Truist Financial Reaffirms “Buy” Rating for Equinix (NASDAQ:EQIX)

Equinix (NASDAQ:EQIX)‘s stock had its “buy” rating restated by equities research analysts at Truist Financial in a report issued on Tuesday,Benzinga reports. They currently have a $1,127.00 price target on the financial services provider’s stock, up from their previous price target of $1,087.00. Truist Financial’s target price points to a potential upside of 13.15% from the company’s current price.

EQIX has been the topic of several other reports. JPMorgan Chase & Co. lifted their target price on Equinix from $950.00 to $1,100.00 and gave the company an “overweight” rating in a research note on Thursday, February 12th. Deutsche Bank Aktiengesellschaft set a $915.00 price target on Equinix in a report on Tuesday, January 6th. Guggenheim lifted their price objective on shares of Equinix from $933.00 to $985.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Wells Fargo & Company boosted their price objective on shares of Equinix from $925.00 to $975.00 and gave the company an “overweight” rating in a research note on Thursday, February 12th. Finally, HSBC set a $1,050.00 price objective on shares of Equinix and gave the stock a “buy” rating in a research report on Thursday, January 15th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Equinix currently has an average rating of “Moderate Buy” and a consensus price target of $1,016.86.

Equinix Price Performance

Shares of EQIX opened at $995.98 on Tuesday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. Equinix has a fifty-two week low of $701.41 and a fifty-two week high of $999.67. The firm has a 50-day simple moving average of $918.68 and a 200-day simple moving average of $831.34. The company has a market capitalization of $97.86 billion, a price-to-earnings ratio of 72.43, a price-to-earnings-growth ratio of 2.52 and a beta of 1.01.

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

Insiders Place Their Bets

In other Equinix news, EVP Raouf Abdel sold 584 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $965.69, for a total value of $563,962.96. Following the completion of the transaction, the executive vice president owned 7,768 shares in the company, valued at approximately $7,501,479.92. This represents a 6.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Charles J. Meyers sold 305 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $961.19, for a total value of $293,162.95. Following the completion of the sale, the chairman directly owned 12,594 shares of the company’s stock, valued at approximately $12,105,226.86. This trade represents a 2.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 16,842 shares of company stock worth $14,494,840. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quent Capital LLC boosted its holdings in Equinix by 4.2% during the third quarter. Quent Capital LLC now owns 298 shares of the financial services provider’s stock worth $233,000 after buying an additional 12 shares in the last quarter. Flputnam Investment Management Co. increased its holdings in Equinix by 1.0% in the third quarter. Flputnam Investment Management Co. now owns 1,295 shares of the financial services provider’s stock valued at $1,014,000 after buying an additional 13 shares in the last quarter. Paragon Private Wealth Management LLC increased its holdings in Equinix by 2.7% in the third quarter. Paragon Private Wealth Management LLC now owns 495 shares of the financial services provider’s stock valued at $388,000 after buying an additional 13 shares in the last quarter. Cornerstone Planning Group LLC lifted its position in shares of Equinix by 40.6% during the 3rd quarter. Cornerstone Planning Group LLC now owns 45 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 13 shares during the period. Finally, Cary Street Partners Investment Advisory LLC lifted its position in shares of Equinix by 2.7% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 498 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 13 shares during the period. 94.94% of the stock is owned by institutional investors and hedge funds.

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.