Scotiabank Increases Equinix (NASDAQ:EQIX) Price Target to $1,040.00

Equinix (NASDAQ:EQIX) had its target price boosted by Scotiabank from $1,033.00 to $1,040.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a sector outperform rating on the financial services provider’s stock.

Several other analysts also recently weighed in on EQIX. Citizens Jmp raised Equinix to a “strong-buy” rating in a research note on Monday, January 27th. BMO Capital Markets dropped their price objective on Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Moffett Nathanson upgraded Equinix from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 5th. Barclays lifted their price target on Equinix from $810.00 to $822.00 and gave the company an “equal weight” rating in a report on Monday, November 18th. Finally, Truist Financial lifted their price target on Equinix from $935.00 to $1,090.00 and gave the company a “buy” rating in a report on Friday, November 29th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $995.24.

Equinix Price Performance

Shares of EQIX opened at $910.58 on Monday. The firm has a market cap of $88.63 billion, a price-to-earnings ratio of 106.50, a PEG ratio of 1.78 and a beta of 0.72. The stock has a 50 day moving average of $927.62 and a 200-day moving average of $906.25. 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 has a 52 week low of $684.14 and a 52 week high of $994.03.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share (EPS) for the quarter, topping 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%. As a group, analysts forecast that Equinix will post 33.1 EPS for the current year.

Equinix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 26th will be given a dividend of $4.69 per share. This represents a $18.76 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Wednesday, February 26th. This is an increase from Equinix’s previous quarterly dividend of $4.26. Equinix’s payout ratio is 219.42%.

Insiders Place Their Bets

In related news, insider Brandi Galvin Morandi sold 684 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $940.51, for a total value of $643,308.84. Following the completion of the sale, the insider now directly owns 8,377 shares in the company, valued at approximately $7,878,652.27. The trade was a 7.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kurt Pletcher sold 341 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $903.72, for a total value of $308,168.52. Following the completion of the sale, the insider now owns 1,430 shares of the company’s stock, valued at approximately $1,292,319.60. This trade represents a 19.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,054 shares of company stock valued at $17,466,950 over the last 90 days. 0.27% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its holdings in shares of Equinix by 9.2% during the third quarter. Van ECK Associates Corp now owns 20,309 shares of the financial services provider’s stock worth $18,099,000 after buying an additional 1,716 shares in the last quarter. Brookfield Corp ON increased its holdings in Equinix by 67.3% in the third quarter. Brookfield Corp ON now owns 80,760 shares of the financial services provider’s stock valued at $71,685,000 after purchasing an additional 32,481 shares during the period. Empowered Funds LLC increased its holdings in Equinix by 19.2% in the fourth quarter. Empowered Funds LLC now owns 2,504 shares of the financial services provider’s stock valued at $2,361,000 after purchasing an additional 404 shares during the period. Thematics Asset Management increased its holdings in Equinix by 17.7% in the third quarter. Thematics Asset Management now owns 39,951 shares of the financial services provider’s stock valued at $35,462,000 after purchasing an additional 6,000 shares during the period. Finally, Nordea Investment Management AB increased its holdings in Equinix by 46.1% in the fourth quarter. Nordea Investment Management AB now owns 294,696 shares of the financial services provider’s stock valued at $278,712,000 after purchasing an additional 92,975 shares during the period. 94.94% of the stock is currently owned by institutional investors and hedge funds.

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.