Equinix (NASDAQ:EQIX) Updates FY 2024 Earnings Guidance

Equinix (NASDAQ:EQIX) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 34.810-35.220 for the period, compared to the consensus earnings per share estimate of 35.110. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.7 billion. Equinix also updated its Q4 2024 guidance to EPS.

Equinix Stock Down 2.2 %

Shares of Equinix stock traded down $19.78 on Friday, reaching $888.30. The company’s stock had a trading volume of 450,971 shares, compared to its average volume of 529,792. Equinix has a 52 week low of $684.14 and a 52 week high of $943.02. The firm’s fifty day simple moving average is $869.56 and its two-hundred day simple moving average is $805.80. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $84.34 billion, a price-to-earnings ratio of 80.10, a P/E/G ratio of 2.19 and a beta of 0.71.

Equinix (NASDAQ:EQIX) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share for the quarter, missing the consensus estimate of $7.88 by ($4.72). The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.16 billion. Equinix had a return on equity of 8.55% and a net margin of 12.29%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $8.04 earnings per share. Equities analysts anticipate that Equinix will post 31.01 earnings per share for the current year.

Equinix Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $4.26 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $17.04 annualized dividend and a yield of 1.92%. Equinix’s payout ratio is currently 153.65%.

Wall Street Analysts Forecast Growth

EQIX has been the subject of a number of analyst reports. Wells Fargo & Company raised their price target on Equinix from $875.00 to $975.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lifted their price target on shares of Equinix from $950.00 to $975.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 1st. Barclays increased their price objective on shares of Equinix from $671.00 to $810.00 and gave the stock an “equal weight” rating in a research report on Monday, October 28th. Scotiabank boosted their target price on Equinix from $954.00 to $985.00 and gave the company a “sector outperform” rating in a research report on Thursday. Finally, Cfra reiterated a “hold” rating on shares of Equinix in a report on Tuesday, September 24th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $944.63.

Insider Activity at Equinix

In related news, CAO Simon Miller sold 569 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total transaction of $467,097.79. Following the completion of the sale, the chief accounting officer now directly owns 5,554 shares in the company, valued at $4,559,334.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO Simon Miller sold 569 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $820.91, for a total transaction of $467,097.79. Following the completion of the sale, the chief accounting officer now owns 5,554 shares of the company’s stock, valued at $4,559,334.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jonathan Lin sold 93 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $820.99, for a total transaction of $76,352.07. Following the completion of the sale, the executive vice president now owns 7,141 shares of the company’s stock, valued at approximately $5,862,689.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,906 shares of company stock valued at $9,071,764 over the last ninety days. 0.27% of the stock is owned by company insiders.

About Equinix

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.