Equinix (EQIX) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Equinix (NASDAQ:EQIX) from a hold rating to a strong-buy rating in a report released on Monday. Zacks Investment Research currently has $484.00 price target on the financial services provider’s stock.

According to Zacks, “Shares of Equinix have outperformed the real estate market over the past month. Further, the trend in estimate revisions of 2019 FFO per share indicates a favorable outlook for the company. The company reported fourth-quarter 2018 adjusted funds from operations (AFFO) per share of $5.13, comfortably surpassing the Zacks Consensus Estimate of $4.92. This was supported by growth in revenues. Notably, a global footprint and solid interconnected ecosystems have helped the company witness top-line growth for 64 consecutive quarters. Additionally, amid higher demand from cloud users, Equinix’s commitment to expand its International Business Exchange (IBX) platform is commendable. In fact, it has been achieving continued business momentum with critical mass of customers and the resultant network effect within its IBX centers.”

EQIX has been the subject of several other reports. BidaskClub downgraded shares of Equinix from a buy rating to a hold rating in a report on Thursday, December 27th. Jefferies Financial Group raised shares of Equinix from a hold rating to a buy rating and raised their price objective for the stock from $454.00 to $479.00 in a report on Monday, December 10th. cut their price objective on shares of Equinix to $460.00 and set a positive rating for the company in a report on Thursday, November 1st. KeyCorp began coverage on shares of Equinix in a report on Tuesday, October 23rd. They issued a sector weight rating for the company. Finally, BMO Capital Markets cut their price objective on shares of Equinix from $521.00 to $511.00 and set a buy rating for the company in a report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $496.00.

EQIX opened at $421.39 on Monday. The company has a market capitalization of $33.88 billion, a P/E ratio of 20.37, a price-to-earnings-growth ratio of 1.36 and a beta of 0.87. Equinix has a 12 month low of $335.29 and a 12 month high of $457.99. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.54.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, February 13th. The financial services provider reported $1.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.46 by ($3.10). The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.31 billion. Equinix had a return on equity of 6.91% and a net margin of 7.20%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the business posted $0.82 earnings per share. On average, equities analysts expect that Equinix will post 20.52 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 20th. Shareholders of record on Wednesday, February 27th will be paid a $2.46 dividend. The ex-dividend date is Tuesday, February 26th. This is a boost from Equinix’s previous quarterly dividend of $2.28. This represents a $9.84 annualized dividend and a yield of 2.34%. Equinix’s dividend payout ratio is currently 44.08%.

In other Equinix news, CFO Keith D. Taylor sold 2,785 shares of the stock in a transaction that occurred on Wednesday, January 16th. The shares were sold at an average price of $381.13, for a total value of $1,061,447.05. Following the sale, the chief financial officer now directly owns 21,355 shares in the company, valued at approximately $8,139,031.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Earl Campbell sold 1,500 shares of the stock in a transaction that occurred on Tuesday, December 4th. The stock was sold at an average price of $395.00, for a total transaction of $592,500.00. Following the completion of the sale, the insider now owns 1,388 shares in the company, valued at $548,260. The disclosure for this sale can be found here. Insiders sold a total of 12,152 shares of company stock worth $4,651,296 over the last quarter. Corporate insiders own 0.51% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. IFM Investors Pty Ltd raised its position in shares of Equinix by 16.8% during the 3rd quarter. IFM Investors Pty Ltd now owns 4,153 shares of the financial services provider’s stock valued at $1,798,000 after buying an additional 597 shares in the last quarter. Calamos Wealth Management LLC purchased a new stake in shares of Equinix during the 4th quarter valued at $2,266,000. Highland Capital Management LLC raised its position in shares of Equinix by 79.6% during the 4th quarter. Highland Capital Management LLC now owns 1,827 shares of the financial services provider’s stock valued at $644,000 after buying an additional 810 shares in the last quarter. Albion Financial Group UT raised its position in shares of Equinix by 4.2% during the 3rd quarter. Albion Financial Group UT now owns 1,337 shares of the financial services provider’s stock valued at $579,000 after buying an additional 54 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Equinix during the 3rd quarter valued at $709,000. Institutional investors and hedge funds own 95.35% of the company’s stock.

About Equinix

Equinix, Inc (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. In 52 markets across five continents, Equinix is where companies come together to realize new opportunities and accelerate their business, IT and cloud strategies.

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