Equinix (NASDAQ:EQIX) Price Target Cut to $965.00 by Analysts at Scotiabank

Equinix (NASDAQ:EQIX - Get Free Report) had its price target lowered by equities research analysts at Scotiabank from $1,030.00 to $965.00 in a report released on Thursday,Benzinga reports. The firm presently has a "sector outperform" rating on the financial services provider's stock. Scotiabank's target price points to a potential upside of 29.44% from the stock's previous close.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets set a $850.00 price objective on Equinix and gave the company a "market perform" rating in a research report on Thursday. Cfra Research raised shares of Equinix from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. Stifel Nicolaus lifted their price target on shares of Equinix from $1,030.00 to $1,050.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Cowen reaffirmed a "buy" rating on shares of Equinix in a research report on Thursday, May 1st. Finally, JMP Securities restated a "market outperform" rating and issued a $1,200.00 price target on shares of Equinix in a research note on Friday, May 23rd. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and six have issued a strong buy rating to the stock. According to MarketBeat.com, Equinix presently has an average rating of "Buy" and a consensus target price of $977.30.

Equinix Stock Down 9.6%

Shares of NASDAQ:EQIX traded down $78.78 during trading on Thursday, reaching $745.53. 4,002,204 shares of the stock traded hands, compared to its average volume of 545,874. The stock has a market cap of $72.93 billion, a P/E ratio of 77.50, a price-to-earnings-growth ratio of 1.18 and a beta of 0.97. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.65 and a current ratio of 1.65. The stock has a 50-day moving average of $868.26 and a two-hundred day moving average of $883.95. Equinix has a 52-week low of $701.41 and a 52-week high of $994.03.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $9.67 EPS for the quarter, beating the consensus estimate of $9.01 by $0.66. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.23 billion. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The company's revenue was up 4.1% compared to the same quarter last year. During the same period last year, the business posted $8.86 EPS. As a group, sell-side analysts expect that Equinix will post 33.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Christopher B. Paisley sold 100 shares of Equinix stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $869.41, for a total transaction of $86,941.00. Following the sale, the director now owns 17,569 shares in the company, valued at $15,274,664.29. This trade represents a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Adaire Fox-Martin sold 2,949 shares of the company'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 now owns 9,615 shares of the company's stock, valued at approximately $8,508,409.65. This represents a 23.47% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,176 shares of company stock worth $2,808,008. Corporate insiders own 0.27% of the company's stock.

Hedge Funds Weigh In On Equinix

Several institutional investors have recently bought and sold shares of EQIX. Oppenheimer & Co. Inc. boosted its holdings in shares of Equinix by 61.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 8,427 shares of the financial services provider's stock valued at $7,946,000 after purchasing an additional 3,212 shares during the last quarter. First United Bank & Trust purchased a new stake in shares of Equinix in the first quarter worth about $451,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Equinix by 20.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,489 shares of the financial services provider's stock valued at $93,807,000 after buying an additional 17,084 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Equinix by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,174,962 shares of the financial services provider's stock valued at $1,107,860,000 after buying an additional 40,791 shares in the last quarter. Finally, LGT Group Foundation grew its holdings in Equinix by 2.2% during the 4th quarter. LGT Group Foundation now owns 24,028 shares of the financial services provider's stock valued at $22,656,000 after buying an additional 511 shares in the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

About Equinix

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.