Equinix (NASDAQ:EQIX) Given New $970.00 Price Target at Citigroup

Equinix (NASDAQ:EQIX) had its price target reduced by Citigroup from $1,020.00 to $970.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

EQIX has been the subject of several other reports. Moffett Nathanson upgraded Equinix from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 5th. Cfra Research upgraded shares of Equinix from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. JMP Securities restated a “market outperform” rating and set a $1,200.00 price objective on shares of Equinix in a research report on Thursday, February 13th. Wolfe Research upgraded Equinix from a “peer perform” rating to an “outperform” rating and set a $978.00 target price on the stock in a research report on Thursday, March 27th. Finally, Truist Financial reduced their price objective on Equinix from $1,028.00 to $990.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $1,005.50.

Equinix Trading Up 1.5 %

Shares of NASDAQ:EQIX opened at $790.15 on Thursday. Equinix has a 12-month low of $684.14 and a 12-month high of $994.03. The company has a market cap of $77.29 billion, a PE ratio of 92.42, a price-to-earnings-growth ratio of 1.78 and a beta of 0.95. The stock has a 50 day moving average of $847.77 and a 200 day moving average of $897.53. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19.

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

Equinix Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, February 26th were issued a $4.69 dividend. This is a positive change from Equinix’s previous quarterly dividend of $4.26. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.37%. Equinix’s payout ratio is presently 219.42%.

Insiders Place Their Bets

In other news, Director Christopher B. Paisley sold 125 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $912.21, for a total value of $114,026.25. Following the completion of the sale, the director now owns 17,669 shares in the company, valued at approximately $16,117,838.49. The trade was a 0.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kurt Pletcher sold 215 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $929.73, for a total transaction of $199,891.95. Following the transaction, the insider now owns 1,245 shares in the company, valued at approximately $1,157,513.85. This represents a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,040 shares of company stock worth $6,547,068 in the last ninety days. 0.27% of the stock is owned by company insiders.

Institutional Trading of Equinix

A number of hedge funds have recently bought and sold shares of EQIX. Vanguard Group Inc. lifted its stake in shares of Equinix by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 12,664,699 shares of the financial services provider’s stock worth $11,941,418,000 after purchasing an additional 88,654 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Equinix by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 2,412,513 shares of the financial services provider’s stock valued at $2,269,037,000 after buying an additional 62,005 shares in the last quarter. FMR LLC grew its position in shares of Equinix by 3.7% in the 4th quarter. FMR LLC now owns 2,264,958 shares of the financial services provider’s stock worth $2,135,606,000 after buying an additional 81,144 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Equinix by 2.3% during the 4th quarter. Principal Financial Group Inc. now owns 1,938,572 shares of the financial services provider’s stock worth $1,827,847,000 after acquiring an additional 44,471 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Equinix by 0.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,902,053 shares of the financial services provider’s stock valued at $1,793,429,000 after acquiring an additional 14,294 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Equinix Company Profile

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.