JPMorgan Chase & Co. Lowers Equinix (NASDAQ:EQIX) Price Target to $935.00

Equinix (NASDAQ:EQIX) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $975.00 to $935.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 19.09% from the company’s current price.

A number of other research analysts have also weighed in on EQIX. Mizuho reduced their target price on Equinix from $1,094.00 to $1,053.00 and set an “outperform” rating for the company in a report on Friday, March 28th. Bank of America cut their price objective on shares of Equinix from $1,000.00 to $950.00 and set a “buy” rating for the company in a research report on Thursday. Barclays upped their target price 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. TD Securities increased their target price on shares of Equinix from $978.00 to $1,018.00 and gave the stock a “buy” rating in a research note on Thursday, May 1st. Finally, New Street Research upgraded shares of Equinix to a “strong-buy” rating in a research report on Monday, April 28th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and six have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $977.30.

Equinix Stock Performance

Shares of EQIX stock opened at $785.11 on Thursday. The firm’s 50 day moving average is $867.26 and its 200 day moving average is $881.19. The stock has a market capitalization of $76.80 billion, a P/E ratio of 81.61, a PEG ratio of 0.97 and a beta of 0.97. Equinix has a 12 month low of $701.41 and a 12 month high of $994.03. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 1.20.

Equinix (NASDAQ:EQIX) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.01 by $0.66. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.23 billion. During the same quarter in the prior year, the business posted $8.86 earnings per share. The business’s quarterly revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts anticipate that Equinix will post 33.1 earnings per share for the current year.

Insider Buying and Selling

In other Equinix news, CEO Adaire Fox-Martin sold 2,949 shares of the 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 completion of the sale, the chief executive officer now owns 9,615 shares in the company, valued at approximately $8,508,409.65. This trade represents a 23.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 100 shares of Equinix stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $869.41, for a total value of $86,941.00. Following the completion of the sale, the director now owns 17,569 shares in the company, valued at approximately $15,274,664.29. This represents a 0.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,176 shares of company stock valued at $2,808,008 over the last ninety days. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Equinix in the 4th quarter worth about $1,067,270,000. GAMMA Investing LLC raised its stake in Equinix by 82,340.9% in the first 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 in the last quarter. Nuveen LLC purchased a new stake in Equinix in the first quarter worth about $662,663,000. Northern Trust Corp boosted its position in 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 in the last quarter. Finally, Wellington Management Group LLP grew 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 worth $1,701,188,000 after acquiring an additional 401,991 shares during the period. 94.94% of the stock is owned by hedge funds and other institutional investors.

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.