Equinix (NASDAQ:EQIX) Price Target Raised to $990.00 at Citigroup

Equinix (NASDAQ:EQIX - Free Report) had its price objective raised by Citigroup from $970.00 to $990.00 in a research note published on Monday morning, MarketBeat reports. The brokerage currently has a buy rating on the financial services provider's stock.

A number of other equities analysts have also issued reports on the company. Truist Financial decreased their price target on Equinix from $1,028.00 to $990.00 and set a "buy" rating for the company in a research note on Monday, March 10th. 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. Wolfe Research raised shares of Equinix from a "peer perform" rating to an "outperform" rating and set a $978.00 price target for the company in a report on Thursday, March 27th. Oppenheimer raised their price objective on shares of Equinix from $950.00 to $975.00 and gave the company an "outperform" rating in a research report on Thursday, February 13th. Finally, Cfra Research upgraded shares of Equinix from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 28th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and six have given a strong buy rating to the stock. Based on data from MarketBeat, Equinix currently has an average rating of "Buy" and an average target price of $1,005.11.

Equinix Stock Performance

EQIX stock traded up $3.40 during trading on Monday, reaching $864.39. 225,988 shares of the company's stock were exchanged, compared to its average volume of 528,530. The firm has a market cap of $84.55 billion, a PE ratio of 101.10, a P/E/G ratio of 1.78 and a beta of 0.97. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.19. Equinix has a 1-year low of $701.41 and a 1-year high of $994.03. The company's fifty day moving average price is $825.01 and its 200-day moving average price is $894.11.

Equinix (NASDAQ:EQIX - Get Free Report) last announced its earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.01 by $0.66. Equinix had a net margin of 9.32% and a return on equity of 6.31%. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same quarter in the prior year, the firm posted $8.86 EPS. Equinix's revenue was up 4.1% compared to the same quarter last year. On average, research analysts expect that Equinix will post 33.1 EPS for the current fiscal year.

Equinix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, May 21st will be given a dividend of $4.69 per share. The ex-dividend date is Wednesday, May 21st. This represents a $18.76 dividend on an annualized basis and a yield of 2.17%. Equinix's payout ratio is 195.01%.

Insider Buying and Selling at Equinix

In other Equinix news, insider Brandi Galvin Morandi sold 684 shares of the stock in a transaction on 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kurt Pletcher sold 127 shares of the business's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total value of $111,467.90. Following the completion of the sale, the insider now directly owns 1,842 shares of the company's stock, valued at $1,616,723.40. This represents a 6.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,167 shares of company stock worth $6,658,536 over the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Equinix by 1.9% during the first quarter. Vanguard Group Inc. now owns 12,906,820 shares of the financial services provider's stock worth $10,523,576,000 after acquiring an additional 242,121 shares during the period. Geode Capital Management LLC increased its holdings in shares of Equinix by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 2,412,513 shares of the financial services provider's stock worth $2,269,037,000 after purchasing an additional 62,005 shares during the period. FMR LLC raised its position in shares of Equinix by 3.7% during the fourth quarter. FMR LLC now owns 2,264,958 shares of the financial services provider's stock valued at $2,135,606,000 after buying an additional 81,144 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Equinix by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 1,938,572 shares of the financial services provider's stock valued at $1,827,847,000 after buying an additional 44,471 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Equinix by 0.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,902,053 shares of the financial services provider's stock valued at $1,793,429,000 after buying an additional 14,294 shares during the period. Institutional investors and hedge funds own 94.94% of the company's stock.

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.