Canaccord Genuity Reaffirms Buy Rating for Equinix, Inc. (EQIX)

Canaccord Genuity restated their buy rating on shares of Equinix, Inc. (NASDAQ:EQIX) in a research report report published on Monday, June 12th. Canaccord Genuity currently has a $525.00 price target on the financial services provider’s stock.

Several other brokerages also recently commented on EQIX. Oppenheimer Holdings, Inc. restated an outperform rating and set a $472.00 price objective (up from $440.00) on shares of Equinix in a research report on Thursday, May 4th. Zacks Investment Research upgraded shares of Equinix from a hold rating to a buy rating and set a $430.00 price objective on the stock in a research report on Tuesday, March 28th. Cowen and Company raised their price objective on shares of Equinix from $417.00 to $453.00 and gave the company an outperform rating in a research report on Wednesday, March 29th. Citigroup Inc. raised their price objective on shares of Equinix from $435.00 to $462.00 and gave the company a buy rating in a research report on Tuesday, April 25th. Finally, Jefferies Group LLC raised their price objective on shares of Equinix from $378.00 to $410.00 and gave the company a hold rating in a research report on Friday, April 28th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock has an average rating of Buy and an average price target of $452.20.

Shares of Equinix (NASDAQ:EQIX) traded down 0.16% during trading on Monday, hitting $431.52. The stock had a trading volume of 96,525 shares. The company has a market capitalization of $33.62 billion, a price-to-earnings ratio of 155.45 and a beta of 0.61. Equinix has a 52 week low of $314.55 and a 52 week high of $447.26. The company’s 50 day moving average price is $432.52 and its 200 day moving average price is $392.22.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $4.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.20 by $0.94. The business had revenue of $949.53 million for the quarter, compared to analysts’ expectations of $946.89 million. Equinix had a net margin of 5.38% and a return on equity of 5.88%. The company’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.68 EPS. Analysts predict that Equinix will post $4.50 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 21st. Investors of record on Wednesday, May 24th will be paid a $2.00 dividend. The ex-dividend date is Monday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.85%. Equinix’s dividend payout ratio is currently 286.74%.

In other Equinix news, CEO Stephen M. Smith sold 5,348 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $432.60, for a total transaction of $2,313,544.80. Following the sale, the chief executive officer now owns 18,967 shares of the company’s stock, valued at $8,205,124.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith D. Taylor sold 2,500 shares of Equinix stock in a transaction on Monday, March 27th. The shares were sold at an average price of $383.64, for a total transaction of $959,100.00. Following the completion of the transaction, the chief financial officer now directly owns 39,893 shares in the company, valued at $15,304,550.52. The disclosure for this sale can be found here. Insiders sold 23,402 shares of company stock valued at $9,851,928 in the last quarter. 0.58% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Cpcm LLC boosted its position in shares of Equinix by 0.4% in the first quarter. Cpcm LLC now owns 1,255 shares of the financial services provider’s stock valued at $502,000 after buying an additional 5 shares in the last quarter. Perigon Wealth Management LLC boosted its position in shares of Equinix by 20.8% in the first quarter. Perigon Wealth Management LLC now owns 1,565 shares of the financial services provider’s stock valued at $627,000 after buying an additional 269 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Equinix by 3.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 12,488 shares of the financial services provider’s stock valued at $5,000,000 after buying an additional 444 shares in the last quarter. Proficio Capital Partners LLC boosted its position in shares of Equinix by 1,033.3% in the first quarter. Proficio Capital Partners LLC now owns 238 shares of the financial services provider’s stock valued at $105,000 after buying an additional 217 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Equinix by 8.5% in the first quarter. Public Employees Retirement System of Ohio now owns 35,511 shares of the financial services provider’s stock valued at $14,218,000 after buying an additional 2,797 shares in the last quarter. 97.25% of the stock is currently owned by institutional investors.

Equinix Company Profile

Equinix, Inc (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems.

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