Equinix (NASDAQ:EQIX) Releases Earnings Results, Beats Expectations By $0.10 EPS

Equinix (NASDAQ:EQIX) announced its quarterly earnings data on Wednesday. The financial services provider reported $4.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.73 by $0.10, FiscalAI reports. The business had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Equinix had a return on equity of 10.03% and a net margin of 15.07%.

Equinix Trading Down 2.6%

Shares of NASDAQ:EQIX traded down $26.84 during trading on Wednesday, reaching $1,008.02. 726,229 shares of the stock were exchanged, compared to its average volume of 603,097. The firm’s 50-day moving average price is $1,056.26 and its 200 day moving average price is $991.49. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.18 and a current ratio of 1.18. Equinix has a 12-month low of $720.62 and a 12-month high of $1,128.68. The firm has a market cap of $99.41 billion, a price-to-earnings ratio of 69.76, a price-to-earnings-growth ratio of 1.94 and a beta of 0.98.

Analyst Upgrades and Downgrades

EQIX has been the topic of several recent research reports. Truist Financial set a $1,215.00 price target on Equinix in a report on Friday, May 1st. Raymond James Financial upgraded shares of Equinix from a “market perform” rating to a “strong-buy” rating and set a $1,250.00 price target for the company in a research report on Thursday, April 30th. JPMorgan Chase & Co. lifted their price objective on shares of Equinix from $1,100.00 to $1,200.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Wells Fargo & Company upped their price target on shares of Equinix from $975.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of Equinix from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,153.79.

Insider Activity

In other news, EVP Raouf Abdel sold 2,040 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $1,083.47, for a total transaction of $2,210,278.80. Following the transaction, the executive vice president directly owned 5,728 shares of the company’s stock, valued at approximately $6,206,116.16. The trade was a 26.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brandi Galvin Morandi sold 3,726 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $1,076.36, for a total transaction of $4,010,517.36. Following the sale, the insider directly owned 6,132 shares of the company’s stock, valued at $6,600,239.52. The trade was a 37.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 11,115 shares of company stock worth $12,022,574 over the last three months. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Equinix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northern Trust Corp raised its position in Equinix by 0.6% in the fourth quarter. Northern Trust Corp now owns 1,500,506 shares of the financial services provider’s stock worth $1,149,628,000 after acquiring an additional 9,614 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Equinix by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,260,050 shares of the financial services provider’s stock worth $965,400,000 after acquiring an additional 74,874 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Equinix by 408.1% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,186,497 shares of the financial services provider’s stock valued at $929,312,000 after buying an additional 953,001 shares during the period. Morgan Stanley raised its position in Equinix by 0.7% during the fourth quarter. Morgan Stanley now owns 948,913 shares of the financial services provider’s stock valued at $727,021,000 after acquiring an additional 6,338 shares in the last quarter. Finally, Amundi increased its holdings in shares of Equinix by 13.2% during the 4th quarter. Amundi now owns 842,990 shares of the financial services provider’s stock valued at $645,849,000 after acquiring an additional 97,979 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

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.