Equinix (NASDAQ:EQIX) Stock Price Expected to Rise, Scotiabank Analyst Says

Equinix (NASDAQ:EQIX) had its price target boosted by research analysts at Scotiabank from $985.00 to $1,114.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price target suggests a potential upside of 19.13% from the stock’s previous close.

Several other brokerages have also weighed in on EQIX. Royal Bank of Canada lifted their price target on Equinix from $936.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. TD Cowen boosted their price target on shares of Equinix from $865.00 to $984.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Wells Fargo & Company boosted their target price on shares of Equinix from $985.00 to $1,100.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 10th. Evercore ISI lifted their price objective on Equinix from $945.00 to $975.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Stifel Nicolaus increased their target price on Equinix from $995.00 to $1,080.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Equinix presently has a consensus rating of “Moderate Buy” and a consensus target price of $984.88.

Equinix Stock Performance

EQIX stock traded up $9.87 during midday trading on Thursday, hitting $935.10. 95,367 shares of the stock traded hands, compared to its average volume of 494,313. The stock’s fifty day simple moving average is $942.79 and its 200-day simple moving average is $880.36. The firm has a market cap of $90.23 billion, a P/E ratio of 84.46, a PEG ratio of 2.22 and a beta of 0.73. Equinix has a 1-year low of $684.14 and a 1-year high of $994.03. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.16 and a quick ratio of 1.16.

Insider Activity

In other Equinix news, EVP Raouf Abdel sold 1,022 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $923.56, for a total value of $943,878.32. Following the sale, the executive vice president now owns 4,893 shares of the company’s stock, valued at $4,518,979.08. This trade represents a 17.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Brandi Galvin Morandi sold 1,726 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $904.99, for a total value of $1,562,012.74. Following the transaction, the insider now directly owns 6,505 shares of the company’s stock, valued at approximately $5,886,959.95. This represents a 20.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,412 shares of company stock valued at $18,826,100. 0.27% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Van ECK Associates Corp boosted its holdings in shares of Equinix by 9.2% in the third quarter. Van ECK Associates Corp now owns 20,309 shares of the financial services provider’s stock valued at $18,099,000 after acquiring an additional 1,716 shares during the period. Brookfield Corp ON raised its position in Equinix by 67.3% in the 3rd quarter. Brookfield Corp ON now owns 80,760 shares of the financial services provider’s stock valued at $71,685,000 after purchasing an additional 32,481 shares during the last quarter. E. Ohman J or Asset Management AB boosted its stake in Equinix by 3.0% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 37,420 shares of the financial services provider’s stock worth $33,215,000 after purchasing an additional 1,103 shares during the period. Duff & Phelps Investment Management Co. grew its position in Equinix by 25.9% during the 2nd quarter. Duff & Phelps Investment Management Co. now owns 369,437 shares of the financial services provider’s stock worth $279,516,000 after purchasing an additional 75,888 shares during the last quarter. Finally, Thematics Asset Management increased its stake in Equinix by 17.7% in the third quarter. Thematics Asset Management now owns 39,951 shares of the financial services provider’s stock valued at $35,462,000 after purchasing an additional 6,000 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

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.