Guggenheim Forecasts Strong Price Appreciation for Equinix (NASDAQ:EQIX) Stock

Key Points

• Guggenheim raised its price target on Equinix to $1,235 (from $985) and kept a "buy" rating, implying about an 11.4% upside from the stock's current level.
• Multiple major analysts (Citigroup, JPMorgan, Wells Fargo, HSBC, Bernstein) have also increased targets or maintained buy/outperform calls, leaving a MarketBeat consensus of "Moderate Buy" with a $1,075.91 target.
• Equinix slightly missed quarterly EPS and revenue estimates despite 7% year-over-year revenue growth; insiders have sold shares recently while institutional ownership remains very high (about 94.9%).

Equinix (NASDAQ:EQIX - Get Free Report) had its price objective hoisted by stock analysts at Guggenheim from $985.00 to $1,235.00 in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Guggenheim's target price would indicate a potential upside of 11.39% from the stock's current price.

Other analysts have also issued research reports about the company. Citigroup boosted their price target on Equinix from $1,070.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. upped their target price on shares of Equinix from $950.00 to $1,100.00 and gave the stock an "overweight" rating in a research report on Thursday, February 12th. Wells Fargo & Company raised their price target on Equinix from $975.00 to $1,200.00 and gave the company an "overweight" rating in a report on Tuesday, April 21st. Sanford C. Bernstein started coverage on shares of Equinix in a report on Thursday, March 5th. They set an "outperform" rating and a $1,128.00 target price for the company. Finally, HSBC restated a "buy" rating and set a $1,250.00 target price on shares of Equinix in a research report on Monday. Five analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,075.91.

Equinix Stock Down 0.0%

EQIX stock opened at $1,108.74 on Monday. Equinix has a twelve month low of $710.52 and a twelve month high of $1,128.68. The company has a market cap of $109.34 billion, a PE ratio of 80.64, a price-to-earnings-growth ratio of 2.82 and a beta of 1.01. The business's 50-day simple moving average is $993.19 and its 200 day simple moving average is $863.91. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.40.

Equinix (NASDAQ:EQIX - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $9.07 by ($0.16). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.46 billion. Equinix had a net margin of 14.65% and a return on equity of 9.60%. The business's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $7.92 earnings per share. On average, research analysts anticipate that Equinix will post 37.72 earnings per share for the current year.

Insider Transactions at Equinix

In related news, CEO Adaire Fox-Martin sold 1,086 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $966.20, for a total value of $1,049,293.20. Following the sale, the chief executive officer owned 19,574 shares in the company, valued at approximately $18,912,398.80. This represents a 5.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Raouf Abdel sold 584 shares of Equinix stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $965.69, for a total transaction of $563,962.96. Following the transaction, the executive vice president directly owned 7,768 shares of the company's stock, valued at approximately $7,501,479.92. This trade represents a 6.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 6,380 shares of company stock valued at $6,179,022. Company insiders own 0.27% of the company's stock.

Institutional Trading of Equinix

Hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in Equinix in the 4th quarter valued at about $984,355,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Equinix by 408.1% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,186,497 shares of the financial services provider's stock valued at $929,312,000 after purchasing an additional 953,001 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Equinix by 377,167.4% in the fourth quarter. SG Americas Securities LLC now owns 716,808 shares of the financial services provider's stock valued at $549,190,000 after purchasing an additional 716,618 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Equinix by 25.8% during the third quarter. JPMorgan Chase & Co. now owns 2,875,355 shares of the financial services provider's stock worth $2,252,094,000 after purchasing an additional 588,967 shares during the period. Finally, Cohen & Steers Inc. lifted its holdings in Equinix by 23.3% during the 4th quarter. Cohen & Steers Inc. now owns 2,609,011 shares of the financial services provider's stock worth $1,998,978,000 after purchasing an additional 493,141 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company's stock.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix's offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.

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