Truist Financial Cuts Equinix (NASDAQ:EQIX) Price Target to $990.00

Equinix (NASDAQ:EQIX) had its price target dropped by analysts at Truist Financial from $1,028.00 to $990.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 18.12% from the stock’s previous close.

EQIX has been the topic of a number of other research reports. Citizens Jmp upgraded Equinix to a “strong-buy” rating in a research report on Monday, January 27th. Stifel Nicolaus increased their price objective on shares of Equinix from $995.00 to $1,080.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. BMO Capital Markets cut their target price on shares of Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Moffett Nathanson upgraded shares of Equinix from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 5th. Finally, Wells Fargo & Company lowered their price objective on Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Three research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $989.35.

Equinix Stock Performance

EQIX traded down $21.37 on Monday, reaching $838.15. The stock had a trading volume of 47,342 shares, compared to its average volume of 549,857. The business’s 50-day moving average price is $923.05 and its two-hundred day moving average price is $908.05. The company has a market cap of $81.58 billion, a P/E ratio of 98.03, a price-to-earnings-growth ratio of 1.78 and a beta of 0.74. Equinix has a 12-month low of $684.14 and a 12-month high of $994.03. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share for the quarter, beating the consensus estimate of $2.75 by $5.17. Equinix had a return on equity of 6.31% and a net margin of 9.32%. Sell-side analysts forecast that Equinix will post 33.1 earnings per share for the current year.

Insider Buying and Selling at Equinix

In other news, insider Brandi Galvin Morandi sold 684 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $940.51, for a total transaction of $643,308.84. Following the completion of the transaction, the insider now directly owns 8,377 shares in the company, valued at approximately $7,878,652.27. This represents a 7.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adaire Fox-Martin sold 1,370 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $909.51, for a total transaction of $1,246,028.70. Following the completion of the sale, the chief executive officer now owns 4,329 shares in the company, valued at approximately $3,937,268.79. This trade represents a 24.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,054 shares of company stock worth $17,466,950 in the last ninety days. 0.27% of the stock is owned by insiders.

Hedge Funds Weigh In On Equinix

A number of hedge funds have recently made changes to their positions in EQIX. Mattson Financial Services LLC raised its position in Equinix by 19.9% in the fourth quarter. Mattson Financial Services LLC now owns 1,882 shares of the financial services provider’s stock valued at $1,671,000 after purchasing an additional 312 shares during the period. Phocas Financial Corp. purchased a new stake in shares of Equinix in the 4th quarter valued at $565,000. Comprehensive Money Management Services LLC acquired a new position in Equinix during the 4th quarter worth about $233,000. Siemens Fonds Invest GmbH lifted its stake in Equinix by 3.8% during the 4th quarter. Siemens Fonds Invest GmbH now owns 3,318 shares of the financial services provider’s stock worth $3,105,000 after acquiring an additional 121 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new position in Equinix during the 4th quarter valued at about $49,000. 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.