Equinix (NASDAQ:EQIX) Price Target Raised to $961.00

Key Points

• Equinix's price target has been raised by Truist Financial from $904.00 to $961.00, suggesting a potential upside of 24.54% from the current price.
• A majority of analysts now recommend a "buy" rating for Equinix, with an average consensus target price of approximately $959.86.
• The company reported an impressive $9.91 EPS for the last quarter, significantly exceeding the consensus estimate of $3.49.

Equinix (NASDAQ:EQIX - Get Free Report) had its price objective raised by equities researchers at Truist Financial from $904.00 to $961.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Truist Financial's price objective would indicate a potential upside of 24.54% from the company's current price.

Other analysts also recently issued research reports about the company. New Street Research upgraded Equinix to a "strong-buy" rating in a research note on Monday, April 28th. TD Securities boosted their price objective on Equinix from $978.00 to $1,018.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. JMP Securities reissued a "market outperform" rating and issued a $1,200.00 price objective on shares of Equinix in a research report on Tuesday, July 22nd. UBS Group decreased their price target on shares of Equinix from $1,035.00 to $950.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Finally, BNP Paribas raised Equinix to a "strong-buy" rating in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and five have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $959.86.

Equinix Price Performance

Shares of EQIX traded down $1.33 during trading hours on Thursday, hitting $771.67. 58,817 shares of the company were exchanged, compared to its average volume of 636,882. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.54 and a quick ratio of 1.54. The company has a market capitalization of $75.52 billion, a PE ratio of 75.54, a PEG ratio of 1.26 and a beta of 0.90. The firm has a fifty day simple moving average of $825.39 and a 200-day simple moving average of $850.93. Equinix has a one year low of $701.41 and a one year high of $994.03.

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

Insider Activity at Equinix

In other Equinix 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 transaction, the chief executive officer owned 9,615 shares in the company, valued at $8,508,409.65. This trade represents a 23.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher B. Paisley sold 100 shares of Equinix stock in a transaction on Friday, May 16th. The shares were sold at an average price of $869.41, for a total value of $86,941.00. Following the completion of the transaction, the director owned 17,569 shares in the company, valued at approximately $15,274,664.29. The trade was a 0.57% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Equinix

A number of institutional investors have recently added to or reduced their stakes in EQIX. Legacy Financial Advisors Inc. grew its stake in Equinix by 3.2% in the 4th 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 in the last quarter. Cornerstone Planning Group LLC lifted its stake in 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. Signaturefd LLC grew its position in shares of Equinix by 0.8% during 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 in the last quarter. AE Wealth Management LLC boosted its stake in Equinix by 5.1% during the first quarter. AE Wealth Management LLC now owns 248 shares of the financial services provider's stock valued at $202,000 after buying an additional 12 shares during the period. Finally, Gitterman Wealth Management LLC increased its position in shares of Equinix by 5.0% in the first quarter. Gitterman Wealth Management LLC now owns 250 shares of the financial services provider's stock worth $206,000 after purchasing an additional 12 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.