Guggenheim Initiates Coverage on Equinix (NASDAQ:EQIX)

Guggenheim assumed coverage on shares of Equinix (NASDAQ:EQIX - Free Report) in a research report released on Thursday, Marketbeat reports. The firm issued a buy rating and a $933.00 price objective on the financial services provider's stock.

Other research analysts have also issued research reports about the stock. Mizuho decreased their target price on shares of Equinix from $1,069.00 to $900.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 1st. BMO Capital Markets downgraded Equinix from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from $1,045.00 to $850.00 in a research note on Thursday, June 26th. Cfra Research downgraded Equinix from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, June 26th. Barclays boosted their price objective on Equinix from $834.00 to $837.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 27th. Finally, JMP Securities reissued a "market outperform" rating and set a $1,200.00 price objective on shares of Equinix in a research report on Thursday, June 26th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $959.24.

Equinix Stock Down 0.8%

Shares of NASDAQ:EQIX traded down $5.82 during trading on Thursday, hitting $758.89. 750,797 shares of the company were exchanged, compared to its average volume of 562,269. Equinix has a fifty-two week low of $701.41 and a fifty-two week high of $994.03. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 1.20. The firm has a fifty day moving average price of $860.95 and a two-hundred day moving average price of $871.97. The stock has a market cap of $74.23 billion, a price-to-earnings ratio of 78.89, a P/E/G ratio of 1.10 and a beta of 0.93.

Equinix (NASDAQ:EQIX - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $2.23 billion during the quarter, compared to analysts' expectations of $2.23 billion. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The business's revenue was up 4.1% on a year-over-year basis. During the same period last year, the firm posted $8.86 earnings per share. As a group, research analysts anticipate that Equinix will post 33.1 earnings per share for the current fiscal year.

Equinix Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, May 21st were issued a $4.69 dividend. This represents a $18.76 annualized dividend and a yield of 2.47%. The ex-dividend date was Wednesday, May 21st. Equinix's dividend payout ratio (DPR) is currently 195.01%.

Insiders Place Their Bets

In other news, CEO Adaire Fox-Martin sold 2,949 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 9,615 shares of the company's stock, valued at approximately $8,508,409.65. The trade was a 23.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kurt Pletcher sold 127 shares of the stock in a transaction 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 transaction, the insider directly owned 1,842 shares in the company, valued at $1,616,723.40. The trade was a 6.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,176 shares of company stock worth $2,808,008 over the last 90 days. Corporate insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Equinix

Several hedge funds have recently added to or reduced their stakes in EQIX. Activest Wealth Management lifted its stake in Equinix by 121.4% in 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. purchased a new position in shares of Equinix during the fourth quarter valued at approximately $28,000. Atticus Wealth Management LLC bought a new position in Equinix in the 2nd quarter worth about $29,000. GKV Capital Management Co. Inc. bought a new stake in shares of Equinix in the 1st quarter worth $30,000. Finally, Saudi Central Bank bought a new position in Equinix during the first quarter valued at approximately $31,000. Institutional investors 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.