Zacks Investment Research upgraded shares of Equinix (NASDAQ:EQIX) from a hold rating to a buy rating in a research note released on Monday morning. They currently have $456.00 target price on the financial services provider’s stock.
According to Zacks, “Equinix has outperformed the industry in a year’s time. The company recently reported better-thyan-expected Q4 results. Moreover, Equinix’s impressive guidance for Q1 and 2018 makes us optimistic about its future prospects. The company has been witnessing strong year-over-year revenue growth for the past several quarters, mainly driven by high demand for Equinix’s cloud services by corporations. Additionally, the company’s recurring revenue model and current expansion plans are encouraging. In April 2017, it announced a billion dollar aggressive expansion plan, which includes unveiling data centers, acquisitions and expansion of existing facilities as well. The company’s diligent IBX expansion strategy will likely fortify its global footprint in the data-center space and bring in additional revenues over the long run.”
EQIX has been the topic of a number of other research reports. Oppenheimer boosted their price target on shares of Equinix to $525.00 and gave the stock an outperform rating in a research report on Friday, December 22nd. Credit Suisse Group restated an outperform rating and issued a $515.00 price target (up previously from $510.00) on shares of Equinix in a research report on Thursday, November 2nd. Barclays restated a buy rating and issued a $517.00 price target on shares of Equinix in a research report on Friday, January 19th. Berenberg Bank restated a buy rating and issued a $550.00 price target on shares of Equinix in a research report on Friday, November 3rd. Finally, JPMorgan Chase & Co. upgraded shares of Equinix from a neutral rating to an overweight rating and set a $550.00 price target on the stock in a research report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty have assigned a buy rating to the company. Equinix currently has a consensus rating of Buy and a consensus target price of $499.00.
Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.87 by ($3.05). The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Equinix had a return on equity of 6.54% and a net margin of 5.33%. The firm’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same quarter last year, the firm posted $4.08 EPS. equities research analysts forecast that Equinix will post 18.73 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Monday, February 26th will be paid a dividend of $2.28 per share. This represents a $9.12 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend is Friday, February 23rd. This is a positive change from Equinix’s previous quarterly dividend of $2.00. Equinix’s payout ratio is 267.56%.
In other Equinix news, CFO Keith D. Taylor sold 2,000 shares of the business’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $476.81, for a total transaction of $953,620.00. Following the completion of the sale, the chief financial officer now owns 27,996 shares in the company, valued at approximately $13,348,772.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Camp Peter Van sold 1,593 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $441.55, for a total transaction of $703,389.15. Following the sale, the director now owns 5,871 shares of the company’s stock, valued at approximately $2,592,340.05. The disclosure for this sale can be found here. Insiders have sold a total of 27,745 shares of company stock valued at $12,259,835 in the last 90 days. 0.58% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. increased its stake in Equinix by 0.3% during the 3rd quarter. Principal Financial Group Inc. now owns 1,898,601 shares of the financial services provider’s stock valued at $847,345,000 after purchasing an additional 6,178 shares in the last quarter. Edgewood Management LLC increased its stake in Equinix by 1.0% during the 3rd quarter. Edgewood Management LLC now owns 1,862,778 shares of the financial services provider’s stock valued at $831,358,000 after purchasing an additional 18,248 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Equinix by 4.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,560,124 shares of the financial services provider’s stock valued at $707,080,000 after purchasing an additional 67,029 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Equinix by 7.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 1,382,606 shares of the financial services provider’s stock worth $626,624,000 after acquiring an additional 93,181 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Equinix by 2.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,092,554 shares of the financial services provider’s stock worth $487,600,000 after acquiring an additional 24,433 shares in the last quarter. Institutional investors and hedge funds own 94.81% of the company’s stock.
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Equinix Company Profile
Equinix, Inc (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems.
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