Barclays Cuts Equinix (NASDAQ:EQIX) Price Target to $798.00

Equinix (NASDAQ:EQIX - Get Free Report) had its price target dropped by equities research analysts at Barclays from $837.00 to $798.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Barclays's price target suggests a potential upside of 5.46% from the company's previous close.

Several other equities research analysts have also weighed in on EQIX. Bank of America lowered their price objective on Equinix from $1,000.00 to $950.00 and set a "buy" rating on the stock in a research note on Thursday, June 26th. TD Securities upped their price objective on Equinix from $978.00 to $1,018.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. lowered their price objective on Equinix from $975.00 to $935.00 and set an "overweight" rating on the stock in a research note on Thursday, June 26th. JMP Securities restated a "market outperform" rating and set a $1,200.00 price target on shares of Equinix in a research report on Thursday, June 26th. Finally, Cowen reiterated a "buy" rating on shares of Equinix in a research report on Thursday, July 3rd. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $957.05.

Equinix Stock Down 0.3%

EQIX traded down $2.19 during trading on Friday, reaching $756.70. 587,378 shares of the stock traded hands, compared to its average volume of 562,778. Equinix has a fifty-two week low of $701.41 and a fifty-two week high of $994.03. The stock's 50-day simple moving average is $856.50 and its two-hundred day simple moving average is $869.39. The stock has a market cap of $74.02 billion, a price-to-earnings ratio of 78.66, a price-to-earnings-growth ratio of 1.28 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.

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 (EPS) for the quarter, beating the consensus estimate of $9.01 by $0.66. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same period in the previous year, the company posted $8.86 earnings per share. The company's quarterly revenue was up 4.1% compared to the same quarter last year. As a group, equities research analysts expect that Equinix will post 33.1 EPS for the current year.

Insider Transactions at Equinix

In other news, insider Kurt Pletcher sold 127 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the sale, the insider owned 1,842 shares in the company, valued at $1,616,723.40. The trade was a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $2,609,599.59. Following the completion of the sale, the chief executive officer owned 9,615 shares of the company's stock, valued at approximately $8,508,409.65. This trade represents a 23.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,176 shares of company stock worth $2,808,008 over the last quarter. Company insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Equinix

Institutional investors have recently made changes to their positions in the stock. Activest Wealth Management lifted its stake 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 purchasing an additional 17 shares during the last quarter. Pinney & Scofield Inc. bought a new stake in Equinix during the fourth quarter worth $28,000. Atticus Wealth Management LLC bought a new stake in Equinix during the second quarter worth $29,000. GKV Capital Management Co. Inc. bought a new stake in Equinix during the first quarter worth $30,000. Finally, Saudi Central Bank bought a new stake in Equinix during the first quarter worth $31,000. 94.94% of the stock is currently owned by institutional investors.

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.