In other Equinix news, insider Brandi Galvin Morandi sold 864 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $850.00, for a total value of $734,400.00. Following the sale, the insider now owns 9,094 shares in the company, valued at $7,729,900. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Equinix news, insider Brandi Galvin Morandi sold 864 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $850.00, for a total value of $734,400.00. Following the transaction, the insider now directly owns 9,094 shares in the company, valued at $7,729,900. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Simon Miller sold 569 shares of Equinix stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $820.91, for a total transaction of $467,097.79. Following the sale, the chief accounting officer now directly owns 5,554 shares of the company’s stock, valued at $4,559,334.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,043 shares of company stock valued at $8,282,119. Insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

Hedge funds have recently added to or reduced their stakes in the business. Cypress Capital Group raised its holdings in shares of Equinix by 2.3% in the 2nd quarter. Cypress Capital Group now owns 575 shares of the financial services provider’s stock valued at $435,000 after purchasing an additional 13 shares in the last quarter. MRA Advisory Group lifted its holdings in Equinix by 3.2% during the second quarter. MRA Advisory Group now owns 419 shares of the financial services provider’s stock worth $317,000 after buying an additional 13 shares during the period. Banco Santander S.A. boosted its position in Equinix by 2.0% during the 1st quarter. Banco Santander S.A. now owns 699 shares of the financial services provider’s stock valued at $577,000 after acquiring an additional 14 shares in the last quarter. Abbrea Capital LLC increased its holdings in shares of Equinix by 5.5% in the 2nd quarter. Abbrea Capital LLC now owns 270 shares of the financial services provider’s stock valued at $204,000 after acquiring an additional 14 shares during the period. Finally, UMB Bank n.a. raised its position in shares of Equinix by 30.0% in the 1st quarter. UMB Bank n.a. now owns 65 shares of the financial services provider’s stock worth $54,000 after acquiring an additional 15 shares in the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

About Equinix

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.