Scotiabank Cuts Equinix (NASDAQ:EQIX) Price Target to $959.00

Equinix (NASDAQ:EQIX) had its price objective trimmed by Scotiabank from $965.00 to $959.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a sector outperform rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. UBS Group set a $959.00 price objective on shares of Equinix in a research report on Wednesday. BMO Capital Markets raised Equinix from a “market perform” rating to an “outperform” rating and set a $900.00 target price for the company in a research note on Wednesday, December 3rd. Citigroup restated a “buy” rating on shares of Equinix in a research note on Thursday, December 11th. Truist Financial upped their price objective on Equinix from $961.00 to $973.00 and gave the stock a “buy” rating in a report on Tuesday, November 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Equinix in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $959.64.

Equinix Stock Performance

NASDAQ:EQIX opened at $801.78 on Wednesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.62 and a quick ratio of 1.62. The firm has a market cap of $78.72 billion, a price-to-earnings ratio of 73.42, a price-to-earnings-growth ratio of 1.25 and a beta of 1.05. The firm’s fifty day moving average price is $766.21 and its 200 day moving average price is $782.64. Equinix has a 1-year low of $701.41 and a 1-year high of $953.41.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings data on Wednesday, October 29th. The financial services provider reported $9.83 EPS for the quarter, topping analysts’ consensus estimates of $9.27 by $0.56. Equinix had a net margin of 11.82% and a return on equity of 7.70%. The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the prior year, the firm earned $9.05 EPS. Equinix’s quarterly revenue was up 5.2% on a year-over-year basis. Equinix has set its FY 2025 guidance at 37.950-38.77 EPS. On average, sell-side analysts expect that Equinix will post 33.1 EPS for the current year.

Equinix Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 17th. Shareholders of record on Wednesday, November 19th were given a dividend of $4.69 per share. The ex-dividend date of this dividend was Wednesday, November 19th. This represents a $18.76 annualized dividend and a yield of 2.3%. Equinix’s dividend payout ratio (DPR) is presently 171.79%.

Insider Buying and Selling

In other Equinix news, Chairman Charles J. Meyers sold 5,087 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $778.47, for a total value of $3,960,076.89. Following the transaction, the chairman directly owned 10,426 shares in the company, valued at approximately $8,116,328.22. This represents a 32.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Raouf Abdel sold 159 shares of Equinix stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $731.19, for a total transaction of $116,259.21. Following the sale, the executive vice president owned 6,584 shares of the company’s stock, valued at approximately $4,814,154.96. This trade represents a 2.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 8,704 shares of company stock valued at $6,617,748. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Several institutional investors and hedge funds have recently modified their holdings of the company. Quent Capital LLC grew its position in shares of Equinix by 4.2% during the 3rd quarter. Quent Capital LLC now owns 298 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 12 shares during the period. Whittier Trust Co. lifted its stake in Equinix by 1.3% in the second quarter. Whittier Trust Co. now owns 1,040 shares of the financial services provider’s stock valued at $827,000 after purchasing an additional 13 shares during the last quarter. CVA Family Office LLC grew its holdings in Equinix by 10.9% during the second quarter. CVA Family Office LLC now owns 132 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 13 shares during the period. Flputnam Investment Management Co. increased its position in Equinix by 1.0% in the third quarter. Flputnam Investment Management Co. now owns 1,295 shares of the financial services provider’s stock worth $1,014,000 after buying an additional 13 shares during the last quarter. Finally, Paragon Private Wealth Management LLC increased its position in Equinix by 2.7% in the third quarter. Paragon Private Wealth Management LLC now owns 495 shares of the financial services provider’s stock worth $388,000 after buying an additional 13 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.