Equinix (NASDAQ:EQIX) Given New $985.00 Price Target at Scotiabank

Equinix (NASDAQ:EQIX) had its price objective lifted by Scotiabank from $954.00 to $985.00 in a research report sent to investors on Thursday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the financial services provider’s stock.

EQIX has been the topic of a number of other research reports. Barclays lifted their target price on Equinix from $671.00 to $810.00 and gave the stock an “equal weight” rating in a research report on Monday, October 28th. Hsbc Global Res raised Equinix from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 4th. Cfra reissued a “hold” rating on shares of Equinix in a report on Tuesday, September 24th. Truist Financial raised their target price on shares of Equinix from $915.00 to $935.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, TD Cowen upped their price target on shares of Equinix from $865.00 to $984.00 and gave the company a “buy” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $944.63.

Equinix Stock Performance

Shares of EQIX opened at $888.30 on Thursday. The company has a market capitalization of $85.71 billion, a price-to-earnings ratio of 80.10, a price-to-earnings-growth ratio of 2.18 and a beta of 0.71. Equinix has a 52-week low of $684.14 and a 52-week high of $943.02. The company has a quick ratio of 1.22, a current ratio of 1.16 and a debt-to-equity ratio of 1.12. The stock has a 50 day moving average price of $869.56 and a 200 day moving average price of $806.24.

Equinix (NASDAQ:EQIX) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.88 by ($4.72). Equinix had a net margin of 12.29% and a return on equity of 8.34%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the company posted $8.04 EPS. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Research analysts predict that Equinix will post 31.01 EPS for the current fiscal year.

Equinix Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Wednesday, November 13th will be issued a $4.26 dividend. This represents a $17.04 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Wednesday, November 13th. Equinix’s dividend payout ratio is currently 153.65%.

Insider Activity

In other Equinix news, CAO Simon Miller sold 569 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total transaction of $467,097.79. Following the completion of the transaction, the chief accounting officer now owns 5,554 shares of the company’s stock, valued at approximately $4,559,334.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Chairman Charles J. Meyers sold 6,234 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the completion of the transaction, the chairman now owns 7,680 shares of the company’s stock, valued at $6,328,089.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Simon Miller sold 569 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total transaction of $467,097.79. Following the transaction, the chief accounting officer now directly owns 5,554 shares of the company’s stock, valued at $4,559,334.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,906 shares of company stock worth $9,071,764 over the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Equinix

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norden Group LLC acquired a new position in shares of Equinix during the 1st quarter valued at $3,087,000. Private Advisor Group LLC boosted its position in Equinix by 5.6% in the 1st quarter. Private Advisor Group LLC now owns 931 shares of the financial services provider’s stock valued at $769,000 after buying an additional 49 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Equinix by 15.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 35,530 shares of the financial services provider’s stock valued at $29,324,000 after purchasing an additional 4,664 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Equinix by 4.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 9,816 shares of the financial services provider’s stock valued at $8,102,000 after purchasing an additional 414 shares in the last quarter. Finally, PDS Planning Inc raised its holdings in Equinix by 3.8% in the first quarter. PDS Planning Inc now owns 521 shares of the financial services provider’s stock valued at $430,000 after acquiring an additional 19 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

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.