Equinix (NASDAQ:EQIX) Given New $959.00 Price Target at Scotiabank

Equinix (NASDAQ:EQIX) had its target price decreased by investment analysts at Scotiabank from $965.00 to $959.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price objective would indicate a potential upside of 20.58% from the company’s previous close.

A number of other research firms also recently weighed in on EQIX. Barclays reaffirmed a “positive” rating and issued a $870.00 price target on shares of Equinix in a research note on Tuesday. Cowen reaffirmed a “buy” rating on shares of Equinix in a research report on Thursday, October 30th. UBS Group set a $959.00 price target on Equinix in a report on Wednesday. Zacks Research cut Equinix from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Finally, Morgan Stanley initiated coverage on shares of Equinix in a research report on Thursday, October 16th. They set an “overweight” rating and a $950.00 price objective on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $955.33.

Equinix Stock Down 0.7%

Shares of EQIX traded down $5.96 during trading hours on Wednesday, reaching $795.36. The company’s stock had a trading volume of 200,985 shares, compared to its average volume of 529,395. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.32. The firm has a market cap of $78.09 billion, a price-to-earnings ratio of 72.83, a P/E/G ratio of 1.23 and a beta of 1.05. The company has a 50 day moving average of $767.48 and a two-hundred day moving average of $782.35. Equinix has a 1-year low of $701.41 and a 1-year high of $953.41.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $9.83 EPS for the quarter, beating analysts’ consensus estimates of $9.27 by $0.56. The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.33 billion. Equinix had a net margin of 11.82% and a return on equity of 7.70%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $9.05 earnings per share. Equinix has set its FY 2025 guidance at 37.950-38.77 EPS. As a group, research analysts predict that Equinix will post 33.1 EPS for the current fiscal year.

Insider Activity

In other Equinix news, EVP Raouf Abdel sold 159 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $731.19, for a total value of $116,259.21. Following the sale, the executive vice president owned 6,584 shares of the company’s stock, valued at $4,814,154.96. This trade represents a 2.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Kurt Pletcher sold 290 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $731.19, for a total value of $212,045.10. Following the transaction, the insider owned 2,433 shares of the company’s stock, valued at approximately $1,778,985.27. This trade represents a 10.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 8,704 shares of company stock worth $6,617,748 over the last 90 days. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

Several institutional investors have recently modified their holdings of the company. Westside Investment Management Inc. raised its stake in shares of Equinix by 190.9% in the second quarter. Westside Investment Management Inc. now owns 32 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 21 shares in the last quarter. Ameriflex Group Inc. raised its stake in shares of Equinix by 433.3% in the 3rd quarter. Ameriflex Group Inc. now owns 32 shares of the financial services provider’s stock valued at $25,000 after buying an additional 26 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Equinix during the 2nd quarter worth about $26,000. Bank of Jackson Hole Trust increased its stake in Equinix by 70.0% in the second quarter. Bank of Jackson Hole Trust now owns 34 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 14 shares during the period. Finally, Abound Wealth Management raised its position in Equinix by 209.1% in the third quarter. Abound Wealth Management now owns 34 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 23 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

Equinix Company Profile

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.