Truist Financial Lowers Equinix (NASDAQ:EQIX) Price Target to $904.00

Equinix (NASDAQ:EQIX) had its target price decreased by Truist Financial from $986.00 to $904.00 in a report issued on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

EQIX has been the topic of several other research reports. TD Securities lifted their price target on shares of Equinix from $978.00 to $1,018.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Cowen reissued a “buy” rating on shares of Equinix in a report on Thursday, May 1st. Stifel Nicolaus decreased their price objective on Equinix from $1,050.00 to $1,010.00 and set a “buy” rating on the stock in a research note on Thursday, June 26th. Citigroup lifted their price objective on Equinix from $970.00 to $990.00 and gave the company a “buy” rating in a research report on Monday, May 5th. Finally, Cfra Research cut shares of Equinix from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, June 26th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $960.55.

Equinix Stock Down 1.0%

Equinix stock opened at $787.50 on Tuesday. Equinix has a one year low of $701.41 and a one year high of $994.03. The stock has a fifty day moving average of $866.92 and a 200 day moving average of $876.38. 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 market cap of $77.03 billion, a PE ratio of 81.86, a price-to-earnings-growth ratio of 1.14 and a beta of 0.93.

Equinix (NASDAQ:EQIX) last released its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.01 by $0.66. The business had revenue of $2.23 billion during 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 business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $8.86 EPS. As a group, sell-side analysts predict that Equinix will post 33.1 EPS for the current year.

Equinix Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were given a $4.69 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $18.76 annualized dividend and a yield of 2.38%. Equinix’s dividend payout ratio (DPR) is 195.01%.

Insider Transactions at Equinix

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 completion of the sale, the director owned 17,569 shares of the company’s stock, valued at approximately $15,274,664.29. The trade was a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Adaire Fox-Martin sold 2,949 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $884.91, for a total value of $2,609,599.59. Following the completion of the transaction, the chief executive officer directly owned 9,615 shares in the company, valued at approximately $8,508,409.65. This trade represents a 23.47% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,176 shares of company stock valued at $2,808,008. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Equinix

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Equinix by 1.9% during the first quarter. Vanguard Group Inc. now owns 12,906,820 shares of the financial services provider’s stock valued at $10,523,576,000 after buying an additional 242,121 shares during the period. Geode Capital Management LLC boosted its position in Equinix by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 2,412,513 shares of the financial services provider’s stock valued at $2,269,037,000 after acquiring an additional 62,005 shares in the last quarter. FMR LLC increased its holdings in shares of Equinix by 3.7% in the 4th quarter. FMR LLC now owns 2,264,958 shares of the financial services provider’s stock valued at $2,135,606,000 after acquiring an additional 81,144 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Equinix by 0.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,902,053 shares of the financial services provider’s stock worth $1,793,429,000 after acquiring an additional 14,294 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Equinix by 28.7% during the 4th quarter. Wellington Management Group LLP now owns 1,804,227 shares of the financial services provider’s stock worth $1,701,188,000 after purchasing an additional 401,991 shares during 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.