JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Equinix (NASDAQ:EQIX) Stock

Key Points

• JPMorgan Chase & Co. has raised its price target for Equinix (NASDAQ:EQIX) to $940.00, indicating a potential upside of 19.72% from the stock's previous close.
• Equinix reported a significant quarterly earnings performance, with $9.91 earnings per share, beating estimates by $6.42, and a revenue of $2.26 billion, up 4.5% year-over-year.
• Institutional investors hold approximately 94.94% of Equinix's stock, with Vanguard Group and JPMorgan among those increasing their stakes in the company recently.

Equinix (NASDAQ:EQIX - Free Report) had its price target raised by JPMorgan Chase & Co. from $935.00 to $940.00 in a report published on Thursday,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

Several other equities research analysts have also recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Equinix from $1,065.00 to $925.00 and set an "overweight" rating for the company in a research report on Thursday, June 26th. Citigroup upped their price target on shares of Equinix from $970.00 to $990.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Truist Financial reduced their price objective on shares of Equinix from $986.00 to $904.00 and set a "buy" rating for the company in a research note on Tuesday, July 1st. Cowen reiterated a "buy" rating on shares of Equinix in a research note on Thursday, July 3rd. Finally, UBS Group reduced their price objective on shares of Equinix from $1,035.00 to $950.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Five research analysts have rated the stock with a hold rating, twenty have given a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $957.27.

Equinix Price Performance

Shares of Equinix stock traded down $13.42 during trading hours on Thursday, reaching $771.75. The company's stock had a trading volume of 500,622 shares, compared to its average volume of 565,603. The firm has a 50 day moving average price of $831.20 and a 200-day moving average price of $853.72. Equinix has a one year low of $701.41 and a one year high of $994.03. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.54 and a quick ratio of 1.65. The stock has a market cap of $75.49 billion, a P/E ratio of 75.59, a P/E/G ratio of 1.45 and a beta of 0.93.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its earnings results on Wednesday, July 30th. The financial services provider reported $9.91 earnings per share for the quarter, topping analysts' consensus estimates of $3.49 by $6.42. Equinix had a net margin of 11.11% and a return on equity of 7.22%. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the previous year, the firm posted $9.22 EPS. The business's quarterly revenue was up 4.5% on a year-over-year basis. On average, analysts predict that Equinix will post 33.1 EPS for the current year.

Equinix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, August 20th will be given a $4.69 dividend. The ex-dividend date is Wednesday, August 20th. This represents a $18.76 annualized dividend and a dividend yield of 2.4%. Equinix's payout ratio is currently 183.74%.

Insider Buying and Selling

In other Equinix news, Director Christopher B. Paisley sold 100 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $869.41, for a total value of $86,941.00. Following the transaction, the director directly owned 17,569 shares in the company, valued at approximately $15,274,664.29. This represents a 0.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $2,609,599.59. Following the completion of the transaction, the chief executive officer owned 9,615 shares in the company, 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 have sold 3,176 shares of company stock worth $2,808,008 in the last three months. Corporate insiders own 0.27% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Activest Wealth Management lifted its holdings in shares of Equinix by 121.4% during the 1st quarter. Activest Wealth Management now owns 31 shares of the financial services provider's stock worth $25,000 after acquiring an additional 17 shares during the period. Bank of Jackson Hole Trust lifted its holdings in shares of Equinix by 70.0% during the 2nd quarter. Bank of Jackson Hole Trust now owns 34 shares of the financial services provider's stock worth $27,000 after acquiring an additional 14 shares during the period. Pinney & Scofield Inc. purchased a new position in shares of Equinix during the 4th quarter worth about $28,000. Atticus Wealth Management LLC purchased a new position in shares of Equinix during the 2nd quarter worth about $29,000. Finally, GKV Capital Management Co. Inc. purchased a new position in shares of Equinix during the 1st quarter worth about $30,000. 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.