Equinix (NASDAQ:EQIX) Given New $904.00 Price Target at Truist Financial

Equinix (NASDAQ:EQIX - Get Free Report) had its target price decreased by Truist Financial from $986.00 to $904.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Truist Financial's price target indicates a potential upside of 14.79% from the company's current price.

Several other equities research analysts have also recently weighed in on EQIX. Stifel Nicolaus decreased their price objective on shares of Equinix from $1,050.00 to $1,010.00 and set a "buy" rating for the company in a research report on Thursday, June 26th. Wells Fargo & Company cut their price target on shares of Equinix from $1,065.00 to $925.00 and set an "overweight" rating on the stock in a research report on Thursday, June 26th. Mizuho decreased their price target on Equinix from $1,094.00 to $1,053.00 and set an "outperform" rating for the company in a report on Friday, March 28th. BNP Paribas raised Equinix to a "strong-buy" rating in a research note on Thursday, May 1st. Finally, Scotiabank decreased their target price on Equinix from $1,030.00 to $965.00 and set a "sector outperform" rating for the company in a research note on Thursday, June 26th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and five have given a strong buy rating to the company's stock. According to MarketBeat.com, Equinix currently has an average rating of "Buy" and a consensus target price of $960.55.

Equinix Trading Down 1.0%

NASDAQ:EQIX traded down $7.65 during trading hours on Tuesday, hitting $787.50. 539,869 shares of the company were exchanged, compared to its average volume of 556,961. The company has a fifty day simple moving average of $867.51 and a 200 day simple moving average of $877.55. Equinix has a one year low of $701.41 and a one year high of $994.03. The stock has a market capitalization of $77.03 billion, a price-to-earnings ratio of 81.86, a price-to-earnings-growth ratio of 1.14 and a beta of 0.93. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 1.20.

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

Insiders Place Their Bets

In other Equinix news, Director Christopher B. Paisley sold 100 shares of the company's stock in a transaction on Friday, May 16th. The stock was 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 $15,274,664.29. This represents a 0.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adaire Fox-Martin sold 2,949 shares of the firm's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total value of $2,609,599.59. Following the sale, the chief executive officer directly owned 9,615 shares of the company's stock, valued at approximately $8,508,409.65. This represents a 23.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,176 shares of company stock valued at $2,808,008 in the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Equinix

Several institutional investors have recently added to or reduced their stakes in EQIX. First United Bank & Trust purchased a new position in Equinix in the first quarter valued at about $451,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Equinix by 20.7% in 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 purchasing an additional 17,084 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Equinix by 3.6% during the fourth 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 purchasing an additional 40,791 shares during the period. Miller Howard Investments Inc. NY increased its position in Equinix by 20.1% in the first quarter. Miller Howard Investments Inc. NY now owns 3,864 shares of the financial services provider's stock worth $3,150,000 after buying an additional 646 shares during the last quarter. Finally, Chevy Chase Trust Holdings LLC increased its position in Equinix by 0.8% in the first quarter. Chevy Chase Trust Holdings LLC now owns 51,045 shares of the financial services provider's stock worth $41,620,000 after buying an additional 413 shares during the last quarter. Institutional investors own 94.94% of the company's stock.

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.