Equinix (NASDAQ:EQIX) Price Target Raised to $980.00

Equinix (NASDAQ:EQIX) had its target price upped by The Goldman Sachs Group from $870.00 to $980.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Several other brokerages have also recently commented on EQIX. Deutsche Bank Aktiengesellschaft raised their target price on Equinix from $880.00 to $910.00 and gave the stock a buy rating in a research report on Tuesday, August 13th. Cfra reiterated a hold rating on shares of Equinix in a research report on Tuesday, September 24th. Mizuho upped their target price on shares of Equinix from $873.00 to $971.00 and gave the company an outperform rating in a research note on Thursday, September 12th. Wells Fargo & Company upgraded shares of Equinix from an equal weight rating to an overweight rating and raised their price target for the stock from $825.00 to $875.00 in a research note on Tuesday, July 23rd. Finally, Barclays upped their price objective on Equinix from $669.00 to $671.00 and gave the company an equal weight rating in a research note on Thursday, May 30th. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Equinix currently has an average rating of Moderate Buy and an average target price of $891.57.

Equinix Stock Performance

NASDAQ:EQIX opened at $882.69 on Thursday. The firm’s 50-day moving average is $828.80 and its 200-day moving average is $792.65. The company has a market cap of $83.77 billion, a price-to-earnings ratio of 88.53, a PEG ratio of 2.15 and a beta of 0.71. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.22 and a current ratio of 1.22. Equinix has a 52-week low of $677.80 and a 52-week high of $914.93.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.88 by ($4.72). Equinix had a net margin of 12.24% and a return on equity of 8.46%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the firm earned $8.04 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. Equities research analysts anticipate that Equinix will post 31.01 earnings per share for the current year.

Equinix Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 21st were given a dividend of $4.26 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $17.04 dividend on an annualized basis and a dividend yield of 1.93%. Equinix’s payout ratio is 170.91%.

Insider Activity at Equinix

In other Equinix news, insider Brandi Galvin Morandi sold 864 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $850.00, for a total transaction of $734,400.00. Following the transaction, the insider now owns 9,094 shares of the company’s stock, valued at approximately $7,729,900. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Brandi Galvin Morandi sold 864 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $850.00, for a total transaction of $734,400.00. Following the completion of the sale, the insider now owns 9,094 shares in the company, valued at $7,729,900. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Charles J. Meyers sold 6,234 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $823.97, for a total value of $5,136,628.98. Following the completion of the transaction, the chairman now owns 7,680 shares in the company, valued at approximately $6,328,089.60. The disclosure for this sale can be found here. Insiders sold a total of 10,043 shares of company stock valued at $8,282,119 over the last quarter. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Several large investors have recently bought and sold shares of EQIX. Cavalry Management Group LLC acquired a new position in shares of Equinix in the 2nd quarter valued at $199,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Equinix by 14.7% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,121 shares of the financial services provider’s stock valued at $3,875,000 after buying an additional 655 shares during the period. Heritage Wealth Management Inc. bought a new position in Equinix during the second quarter worth about $547,000. Sanctuary Advisors LLC acquired a new position in shares of Equinix during the 2nd quarter worth about $5,541,000. Finally, Brown Financial Advisors bought a new stake in shares of Equinix in the 2nd quarter valued at about $780,000. 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.