Wells Fargo & Company Lowers Equinix (NASDAQ:EQIX) Price Target to $925.00

Equinix (NASDAQ:EQIX - Get Free Report) had its target price reduced by equities research analysts at Wells Fargo & Company from $1,065.00 to $925.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective would suggest a potential upside of 17.82% from the company's previous close.

A number of other brokerages have also recently weighed in on EQIX. Mizuho dropped their price target on shares of Equinix from $1,094.00 to $1,053.00 and set an "outperform" rating for the company in a research report on Friday, March 28th. Wolfe Research cut shares of Equinix from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. Citigroup boosted their price target on shares of Equinix from $970.00 to $990.00 and gave the stock a "buy" rating in a report on Monday, May 5th. New Street Research upgraded shares of Equinix to a "strong-buy" rating in a research report on Monday, April 28th. Finally, Cowen reiterated a "buy" rating on shares of Equinix in a research report on Thursday, May 1st. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and six have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $977.30.

Equinix Price Performance

EQIX traded up $39.58 during midday trading on Thursday, hitting $785.11. 2,193,059 shares of the company traded hands, compared to its average volume of 552,695. The business has a 50 day simple moving average of $867.26 and a two-hundred day simple moving average of $881.19. 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 company has a market capitalization of $76.80 billion, a price-to-earnings ratio of 81.61, a PEG ratio of 0.97 and a beta of 0.97. Equinix has a 52-week low of $701.41 and a 52-week high of $994.03.

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 for the quarter, topping the consensus estimate of $9.01 by $0.66. Equinix had a net margin of 10.48% and a return on equity of 6.96%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.23 billion. During the same period last year, the firm posted $8.86 earnings per share. The company's revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities analysts forecast that Equinix will post 33.1 earnings per share for the current fiscal year.

Insider Activity at Equinix

In other Equinix news, CEO Adaire Fox-Martin sold 2,949 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 9,615 shares in the company, valued at approximately $8,508,409.65. This represents a 23.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher B. Paisley sold 100 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $869.41, for a total transaction of $86,941.00. Following the transaction, the director now owns 17,569 shares in the company, valued at approximately $15,274,664.29. The trade was a 0.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,176 shares of company stock valued at $2,808,008. Insiders own 0.27% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Activest Wealth Management raised its holdings in Equinix by 121.4% in the first quarter. Activest Wealth Management now owns 31 shares of the financial services provider's stock valued at $25,000 after buying an additional 17 shares during the period. Pinney & Scofield Inc. acquired a new stake in shares of Equinix during the fourth quarter worth approximately $28,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Equinix during the first quarter worth approximately $30,000. Saudi Central Bank acquired a new position in Equinix in the first quarter worth $31,000. Finally, Quarry LP acquired a new position in Equinix in the first quarter worth $31,000. 94.94% of the stock is currently owned by hedge funds and other 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.