Truist Financial Issues Pessimistic Forecast for Equinix (NASDAQ:EQIX) Stock Price

Equinix (NASDAQ:EQIX) had its target price reduced by investment analysts at Truist Financial from $990.00 to $986.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective suggests a potential upside of 13.49% from the stock’s current price.

EQIX has been the subject of several other research reports. Citizens Jmp upgraded shares of Equinix to a “strong-buy” rating in a research note on Monday, January 27th. Oppenheimer boosted their price target on Equinix from $950.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Stifel Nicolaus raised their price objective on Equinix from $1,030.00 to $1,050.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. BMO Capital Markets reduced their price objective on Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Finally, Mizuho lowered their target price on Equinix from $1,094.00 to $1,053.00 and set an “outperform” rating on the stock in a report on Friday, March 28th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and six have given a strong buy rating to the stock. Based on data from MarketBeat, Equinix presently has an average rating of “Buy” and a consensus target price of $1,004.89.

Equinix Stock Performance

Shares of EQIX stock opened at $868.79 on Monday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19. The stock has a 50 day simple moving average of $823.94 and a 200-day simple moving average of $893.62. The company has a market cap of $84.98 billion, a price-to-earnings ratio of 101.61, a price-to-earnings-growth ratio of 1.78 and a beta of 0.97. Equinix has a 12-month low of $701.41 and a 12-month high of $994.03.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.01 by $0.66. Equinix had a return on equity of 6.31% and a net margin of 9.32%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the prior year, the business posted $8.86 earnings per share. Equinix’s revenue was up 4.1% compared to the same quarter last year. On average, equities analysts forecast that Equinix will post 33.1 EPS for the current year.

Insider Transactions at Equinix

In other news, Director Christopher B. Paisley sold 125 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $912.21, for a total transaction of $114,026.25. Following the completion of the sale, the director now directly owns 17,669 shares in the company, valued at $16,117,838.49. This represents a 0.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith D. Taylor sold 2,454 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $929.34, for a total value of $2,280,600.36. Following the completion of the transaction, the chief financial officer now directly owns 24,402 shares in the company, valued at $22,677,754.68. This trade represents a 9.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,167 shares of company stock worth $6,658,536 in the last three months. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Several hedge funds and other institutional investors have recently modified their holdings of EQIX. Pinney & Scofield Inc. purchased a new position in Equinix in the fourth quarter valued at approximately $28,000. GKV Capital Management Co. Inc. purchased a new position in shares of Equinix in the 1st quarter valued at $30,000. Kestra Investment Management LLC purchased a new position in shares of Equinix in the 4th quarter valued at $31,000. Whipplewood Advisors LLC lifted its holdings in shares of Equinix by 127.8% during the 1st quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 23 shares in the last quarter. Finally, Cornerstone Planning Group LLC boosted its position in Equinix by 40.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 42 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 12 shares during the period. 94.94% of the stock is 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.