Truist Financial Reaffirms “Buy” Rating for Equinix (NASDAQ:EQIX)

Equinix (NASDAQ:EQIX)‘s stock had its “buy” rating restated by investment analysts at Truist Financial in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $1,127.00 target price on the financial services provider’s stock, up from their previous target price of $1,087.00. Truist Financial’s price target suggests a potential upside of 15.95% from the company’s previous close.

Several other research firms have also weighed in on EQIX. Barclays increased their target price on Equinix from $870.00 to $1,020.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 18th. Scotiabank restated an “outperform” rating on shares of Equinix in a report on Thursday, February 12th. UBS Group lifted their price target on shares of Equinix from $950.00 to $1,010.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $1,075.00 price objective on shares of Equinix in a research note on Friday, February 13th. Finally, JPMorgan Chase & Co. increased their price target on Equinix from $950.00 to $1,100.00 and gave the stock an “overweight” rating in a report on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,016.86.

Equinix Trading Up 0.8%

Equinix stock traded up $7.92 during trading hours on Tuesday, reaching $971.97. 78,243 shares of the company’s stock traded hands, compared to its average volume of 645,391. Equinix has a fifty-two week low of $701.41 and a fifty-two week high of $992.90. The firm’s 50 day moving average is $910.75 and its 200-day moving average is $828.83. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $95.50 billion, a price-to-earnings ratio of 70.99, a PEG ratio of 2.48 and a beta of 1.04.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share for the quarter, missing the consensus estimate of $9.07 by ($0.16). Equinix had a net margin of 14.65% and a return on equity of 9.60%. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the company earned $7.92 earnings per share. The company’s quarterly revenue was up 7.0% on a year-over-year basis. On average, analysts predict that Equinix will post 33.1 earnings per share for the current year.

Insider Transactions at Equinix

In other news, Chairman Charles J. Meyers sold 305 shares of Equinix stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $961.19, for a total transaction of $293,162.95. Following the completion of the transaction, the chairman directly owned 12,594 shares in the company, valued at approximately $12,105,226.86. The trade was a 2.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Brandi Galvin Morandi sold 630 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $961.19, for a total transaction of $605,549.70. Following the completion of the transaction, the insider owned 10,394 shares in the company, valued at approximately $9,990,608.86. This represents a 5.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 16,842 shares of company stock valued at $14,494,840. Company insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

Several institutional investors have recently added to or reduced their stakes in EQIX. Vanguard Group Inc. lifted its holdings in shares of Equinix by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 13,398,906 shares of the financial services provider’s stock worth $10,265,706,000 after buying an additional 107,227 shares in the last quarter. State Street Corp boosted its holdings in Equinix by 3.7% in the 2nd quarter. State Street Corp now owns 6,249,780 shares of the financial services provider’s stock valued at $4,971,512,000 after purchasing an additional 220,981 shares during the period. JPMorgan Chase & Co. grew its position in shares of Equinix by 25.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,875,355 shares of the financial services provider’s stock worth $2,252,094,000 after purchasing an additional 588,967 shares in the last quarter. Cohen & Steers Inc. increased its holdings in shares of Equinix by 23.3% during the fourth quarter. Cohen & Steers Inc. now owns 2,609,011 shares of the financial services provider’s stock worth $1,998,978,000 after purchasing an additional 493,141 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Equinix by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 2,567,830 shares of the financial services provider’s stock valued at $1,959,731,000 after buying an additional 25,383 shares during the period. 94.94% of the stock is currently owned by institutional investors.

About Equinix

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.