Equinix (NASDAQ:EQIX) Upgraded at Evercore ISI

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

A number of other brokerages also recently weighed in on EQIX. TD Cowen lifted 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. Wells Fargo & Company upgraded Equinix from an equal weight rating to an overweight rating and lifted their price target for the company from $825.00 to $875.00 in a report on Tuesday, July 23rd. Truist Financial lifted their price target on Equinix from $915.00 to $935.00 and gave the company a buy rating in a report on Wednesday, August 21st. Mizuho boosted their target price on Equinix from $873.00 to $971.00 and gave the company an outperform rating in a research note on Thursday, September 12th. Finally, The Goldman Sachs Group boosted their target price on Equinix from $870.00 to $980.00 and gave the company a buy rating in a research note on Thursday, September 26th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $903.80.

Equinix Stock Performance

Shares of NASDAQ EQIX opened at $876.88 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $83.22 billion, a price-to-earnings ratio of 87.95, a PEG ratio of 2.15 and a beta of 0.71. The stock’s fifty day simple moving average is $838.25 and its 200 day simple moving average is $793.17. Equinix has a 52-week low of $677.80 and a 52-week high of $914.93.

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

Equinix Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.94%. Equinix’s dividend payout ratio is currently 170.91%.

Insiders Place Their Bets

In other Equinix news, insider Brandi Galvin Morandi sold 864 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $850.00, for a total value of $734,400.00. Following the completion of the sale, the insider now owns 9,094 shares of the company’s stock, valued at $7,729,900. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Brandi Galvin Morandi sold 864 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $850.00, for a total transaction of $734,400.00. Following the completion of the transaction, the insider now owns 9,094 shares of the company’s stock, valued at approximately $7,729,900. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Charles J. Meyers sold 6,234 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total value of $5,136,628.98. Following the transaction, the chairman now directly owns 7,680 shares of the company’s stock, valued at $6,328,089.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,043 shares of company stock valued at $8,282,119 over the last quarter. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Several large investors have recently made changes to their positions in EQIX. Pinebridge Investments L.P. acquired a new position in shares of Equinix during the 4th quarter worth about $3,724,000. Envestnet Asset Management Inc. increased its stake in Equinix by 5.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 199,883 shares of the financial services provider’s stock valued at $160,984,000 after acquiring an additional 10,406 shares during the period. Morningstar Investment Services LLC bought a new position in Equinix during the fourth quarter valued at about $275,000. CenterBook Partners LP increased its stake in Equinix by 8.6% during the fourth quarter. CenterBook Partners LP now owns 2,878 shares of the financial services provider’s stock valued at $2,318,000 after acquiring an additional 229 shares during the period. Finally, Prudential PLC increased its stake in Equinix by 1.5% during the fourth quarter. Prudential PLC now owns 6,760 shares of the financial services provider’s stock valued at $5,444,000 after acquiring an additional 97 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

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.