Wolfe Research Downgrades Equinix (NASDAQ:EQIX) to Peer Perform

Equinix (NASDAQ:EQIX) was downgraded by equities researchers at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research report issued to clients and investors on Monday, MarketBeat reports.

Several other equities research analysts have also recently commented on the company. Wells Fargo & Company decreased their target price on Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. Oppenheimer raised their price objective on shares of Equinix from $950.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. JMP Securities reaffirmed a “market outperform” rating and set a $1,200.00 price objective on shares of Equinix in a research report on Friday, May 23rd. TD Securities raised their target price on Equinix from $978.00 to $1,018.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Finally, BNP Paribas raised Equinix to a “strong-buy” rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and six have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Equinix has an average rating of “Buy” and a consensus target price of $1,004.80.

Equinix Stock Performance

NASDAQ:EQIX opened at $907.34 on Monday. The company has a market capitalization of $88.76 billion, a PE ratio of 106.12, a P/E/G ratio of 1.78 and a beta of 0.97. The company has a 50 day simple moving average of $843.29 and a two-hundred day simple moving average of $890.16. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.63 and a current ratio of 1.63. Equinix has a fifty-two week low of $701.41 and a fifty-two week high of $994.03.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share for the quarter, topping the consensus estimate of $9.01 by $0.66. Equinix had a net margin of 9.32% and a return on equity of 6.31%. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same period in the prior year, the company posted $8.86 earnings per share. Equinix’s revenue for the quarter was up 4.1% compared to the same quarter last year. Research analysts anticipate that Equinix will post 33.1 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Adaire Fox-Martin sold 2,949 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $884.91, for a total value of $2,609,599.59. Following the transaction, the chief executive officer now owns 9,615 shares in the company, valued at approximately $8,508,409.65. This represents a 23.47% decrease in their ownership of the stock. The transaction 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 the company’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $877.70, for a total value of $111,467.90. Following the transaction, the insider now directly owns 1,842 shares in the company, valued at $1,616,723.40. This represents a 6.45% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,176 shares of company stock valued at $2,808,008. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EQIX. Norges Bank purchased a new stake in Equinix during the fourth quarter valued at about $1,067,270,000. GAMMA Investing LLC lifted its stake in shares of Equinix by 82,340.9% during the 1st quarter. GAMMA Investing LLC now owns 890,362 shares of the financial services provider’s stock valued at $725,957,000 after buying an additional 889,282 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Equinix during the 1st quarter valued at approximately $662,663,000. Northern Trust Corp lifted its stake 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 buying an additional 586,034 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake 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 buying an additional 401,991 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

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.