Royal Bank of Canada Trims Equinix (NASDAQ:EQIX) Target Price to $922.00

Equinix (NASDAQ:EQIX) had its price target cut by Royal Bank of Canada from $950.00 to $922.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets lifted their price objective on shares of Equinix from $910.00 to $925.00 and gave the company an outperform rating in a research note on Thursday, February 15th. Barclays dropped their price target on shares of Equinix from $818.00 to $669.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. Wells Fargo & Company boosted their price target on shares of Equinix from $800.00 to $825.00 and gave the stock an equal weight rating in a research report on Thursday, February 15th. Truist Financial boosted their price target on shares of Equinix from $915.00 to $950.00 and gave the stock a buy rating in a research report on Monday, March 18th. Finally, TD Cowen dropped their price target on shares of Equinix from $862.00 to $859.00 and set a buy rating on the stock in a research report on Friday, May 10th. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $872.81.

Equinix Price Performance

Shares of NASDAQ EQIX opened at $760.63 on Tuesday. Equinix has a fifty-two week low of $677.80 and a fifty-two week high of $914.93. The firm’s 50-day simple moving average is $765.12 and its 200 day simple moving average is $805.67. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.19. The stock has a market cap of $72.19 billion, a P/E ratio of 76.29, a P/E/G ratio of 2.68 and a beta of 0.62.

Equinix Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd will be paid a $4.26 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $17.04 annualized dividend and a dividend yield of 2.24%. Equinix’s payout ratio is 170.91%.

Insider Activity at Equinix

In related news, insider Brandi Galvin Morandi sold 2,070 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $800.50, for a total value of $1,657,035.00. Following the completion of the sale, the insider now owns 12,758 shares of the company’s stock, valued at approximately $10,212,779. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Brandi Galvin Morandi sold 2,070 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $800.50, for a total value of $1,657,035.00. Following the completion of the sale, the insider now owns 12,758 shares of the company’s stock, valued at approximately $10,212,779. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Christopher B. Paisley sold 100 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $812.98, for a total value of $81,298.00. Following the completion of the sale, the director now owns 17,641 shares of the company’s stock, valued at $14,341,780.18. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Equinix

Several institutional investors and hedge funds have recently added to or reduced their stakes in EQIX. CNB Bank lifted its holdings in Equinix by 172.7% in the 1st quarter. CNB Bank now owns 30 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 19 shares during the last quarter. Valley National Advisers Inc. lifted its holdings in Equinix by 260.0% in the 4th quarter. Valley National Advisers Inc. now owns 36 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 26 shares during the last quarter. Providence Capital Advisors LLC acquired a new position in shares of Equinix during the third quarter worth approximately $29,000. LRI Investments LLC acquired a new position in shares of Equinix during the first quarter worth approximately $31,000. Finally, Criterion Capital Advisors LLC acquired a new position in shares of Equinix during the fourth quarter worth approximately $32,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

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.