The Goldman Sachs Group Cuts Equinix (NASDAQ:EQIX) Price Target to $880.00

Equinix (NASDAQ:EQIX) had its price target trimmed by The Goldman Sachs Group from $1,020.00 to $880.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the stock. Barclays boosted their price objective on shares of Equinix from $834.00 to $837.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 27th. BNP Paribas raised shares of Equinix to a “strong-buy” rating in a research report on Thursday, May 1st. Bank of America dropped their price target on shares of Equinix from $1,000.00 to $950.00 and set a “buy” rating for the company in a research report on Thursday, June 26th. Stifel Nicolaus decreased their price target on shares of Equinix from $1,050.00 to $1,010.00 and set a “buy” rating on the stock in a report on Thursday, June 26th. Finally, Wolfe Research cut shares of Equinix from an “outperform” rating to a “peer perform” rating in a research note on Monday, June 9th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $960.55.

Equinix Stock Down 1.0%

Shares of NASDAQ EQIX opened at $787.50 on Wednesday. Equinix has a 12-month low of $701.41 and a 12-month high of $994.03. The company has a market capitalization of $77.03 billion, a PE ratio of 81.86, a price-to-earnings-growth ratio of 1.13 and a beta of 0.93. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.65 and a quick ratio of 1.65. The firm’s 50-day moving average is $865.90 and its two-hundred day moving average is $875.18.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share for the quarter, beating analysts’ consensus estimates of $9.01 by $0.66. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. Equinix had a net margin of 10.48% and a return on equity of 6.96%. The company’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $8.86 earnings per share. Equities analysts anticipate that Equinix will post 33.1 EPS for the current fiscal year.

Equinix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, May 21st were paid a dividend of $4.69 per share. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $18.76 annualized dividend and a yield of 2.38%. Equinix’s dividend payout ratio (DPR) is 195.01%.

Insider Activity

In other news, Director Christopher B. Paisley sold 100 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $869.41, for a total value of $86,941.00. Following the completion of the transaction, the director directly owned 17,569 shares in the company, valued at $15,274,664.29. This trade represents a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kurt Pletcher sold 127 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the transaction, the insider owned 1,842 shares of the company’s stock, valued at $1,616,723.40. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,176 shares of company stock worth $2,808,008 over the last three months. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Pinney & Scofield Inc. bought a new stake in Equinix during the fourth quarter worth approximately $28,000. Activest Wealth Management boosted its holdings in Equinix by 121.4% during the first quarter. Activest Wealth Management now owns 31 shares of the financial services provider’s stock worth $25,000 after buying an additional 17 shares in the last quarter. GKV Capital Management Co. Inc. bought a new stake in Equinix during the first quarter worth approximately $30,000. Pacific Center for Financial Services boosted its holdings in Equinix by 65.2% during the fourth quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider’s stock worth $36,000 after buying an additional 15 shares in the last quarter. Finally, Saudi Central Bank bought a new stake in Equinix during the first quarter worth approximately $31,000. 94.94% of the stock is currently owned by institutional investors.

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.