Truist Financial Lowers Equinix (NASDAQ:EQIX) Price Target to $904.00

Equinix (NASDAQ:EQIX) had its price objective lowered by stock analysts at Truist Financial from $986.00 to $904.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 13.69% from the company’s previous close.

A number of other research analysts have also commented on the company. New Street Research raised Equinix to a “strong-buy” rating in a report on Monday, April 28th. Wolfe Research cut shares of Equinix from an “outperform” rating to a “peer perform” rating in a research report on Monday, June 9th. Mizuho decreased their price target on shares of Equinix from $1,094.00 to $1,053.00 and set an “outperform” rating on the stock in a research note on Friday, March 28th. Bank of America lowered their price target on shares of Equinix from $1,000.00 to $950.00 and set a “buy” rating on the stock in a research report on Thursday, June 26th. Finally, TD Securities lifted their price objective on shares of Equinix from $978.00 to $1,018.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and five have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Equinix currently has an average rating of “Buy” and an average target price of $960.55.

Equinix Stock Performance

Shares of EQIX stock opened at $795.15 on Tuesday. Equinix has a 52 week low of $701.41 and a 52 week high of $994.03. The company has a market capitalization of $77.78 billion, a price-to-earnings ratio of 82.66, a PEG ratio of 1.14 and a beta of 0.93. The company has a 50-day simple moving average of $867.51 and a 200 day simple moving average of $877.55. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.65 and a current ratio of 1.65.

Equinix (NASDAQ:EQIX) last issued 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 net margin of 10.48% and a return on equity of 6.96%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same period last year, the business posted $8.86 earnings per share. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, sell-side analysts predict that Equinix will post 33.1 earnings per share for the current year.

Insiders Place Their Bets

In other Equinix news, CEO Adaire Fox-Martin sold 2,949 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the sale, the chief executive officer directly owned 9,615 shares of the company’s stock, valued at $8,508,409.65. The trade was a 23.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kurt Pletcher sold 127 shares of the company’s 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 approximately $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. Over the last quarter, insiders have sold 3,176 shares of company stock valued at $2,808,008. 0.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Equinix

Hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Equinix during the 4th quarter worth $1,067,270,000. GAMMA Investing LLC boosted its stake in shares of Equinix by 82,340.9% in the 1st quarter. GAMMA Investing LLC now owns 890,362 shares of the financial services provider’s stock valued at $725,957,000 after purchasing an additional 889,282 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Equinix during the first quarter worth $662,663,000. Northern Trust Corp raised its stake in Equinix by 65.3% during the fourth quarter. Northern Trust Corp now owns 1,483,781 shares of the financial services provider’s stock worth $1,399,042,000 after buying an additional 586,034 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Equinix by 28.7% in the fourth quarter. Wellington Management Group LLP now owns 1,804,227 shares of the financial services provider’s stock valued at $1,701,188,000 after buying an additional 401,991 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.