Equinix (EQIX) Price Target Lowered to $519.00 at Credit Suisse Group
Equinix (NASDAQ:EQIX) had its price objective cut by stock analysts at Credit Suisse Group from $524.00 to $519.00 in a note issued to investors on Thursday, Marketbeat.com reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Credit Suisse Group’s target price indicates a potential upside of 28.69% from the stock’s previous close.
The analysts wrote, “We expound on EQIX’s interconnection strategy in our 2018 Outlook, “The Cloud Has Four Walls.” EQIX also provided updated 2018 guidance with revenues/ adj. EBITDA/ AFFOS of $5.01bn/ $2.39bn/ $20.38 respectively. As such, we update our FY18/ FY19 revenues to $5.03bn/ $5.74bn (from $5.26bn/ $5.96bn) and decrease our FY18/ FY19 AFFOS to $20.82/ $24.33 (from $22.80/ $25.84), respectively. We lower our target price to $519 (from $524) to reflect the decrease in AFFOS in FY19. $800 Million Acquisition of Infomart Dallas: EQIX also announced its acquisition of Infomart Dallas. The facility is one of the largest U.S. interconnection hubs and currently home to four of the eight EQIX Dallas IBX data centers, which altogether support ~3,500 cabinets. This transaction adds four facilities to EQIX’s portfolio and the building generated ~$50mil of revenues in 2017 and expected to increase recurring revenues as a percentage of total revenues +45%.””
Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. upgraded Equinix from a “neutral” rating to an “overweight” rating and set a $550.00 price objective for the company in a research report on Thursday, November 2nd. BidaskClub lowered Equinix from a “sell” rating to a “strong sell” rating in a research report on Thursday, January 25th. Cowen restated a “buy” rating and set a $482.00 price objective on shares of Equinix in a research report on Friday, November 10th. Bank of America restated a “buy” rating and set a $520.00 price objective (up previously from $450.21) on shares of Equinix in a research report on Wednesday, December 13th. Finally, Oppenheimer boosted their price objective on Equinix from $472.00 to $500.00 and gave the company an “outperform” rating in a research report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Equinix has a consensus rating of “Buy” and a consensus target price of $502.96.
Equinix (NASDAQ:EQIX) last released its quarterly earnings data 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). Equinix had a net margin of 5.33% and a return on equity of 6.62%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the firm earned $4.08 EPS. The company’s revenue for the quarter was up 27.3% compared to the same quarter last year. sell-side analysts forecast that Equinix will post 18.64 EPS for the current fiscal year.
In other news, insider Charles J. Meyers sold 2,196 shares of the business’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $450.00, for a total value of $988,200.00. Following the sale, the insider now owns 1,844 shares of the company’s stock, valued at approximately $829,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith D. Taylor sold 2,000 shares of the business’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $476.81, for a total value of $953,620.00. Following the completion of the sale, the chief financial officer now directly owns 27,996 shares in the company, valued at approximately $13,348,772.76. The disclosure for this sale can be found here. Insiders have sold a total of 24,513 shares of company stock valued at $10,961,480 in the last quarter. 0.58% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of EQIX. Whittier Trust Co. raised its stake in shares of Equinix by 191.5% in the 4th quarter. Whittier Trust Co. now owns 239 shares of the financial services provider’s stock worth $108,000 after buying an additional 157 shares in the last quarter. Zions Bancorporation raised its stake in shares of Equinix by 2,550.0% in the 3rd quarter. Zions Bancorporation now owns 265 shares of the financial services provider’s stock worth $118,000 after buying an additional 255 shares in the last quarter. SeaCrest Wealth Management LLC bought a new stake in shares of Equinix in the 4th quarter worth $121,000. Truewealth LLC bought a new stake in shares of Equinix in the 4th quarter worth $137,000. Finally, Amica Retiree Medical Trust bought a new stake in shares of Equinix in the 3rd quarter worth $188,000. 93.85% of the stock is currently owned by institutional investors.
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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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