Truist Financial Has Lowered Expectations for Equinix (NASDAQ:EQIX) Stock Price

Equinix (NASDAQ:EQIX) had its price objective lowered by investment analysts at Truist Financial from $990.00 to $986.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target points to a potential upside of 13.34% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Citizens Jmp raised shares of Equinix to a “strong-buy” rating in a research report on Monday, January 27th. Scotiabank reduced their price objective on Equinix from $1,040.00 to $1,030.00 and set a “sector outperform” rating for the company in a report on Tuesday, April 22nd. Moffett Nathanson upgraded Equinix from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 5th. Mizuho decreased their price target on shares of Equinix from $1,094.00 to $1,053.00 and set an “outperform” rating on the stock in a research note on Friday, March 28th. Finally, Stifel Nicolaus lifted their price objective on shares of Equinix from $1,030.00 to $1,050.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and six have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $1,004.89.

Equinix Stock Up 0.6%

Shares of NASDAQ EQIX traded up $5.53 during trading hours on Monday, hitting $869.92. The company had a trading volume of 159,074 shares, compared to its average volume of 527,094. The stock has a market capitalization of $85.09 billion, a P/E ratio of 101.74, a price-to-earnings-growth ratio of 1.78 and a beta of 0.97. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.19. The firm’s 50 day moving average is $825.01 and its 200-day moving average is $894.10. Equinix has a 1-year low of $701.41 and a 1-year high of $994.03.

Equinix (NASDAQ:EQIX) last issued its earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 9.32% and a return on equity of 6.31%. Equinix’s revenue was up 4.1% on a year-over-year basis. During the same period last year, the business posted $8.86 EPS. On average, analysts expect that Equinix will post 33.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Christopher B. Paisley sold 125 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $912.21, for a total value of $114,026.25. Following the transaction, the director now owns 17,669 shares in the company, valued at approximately $16,117,838.49. The trade was a 0.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kurt Pletcher sold 127 shares of Equinix stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total transaction of $111,467.90. Following the transaction, the insider now directly owns 1,842 shares of the company’s stock, valued at $1,616,723.40. This represents a 6.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,167 shares of company stock valued at $6,658,536 in the last three months. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pinney & Scofield Inc. bought a new stake in shares of Equinix in the 4th quarter valued at $28,000. Kestra Investment Management LLC acquired a new stake in Equinix in the fourth quarter worth $31,000. Whipplewood Advisors LLC increased its stake in Equinix by 127.8% in the first quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 23 shares in the last quarter. Cornerstone Planning Group LLC raised its holdings in shares of Equinix by 40.0% during the first quarter. Cornerstone Planning Group LLC now owns 42 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 12 shares during the period. Finally, Pacific Center for Financial Services boosted its position in shares of Equinix by 65.2% during the 4th quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 15 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Equinix Company Profile

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.