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

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

Several other brokerages have also recently commented on EQIX. TD Cowen boosted their target price on Equinix from $859.00 to $865.00 and gave the stock a buy rating in a report on Thursday, August 8th. Barclays raised their target price on shares of Equinix from $669.00 to $671.00 and gave the stock an equal weight rating in a report on Thursday, May 30th. Wells Fargo & Company raised Equinix from an equal weight rating to an overweight rating and upped their price target for the company from $825.00 to $875.00 in a research report on Tuesday, July 23rd. Truist Financial raised their price target on shares of Equinix from $915.00 to $935.00 and gave the stock a buy rating in a report on Wednesday, August 21st. Finally, Mizuho increased their target price on shares of Equinix from $873.00 to $971.00 and gave the stock an outperform rating in a research report on Thursday, September 12th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Equinix presently has a consensus rating of Moderate Buy and an average target price of $891.57.

Equinix Stock Performance

NASDAQ:EQIX opened at $882.69 on Thursday. Equinix has a 1-year low of $677.80 and a 1-year high of $914.93. The firm has a 50-day moving average of $828.80 and a two-hundred day moving average of $791.42. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.22 and a quick ratio of 1.22. The stock has a market cap of $83.77 billion, a P/E ratio of 88.53, a PEG ratio of 2.15 and a beta of 0.71.

Equinix (NASDAQ:EQIX) last released its 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). Equinix had a net margin of 12.24% and a return on equity of 8.46%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the firm earned $8.04 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, research analysts expect that Equinix will post 31.01 earnings per share for the current fiscal year.

Equinix Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders 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 yield of 1.93%. Equinix’s dividend payout ratio (DPR) is 170.91%.

Insider Transactions at Equinix

In other Equinix news, EVP Scott Crenshaw sold 1,107 shares of Equinix stock in a transaction on Friday, September 6th. The stock was sold at an average price of $815.60, for a total value of $902,869.20. Following the completion of the transaction, the executive vice president now directly owns 4 shares of the company’s stock, valued at approximately $3,262.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Crenshaw sold 1,107 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $815.60, for a total transaction of $902,869.20. Following the completion of the sale, the executive vice president now directly owns 4 shares in the company, valued at approximately $3,262.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Charles J. Meyers sold 6,234 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the transaction, the chairman now owns 7,680 shares of the company’s stock, valued at $6,328,089.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,043 shares of company stock worth $8,282,119. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CNB Bank boosted its holdings in Equinix by 172.7% in the first quarter. CNB Bank now owns 30 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 19 shares during the last quarter. LRI Investments LLC acquired a new position in Equinix in the first quarter valued at approximately $31,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Equinix during the second quarter worth $30,000. Rise Advisors LLC acquired a new stake in Equinix in the first quarter worth $39,000. Finally, Meeder Asset Management Inc. bought a new stake in Equinix in the 2nd quarter valued at about $36,000. 94.94% of the stock is owned by institutional investors and hedge funds.

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.