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

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

Several other brokerages have also commented on EQIX. Barclays raised their price objective on shares of Equinix from $834.00 to $837.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 27th. New Street Research raised Equinix to a “strong-buy” rating in a research report on Monday, April 28th. Cfra Research lowered Equinix from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, June 26th. Wells Fargo & Company reduced their price target on Equinix from $1,065.00 to $925.00 and set an “overweight” rating on the stock in a research note on Thursday, June 26th. Finally, Stifel Nicolaus decreased their price objective on Equinix from $1,050.00 to $1,010.00 and set a “buy” rating for the company in a report on Thursday, June 26th. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and five have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $960.55.

Equinix Stock Performance

NASDAQ:EQIX opened at $787.50 on Tuesday. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.20. The firm’s fifty day simple moving average is $866.92 and its 200 day simple moving average is $876.38. The stock has a market cap of $77.03 billion, a P/E ratio of 81.86, a price-to-earnings-growth ratio of 1.14 and a beta of 0.93. Equinix has a twelve month low of $701.41 and a twelve month high of $994.03.

Equinix (NASDAQ:EQIX) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $9.67 EPS for the quarter, topping the consensus estimate of $9.01 by $0.66. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Equinix had a net margin of 10.48% and a return on equity of 6.96%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the company posted $8.86 EPS. As a group, research analysts predict that Equinix will post 33.1 EPS for the current year.

Equinix Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were paid a dividend of $4.69 per share. The ex-dividend date was Wednesday, May 21st. This represents a $18.76 dividend on an annualized basis and a yield of 2.38%. Equinix’s dividend payout ratio is currently 195.01%.

Insiders Place Their Bets

In other news, insider Kurt Pletcher sold 127 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $877.70, for a total transaction of $111,467.90. Following the sale, the insider owned 1,842 shares in the company, valued at $1,616,723.40. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Adaire Fox-Martin sold 2,949 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the sale, the chief executive officer directly owned 9,615 shares of the company’s stock, valued at $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 ninety days, insiders sold 3,176 shares of company stock valued at $2,808,008. Insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

A number of institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in shares of Equinix during the fourth quarter valued at $1,067,270,000. GAMMA Investing LLC raised its position in Equinix by 82,340.9% in the 1st quarter. GAMMA Investing LLC now owns 890,362 shares of the financial services provider’s stock worth $725,957,000 after buying an additional 889,282 shares during the last quarter. Nuveen LLC bought a new position in Equinix during the 1st quarter valued at about $662,663,000. Northern Trust Corp boosted its holdings in shares of Equinix by 65.3% during the 4th quarter. Northern Trust Corp now owns 1,483,781 shares of the financial services provider’s stock valued at $1,399,042,000 after acquiring an additional 586,034 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings 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 valued at $1,701,188,000 after acquiring an additional 401,991 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

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.