Equinix (NASDAQ:EQIX) Given New $990.00 Price Target at Citigroup

Equinix (NASDAQ:EQIX - Free Report) had its target price lifted by Citigroup from $970.00 to $990.00 in a research report released on Monday morning, Marketbeat reports. They currently have a buy rating on the financial services provider's stock.

EQIX has been the subject of a number of other research reports. Moffett Nathanson raised shares of Equinix from a "hold" rating to a "strong-buy" rating in a report on Wednesday, February 5th. Oppenheimer lifted their price objective on Equinix from $950.00 to $975.00 and gave the company an "outperform" rating in a research note on Thursday, February 13th. Wells Fargo & Company dropped their price target on shares of Equinix from $1,075.00 to $1,065.00 and set an "overweight" rating for the company in a research note on Thursday, February 13th. Truist Financial lowered their target price on shares of Equinix from $1,028.00 to $990.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $1,200.00 target price on shares of Equinix in a research report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and six have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $1,005.11.

Equinix Trading Down 1.0 %

NASDAQ:EQIX traded down $8.58 during midday trading on Monday, hitting $863.90. 212,641 shares of the company traded hands, compared to its average volume of 539,096. Equinix has a 12-month low of $684.14 and a 12-month high of $994.03. 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 firm has a market capitalization of $84.51 billion, a P/E ratio of 101.16, a P/E/G ratio of 1.78 and a beta of 0.97. The firm's fifty day moving average is $826.93 and its 200-day moving average is $894.32.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share 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 business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same quarter last year, the company earned $8.86 earnings per share. The company's quarterly revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts predict that Equinix will post 33.1 EPS for the current year.

Equinix Announces Dividend

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

Insider Buying and Selling

In other news, insider Brandi Galvin Morandi sold 684 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $7,878,652.27. This represents a 7.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher B. Paisley sold 125 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $912.21, for a total transaction of $114,026.25. Following the transaction, the director now owns 17,669 shares in the company, valued at approximately $16,117,838.49. The trade was a 0.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,040 shares of company stock worth $6,547,068 in the last 90 days. 0.27% of the stock is owned by company insiders.

Institutional Trading of Equinix

Several hedge funds have recently bought and sold shares of the stock. Pinney & Scofield Inc. bought a new stake in Equinix during the fourth quarter worth about $28,000. Kestra Investment Management LLC acquired a new stake in Equinix during the 4th quarter worth approximately $31,000. Pacific Center for Financial Services grew its stake in shares of Equinix by 65.2% in the fourth quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 15 shares in the last quarter. Whipplewood Advisors LLC grew its position 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 worth $33,000 after purchasing an additional 23 shares in the last quarter. Finally, J.Safra Asset Management Corp bought a new position in shares of Equinix in the fourth quarter worth $39,000. 94.94% of the stock is currently 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.