Equinix (NASDAQ:EQIX) Rating Lowered to Sector Perform at Scotiabank

Equinix (NASDAQ:EQIX) was downgraded by Scotiabank from a “sector outperform” rating to a “sector perform” rating in a report released on Tuesday, Marketbeat reports. They currently have a $1,050.00 price objective on the financial services provider’s stock. Scotiabank’s price target points to a potential upside of 3.34% from the stock’s previous close.

Several other research firms also recently commented on EQIX. TD Cowen reaffirmed a “buy” rating on shares of Equinix in a report on Thursday, February 12th. The Goldman Sachs Group upped their price objective on shares of Equinix from $785.00 to $894.00 and gave the stock a “neutral” rating in a research report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft set a $915.00 target price on shares of Equinix in a research report on Tuesday, January 6th. Wells Fargo & Company increased their target price on shares of Equinix from $925.00 to $975.00 and gave the company an “overweight” rating in a research report on Thursday, February 12th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $1,075.00 price objective on shares of Equinix in a report on Friday, February 13th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $1,019.27.

Equinix Trading Up 1.6%

NASDAQ:EQIX opened at $1,016.08 on Tuesday. Equinix has a one year low of $701.41 and a one year high of $1,016.39. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $99.83 billion, a P/E ratio of 73.90, a P/E/G ratio of 2.57 and a beta of 1.01. The firm has a 50-day simple moving average of $931.21 and a 200-day simple moving average of $836.36.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). Equinix had a return on equity of 9.60% and a net margin of 14.65%.The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the previous year, the firm earned $7.92 EPS. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. Equities analysts anticipate that Equinix will post 33.1 EPS for the current fiscal year.

Insider Activity at Equinix

In other news, CEO Adaire Fox-Martin sold 2,670 shares of the stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $804.08, for a total transaction of $2,146,893.60. Following the sale, the chief executive officer owned 14,857 shares of the company’s stock, valued at approximately $11,946,216.56. This represents a 15.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brandi Galvin Morandi sold 1,333 shares of the stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $804.25, for a total transaction of $1,072,065.25. Following the sale, the insider directly owned 9,551 shares in the company, valued at $7,681,391.75. This represents a 12.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,842 shares of company stock valued at $14,494,840 over the last quarter. 0.27% of the stock is owned by insiders.

Institutional Trading of Equinix

Several hedge funds have recently made changes to their positions in the business. Purpose Unlimited Inc. acquired a new stake in shares of Equinix during the fourth quarter worth about $588,000. Hsbc Holdings PLC lifted its position in shares of Equinix by 6.0% during the fourth quarter. Hsbc Holdings PLC now owns 444,635 shares of the financial services provider’s stock worth $340,795,000 after purchasing an additional 25,259 shares in the last quarter. Stance Capital LLC acquired a new stake in shares of Equinix during the fourth quarter worth about $1,415,000. Rockefeller Capital Management L.P. lifted its position in shares of Equinix by 37.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 112,474 shares of the financial services provider’s stock worth $86,174,000 after purchasing an additional 30,572 shares in the last quarter. Finally, World Investment Advisors lifted its position in shares of Equinix by 31.8% during the fourth quarter. World Investment Advisors now owns 842 shares of the financial services provider’s stock worth $645,000 after purchasing an additional 203 shares in the last quarter. Institutional investors and hedge funds 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.