Scotiabank Lowers Equinix (NASDAQ:EQIX) Price Target to $1,030.00

Equinix (NASDAQ:EQIX) had its target price reduced by Scotiabank from $1,040.00 to $1,030.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price objective indicates a potential upside of 27.27% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company lowered their target price on shares of Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating on the stock in a research report on Thursday, February 13th. Citizens Jmp raised Equinix to a “strong-buy” rating in a research note on Monday, January 27th. Oppenheimer upped their target price on Equinix from $950.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. JMP Securities reissued a “market outperform” rating and issued a $1,200.00 price target on shares of Equinix in a research report on Thursday, February 13th. Finally, Citigroup lowered their target price on shares of Equinix from $1,020.00 to $970.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Two analysts have rated the stock with a hold rating, seventeen have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $1,004.94.

Equinix Price Performance

Shares of NASDAQ:EQIX opened at $809.32 on Tuesday. The business has a fifty day simple moving average of $839.40 and a 200 day simple moving average of $895.62. 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 1 year low of $684.14 and a 1 year high of $994.03. The firm has a market cap of $79.17 billion, a price-to-earnings ratio of 94.66, a P/E/G ratio of 1.78 and a beta of 0.95.

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, beating 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, sell-side analysts predict that Equinix will post 33.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Equinix

In other Equinix news, Director Christopher B. Paisley sold 125 shares of Equinix 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 transaction, the director now directly owns 17,669 shares of the company’s stock, valued at approximately $16,117,838.49. This trade represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brandi Galvin Morandi sold 684 shares of Equinix stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $940.51, for a total transaction of $643,308.84. Following the transaction, the insider now directly owns 8,377 shares of the company’s stock, valued at $7,878,652.27. This represents a 7.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,040 shares of company stock valued at $6,547,068 in the last 90 days. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Equinix

Large investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. grew its holdings in shares of Equinix by 61.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 8,427 shares of the financial services provider’s stock worth $7,946,000 after purchasing an additional 3,212 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Equinix by 0.4% during the 4th quarter. Bank of New York Mellon Corp now owns 628,059 shares of the financial services provider’s stock worth $592,191,000 after acquiring an additional 2,560 shares during the last quarter. National Pension Service increased its position in Equinix by 1.3% in the 4th quarter. National Pension Service now owns 243,149 shares of the financial services provider’s stock valued at $229,263,000 after acquiring an additional 3,164 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Equinix by 19.2% in the fourth quarter. Empowered Funds LLC now owns 2,504 shares of the financial services provider’s stock worth $2,361,000 after acquiring an additional 404 shares during the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Equinix by 46.1% during the fourth quarter. Nordea Investment Management AB now owns 294,696 shares of the financial services provider’s stock worth $278,712,000 after purchasing an additional 92,975 shares in the last quarter. 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.