Truist Financial Cuts Equinix (NASDAQ:EQIX) Price Target to $990.00

Equinix (NASDAQ:EQIX) had its price objective lowered by Truist Financial from $1,028.00 to $990.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

EQIX has been the topic of several other research reports. Barclays lifted their target price on Equinix from $810.00 to $822.00 and gave the company an “equal weight” rating in a research note on Monday, November 18th. JMP Securities reissued a “market outperform” rating and issued a $1,200.00 price objective on shares of Equinix in a research note on Thursday, February 13th. Oppenheimer boosted their price objective on Equinix from $950.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Royal Bank of Canada boosted their price objective on Equinix from $936.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Wells Fargo & Company dropped their price objective on Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating on the stock in a research note on Thursday, February 13th. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $989.35.

Equinix Stock Up 2.2 %

Shares of Equinix stock opened at $854.99 on Monday. The business’s fifty day moving average price is $917.05 and its two-hundred day moving average price is $907.82. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market capitalization of $83.22 billion, a P/E ratio of 100.00, a PEG ratio of 1.78 and a beta of 0.74. Equinix has a 1-year low of $684.14 and a 1-year high of $994.03.

Equinix (NASDAQ:EQIX) last announced its earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share for the quarter, beating the consensus estimate of $2.75 by $5.17. Equinix had a return on equity of 6.31% and a net margin of 9.32%. As a group, research analysts forecast that Equinix will post 33.1 EPS for the current year.

Equinix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, February 26th will be issued a dividend of $4.69 per share. This is an increase from Equinix’s previous quarterly dividend of $4.26. The ex-dividend date is Wednesday, February 26th. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.19%. Equinix’s payout ratio is currently 219.42%.

Insider Activity

In other Equinix news, Chairman Charles J. Meyers sold 5,788 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $909.81, for a total value of $5,265,980.28. Following the transaction, the chairman now owns 15,233 shares in the company, valued at $13,859,135.73. The trade was a 27.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kurt Pletcher sold 341 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $903.72, for a total value of $308,168.52. Following the completion of the transaction, the insider now owns 1,430 shares in the company, valued at $1,292,319.60. This trade represents a 19.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,054 shares of company stock worth $17,466,950. 0.27% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EQIX. Inspire Trust Co. N.A. grew its position in Equinix by 0.7% during the 3rd quarter. Inspire Trust Co. N.A. now owns 1,700 shares of the financial services provider’s stock worth $1,509,000 after acquiring an additional 11 shares during the last quarter. Rothschild Investment LLC grew its position in Equinix by 1.9% during the 4th quarter. Rothschild Investment LLC now owns 576 shares of the financial services provider’s stock worth $543,000 after acquiring an additional 11 shares during the last quarter. Legacy Financial Advisors Inc. grew its position in Equinix by 3.2% during the 4th quarter. Legacy Financial Advisors Inc. now owns 360 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 11 shares during the last quarter. GS Investments Inc. grew its position in Equinix by 0.5% during the 3rd quarter. GS Investments Inc. now owns 2,351 shares of the financial services provider’s stock worth $2,087,000 after acquiring an additional 12 shares during the last quarter. Finally, Ritholtz Wealth Management grew its position in Equinix by 1.8% during the 4th quarter. Ritholtz Wealth Management now owns 671 shares of the financial services provider’s stock worth $633,000 after acquiring an additional 12 shares during the last quarter. Hedge funds and other institutional investors 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.