Equinix (NASDAQ:EQIX) Upgraded by Truist Financial to “Strong-Buy” Rating

Truist Financial upgraded shares of Equinix (NASDAQ:EQIX) to a strong-buy rating in a research report released on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on EQIX. TD Cowen reiterated a “buy” rating on shares of Equinix in a report on Thursday, February 12th. JPMorgan Chase & Co. boosted their target price on shares of Equinix from $950.00 to $1,100.00 and gave the stock an “overweight” rating in a report on Thursday, February 12th. The Goldman Sachs Group upped their price target on shares of Equinix from $785.00 to $894.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Wells Fargo & Company lifted their price target on shares of Equinix from $925.00 to $975.00 and gave the stock an “overweight” rating in a report on Thursday, February 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Equinix in a research note on Thursday, January 22nd. Four analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,016.86.

Equinix Price Performance

Shares of EQIX opened at $980.24 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.40. The stock has a market cap of $96.31 billion, a PE ratio of 71.29, a PEG ratio of 2.48 and a beta of 1.04. Equinix has a 12-month low of $701.41 and a 12-month high of $992.90. The business has a 50-day simple moving average of $914.67 and a two-hundred day simple moving average of $830.18.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 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 analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the business posted $7.92 earnings per share. Analysts anticipate that Equinix will post 33.1 earnings per share for the current fiscal year.

Equinix Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, February 25th were issued a $5.16 dividend. The ex-dividend date was Wednesday, February 25th. This is a boost from Equinix’s previous quarterly dividend of $4.69. This represents a $20.64 annualized dividend and a yield of 2.1%. Equinix’s dividend payout ratio (DPR) is currently 150.11%.

Insider Buying and Selling at Equinix

In other Equinix news, CEO Adaire Fox-Martin sold 1,086 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $966.20, for a total transaction of $1,049,293.20. Following the completion of the transaction, the chief executive officer owned 19,574 shares in the company, valued at approximately $18,912,398.80. This trade represents a 5.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brandi Galvin Morandi sold 630 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $961.19, for a total transaction of $605,549.70. Following the completion of the transaction, the insider owned 10,394 shares in the company, valued at $9,990,608.86. This trade represents a 5.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 16,842 shares of company stock worth $14,494,840. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

Institutional investors have recently bought and sold shares of the company. Brighton Jones LLC grew its stake in Equinix by 28.9% during the fourth quarter. Brighton Jones LLC now owns 326 shares of the financial services provider’s stock worth $307,000 after purchasing an additional 73 shares during the period. Integrated Wealth Concepts LLC lifted its stake in Equinix by 11.5% in the first quarter. Integrated Wealth Concepts LLC now owns 522 shares of the financial services provider’s stock valued at $425,000 after buying an additional 54 shares during the period. Empowered Funds LLC lifted its stake in Equinix by 21.8% in the first quarter. Empowered Funds LLC now owns 3,050 shares of the financial services provider’s stock valued at $2,487,000 after buying an additional 546 shares during the period. Schnieders Capital Management LLC. bought a new position in shares of Equinix during the 2nd quarter worth approximately $231,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Equinix by 2.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,716 shares of the financial services provider’s stock worth $2,160,000 after buying an additional 72 shares during the period. Institutional investors own 94.94% of the company’s stock.

About Equinix

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.