Equinix Rating Reiterated by Zacks (EQIX)
Equinix (NASDAQ:EQIX)‘s stock had its “neutral” rating restated by Zacks in a note issued to investors on Friday, AnalystRatingsNetwork.com reports. They currently have a $198.00 price target on the stock. Zacks‘s price objective suggests a potential upside of 4.75% from the company’s current price.
Zacks’ analyst wrote, “Equinix’ first-quarter 2014 results came ahead of the Zacks Consensus Estimate. Growth across geographies and business segments helped revenues to improve on a year-over-year basis. Moreover, the company provided an encouraging guidance. The data center business is thriving across geographies and Equinix is uniquely positioned to capitalize on this opportunity. Moreover, Equinix recurring revenue model will support its revenues. The company s proposed REIT conversion is on track. Additionally, the company s associations with Verizon and AT&T remain growth catalysts. However, the company’s European exposure, industry consolidation and a highly leveraged balance sheet remain concerns. Thus, we reiterate our Neutral recommendation on Equinix.”
In other Equinix news, major shareholder Advisory Corp Spo acquired 74,900 shares of Equinix stock on the open market in a transaction dated Monday, April 28th. The stock was purchased at an average price of $178.56 per share, for a total transaction of $13,374,144.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group reiterated a “buy” rating on shares of Equinix in a research note on Thursday. Separately, analysts at Evercore Partners reiterated an “overweight” rating on shares of Equinix in a research note on Tuesday. They now have a $205.00 price target on the stock. Finally, analysts at Nomura reiterated a “buy” rating on shares of Equinix in a research note on Thursday, April 17th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $219.27.
Shares of Equinix (NASDAQ:EQIX) traded down 1.16% during mid-day trading on Friday, hitting $186.83. 767,274 shares of the company’s stock traded hands. Equinix has a 1-year low of $152.82 and a 1-year high of $231.56. The stock has a 50-day moving average of $180.8 and a 200-day moving average of $176.3. The company has a market cap of $9.230 billion and a price-to-earnings ratio of 100.01. Equinix also saw a significant decline in short interest during the month of April. As of April 15th, there was short interest totalling 8,183,030 shares, a decline of 20.8% from the March 31st total of 10,328,192 shares. Based on an average daily trading volume, of 1,118,738 shares, the days-to-cover ratio is currently 7.3 days. Currently, 16.7% of the shares of the company are short sold.
Equinix (NASDAQ:EQIX) last released its earnings data on Wednesday, April 30th. The company reported $0.81 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.72 by $0.09. The company had revenue of $580.00 million for the quarter, compared to the consensus estimate of $574.85 million. Analysts expect that Equinix will post $3.46 EPS for the current fiscal year.
Equinix, Inc (NASDAQ:EQIX) connects businesses with partners and customers worldwide through a global platform of data centers.
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