Equinix (NASDAQ:EQIX) Given New $950.00 Price Target at Bank of America

Equinix (NASDAQ:EQIX - Get Free Report) had its price target reduced by stock analysts at Bank of America from $1,000.00 to $950.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Bank of America's target price indicates a potential upside of 15.25% from the company's current price.

EQIX has been the topic of several other research reports. BNP Paribas raised Equinix to a "strong-buy" rating in a research note on Thursday, May 1st. New Street Research upgraded shares of Equinix to a "strong-buy" rating in a research note on Monday, April 28th. Barclays increased their target price on shares of Equinix from $834.00 to $837.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 27th. JMP Securities restated a "market outperform" rating and issued a $1,200.00 price target on shares of Equinix in a research report on Friday, May 23rd. Finally, Mizuho dropped their price objective on shares of Equinix from $1,094.00 to $1,053.00 and set an "outperform" rating for the company in a report on Friday, March 28th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and six have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $991.55.

Equinix Trading Down 9.1%

Shares of Equinix stock opened at $824.31 on Thursday. Equinix has a 52-week low of $701.41 and a 52-week high of $994.03. The firm has a market capitalization of $80.63 billion, a PE ratio of 85.69, a price-to-earnings-growth ratio of 1.18 and a beta of 0.97. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.65 and a quick ratio of 1.65. The company's fifty day moving average price is $868.26 and its two-hundred day moving average price is $883.95.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. Equinix had a net margin of 10.48% and a return on equity of 6.96%. The company's quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $8.86 earnings per share. On average, analysts expect that Equinix will post 33.1 EPS for the current year.

Insider Buying and Selling

In related news, CEO Adaire Fox-Martin sold 2,949 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the sale, the chief executive officer now owns 9,615 shares of the company's stock, valued at approximately $8,508,409.65. This trade represents a 23.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kurt Pletcher sold 127 shares of Equinix 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 transaction, the insider now owns 1,842 shares in the company, valued at approximately $1,616,723.40. This represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,176 shares of company stock valued at $2,808,008 in the last 90 days. 0.27% of the stock is owned by insiders.

Institutional Investors Weigh In On Equinix

A number of hedge funds have recently modified their holdings of the business. Legacy Financial Advisors Inc. boosted its holdings in shares of Equinix by 3.2% in the fourth quarter. Legacy Financial Advisors Inc. now owns 360 shares of the financial services provider's stock valued at $340,000 after buying an additional 11 shares during the period. Lake Street Advisors Group LLC boosted its stake in Equinix by 1.6% in the 4th quarter. Lake Street Advisors Group LLC now owns 756 shares of the financial services provider's stock worth $713,000 after purchasing an additional 12 shares during the period. Cornerstone Planning Group LLC increased its holdings in Equinix by 40.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 42 shares of the financial services provider's stock worth $34,000 after purchasing an additional 12 shares in the last quarter. Signaturefd LLC raised its stake in shares of Equinix by 0.8% in the 1st quarter. Signaturefd LLC now owns 1,450 shares of the financial services provider's stock valued at $1,182,000 after purchasing an additional 12 shares during the period. Finally, AE Wealth Management LLC lifted its holdings in shares of Equinix by 5.1% in the first quarter. AE Wealth Management LLC now owns 248 shares of the financial services provider's stock valued at $202,000 after purchasing an additional 12 shares in the last quarter. 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.

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