Truist Financial Has Lowered Expectations for Equinix (NASDAQ:EQIX) Stock Price

Equinix (NASDAQ:EQIX) had its target price reduced by research analysts at Truist Financial from $1,028.00 to $990.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective suggests a potential upside of 18.12% from the stock’s current price.

Several other equities research analysts have also issued reports on EQIX. JMP Securities reaffirmed a “market outperform” rating and issued a $1,200.00 price objective on shares of Equinix in a research note on Thursday, February 13th. Scotiabank raised their price target on Equinix from $1,033.00 to $1,040.00 and gave the stock a “sector outperform” rating in a research report on Monday, March 3rd. Wells Fargo & Company cut their price objective on shares of Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating on the stock in a research report on Thursday, February 13th. Royal Bank of Canada raised their target price on shares of Equinix from $936.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Finally, Moffett Nathanson upgraded shares of Equinix from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Equinix has an average rating of “Buy” and a consensus price target of $989.35.

Equinix Price Performance

Shares of EQIX stock traded down $21.37 on Monday, reaching $838.15. The company’s stock had a trading volume of 47,342 shares, compared to its average volume of 549,857. The stock’s fifty day simple moving average is $923.05 and its 200-day simple moving average is $908.05. Equinix has a 1 year low of $684.14 and a 1 year high of $994.03. The company has a market capitalization of $81.58 billion, a price-to-earnings ratio of 98.03, a price-to-earnings-growth ratio of 1.78 and a beta of 0.74. 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 issued its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $7.92 EPS for the quarter, topping 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%. Analysts forecast that Equinix will post 33.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Equinix

In other news, insider Kurt Pletcher sold 341 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $903.72, for a total transaction of $308,168.52. Following the sale, the insider now directly owns 1,430 shares of the company’s stock, valued at $1,292,319.60. The trade was a 19.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brandi Galvin Morandi sold 684 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $940.51, for a total value of $643,308.84. Following the completion of the transaction, the insider now owns 8,377 shares of the company’s stock, valued at $7,878,652.27. This trade represents a 7.55 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,054 shares of company stock worth $17,466,950. 0.27% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Equinix

A number of institutional investors have recently bought and sold shares of EQIX. Pinney & Scofield Inc. purchased a new position in shares of Equinix during the fourth quarter worth $28,000. Kestra Investment Management LLC acquired a new stake in Equinix during the 4th quarter worth about $31,000. Pacific Center for Financial Services raised its stake in shares of Equinix by 65.2% during the 4th quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider’s stock valued at $36,000 after buying an additional 15 shares during the last quarter. J.Safra Asset Management Corp acquired a new position in shares of Equinix in the 4th quarter valued at about $39,000. Finally, Sierra Ocean LLC purchased a new stake in shares of Equinix in the fourth quarter worth about $42,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

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.