Truist Financial Cuts Equinix (NASDAQ:EQIX) Price Target to $986.00

Equinix (NASDAQ:EQIX - Get Free Report) had its target price cut by investment analysts at Truist Financial from $990.00 to $986.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Truist Financial's target price would suggest a potential upside of 14.24% from the stock's previous close.

A number of other research firms have also commented on EQIX. Cfra Research raised Equinix from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. Mizuho cut their target price on Equinix from $1,094.00 to $1,053.00 and set an "outperform" rating for the company in a research note on Friday, March 28th. Oppenheimer lifted their target price on Equinix from $950.00 to $975.00 and gave the company an "outperform" rating in a report on Thursday, February 13th. Stifel Nicolaus increased their price target on shares of Equinix from $1,030.00 to $1,050.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Finally, Moffett Nathanson raised shares of Equinix from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 5th. Two investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and six have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $1,004.89.

Equinix Stock Performance

Shares of NASDAQ EQIX traded up $3.88 during trading on Monday, reaching $863.09. 76,131 shares of the stock traded hands, compared to its average volume of 525,902. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.63 and a quick ratio of 1.63. The stock has a market capitalization of $84.43 billion, a P/E ratio of 100.90, a price-to-earnings-growth ratio of 1.78 and a beta of 0.97. Equinix has a 52-week low of $701.41 and a 52-week high of $994.03. The company has a 50-day moving average of $823.93 and a 200-day moving average of $893.38.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its 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. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.23 billion. Equinix had a net margin of 9.32% and a return on equity of 6.31%. The company's revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $8.86 earnings per share. Analysts forecast that Equinix will post 33.1 EPS for the current fiscal year.

Insider Buying and Selling at Equinix

In other Equinix news, CFO Keith D. Taylor sold 2,454 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $929.34, for a total value of $2,280,600.36. Following the completion of the transaction, the chief financial officer now directly owns 24,402 shares in the company, valued at approximately $22,677,754.68. This represents a 9.14% decrease in their position. 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 215 shares of Equinix stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $929.73, for a total transaction of $199,891.95. Following the sale, the insider now directly owns 1,245 shares in the company, valued at $1,157,513.85. The trade was a 14.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,167 shares of company stock worth $6,658,536. 0.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Equinix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinney & Scofield Inc. bought a new position in shares of Equinix during the 4th quarter valued at $28,000. GKV Capital Management Co. Inc. bought a new stake in Equinix during the first quarter valued at approximately $30,000. Kestra Investment Management LLC bought a new position in Equinix in the fourth quarter worth approximately $31,000. Whipplewood Advisors LLC boosted its stake 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 acquiring an additional 23 shares during the last quarter. Finally, Cornerstone Planning Group LLC increased its stake in shares of Equinix by 40.0% in 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. 94.94% of the stock is 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.