Equinix (NASDAQ:EQIX – Get Free Report) had its price target dropped by stock analysts at Bank of America from $1,000.00 to $950.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price objective suggests a potential upside of 21.00% from the stock’s previous close.
Other equities analysts have also issued reports about the stock. BNP Paribas raised shares of Equinix to a “strong-buy” rating in a research report on Thursday, May 1st. TD Securities lifted their price objective 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. Barclays upped their target price on Equinix from $834.00 to $837.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 27th. JMP Securities reaffirmed a “market outperform” rating and set a $1,200.00 price target on shares of Equinix in a research report on Friday, May 23rd. Finally, Cfra Research upgraded Equinix from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 28th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and six have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $977.30.
Read Our Latest Stock Report on Equinix
Equinix Price Performance
Equinix (NASDAQ:EQIX – Get Free Report) last announced its earnings results 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 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 period in the previous year, the business earned $8.86 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, analysts predict that Equinix will post 33.1 earnings per share for the current fiscal year.
Insider Activity at Equinix
In other Equinix news, insider Kurt Pletcher sold 127 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the transaction, the insider now owns 1,842 shares of the company’s stock, valued at $1,616,723.40. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Adaire Fox-Martin sold 2,949 shares of Equinix 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 directly owns 9,615 shares in the company, valued at $8,508,409.65. This represents a 23.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,176 shares of company stock valued at $2,808,008. 0.27% of the stock is owned by company insiders.
Institutional Investors Weigh In On Equinix
A number of hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. raised its holdings in Equinix by 61.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 8,427 shares of the financial services provider’s stock valued at $7,946,000 after acquiring an additional 3,212 shares during the last quarter. First United Bank & Trust purchased a new position in Equinix during the first quarter worth approximately $451,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Equinix by 20.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,489 shares of the financial services provider’s stock worth $93,807,000 after buying an additional 17,084 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Equinix by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,174,962 shares of the financial services provider’s stock valued at $1,107,860,000 after buying an additional 40,791 shares in the last quarter. Finally, LGT Group Foundation increased its stake in shares of Equinix by 2.2% in the 4th quarter. LGT Group Foundation now owns 24,028 shares of the financial services provider’s stock worth $22,656,000 after acquiring an additional 511 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.
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.
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