Equinix (NASDAQ:EQIX) Price Target Lowered to $1,030.00 at Scotiabank

Equinix (NASDAQ:EQIX - Free Report) had its price objective cut by Scotiabank from $1,040.00 to $1,030.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the financial services provider's stock.

Several other equities research analysts have also recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Equinix from $1,075.00 to $1,065.00 and set an "overweight" rating for the company in a research report on Thursday, February 13th. Wolfe Research raised shares of Equinix from a "peer perform" rating to an "outperform" rating and set a $978.00 target price for the company in a research report on Thursday, March 27th. Moffett Nathanson upgraded Equinix from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 5th. Truist Financial lowered their price objective on Equinix from $1,028.00 to $990.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. Finally, Citigroup lowered their price objective on shares of Equinix from $1,020.00 to $970.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Two 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $1,004.94.

Equinix Stock Performance

Shares of EQIX traded up $21.59 during trading hours on Tuesday, reaching $838.78. 40,813 shares of the company's stock traded hands, compared to its average volume of 549,568. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.63 and a quick ratio of 1.63. The business's fifty day simple moving average is $837.08 and its two-hundred day simple moving average is $895.26. Equinix has a twelve month low of $684.14 and a twelve month high of $994.03. The firm has a market capitalization of $82.05 billion, a price-to-earnings ratio of 97.83, a P/E/G ratio of 1.78 and a beta of 0.95.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share (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 predict that Equinix will post 33.1 earnings per share for the current year.

Equinix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 26th were paid a dividend of $4.69 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This is an increase from Equinix's previous quarterly dividend of $4.26. This represents a $18.76 dividend on an annualized basis and a yield of 2.24%. Equinix's payout ratio is 219.42%.

Insider Buying and Selling

In related news, Director Christopher B. Paisley sold 125 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $912.21, for a total value of $114,026.25. Following the sale, the director now owns 17,669 shares of the company's stock, valued at approximately $16,117,838.49. This represents a 0.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brandi Galvin Morandi sold 684 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $940.51, for a total transaction of $643,308.84. Following the transaction, the insider now directly owns 8,377 shares in the company, valued at $7,878,652.27. The trade was a 7.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,040 shares of company stock valued at $6,547,068. Corporate insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Equinix

A number of institutional investors have recently bought and sold shares of EQIX. Oppenheimer & Co. Inc. grew its position in Equinix by 61.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 8,427 shares of the financial services provider's stock valued at $7,946,000 after acquiring an additional 3,212 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Equinix by 0.4% during the fourth quarter. Bank of New York Mellon Corp now owns 628,059 shares of the financial services provider's stock worth $592,191,000 after buying an additional 2,560 shares during the period. National Pension Service raised its position in Equinix by 1.3% in the fourth quarter. National Pension Service now owns 243,149 shares of the financial services provider's stock worth $229,263,000 after acquiring an additional 3,164 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Equinix by 19.2% in the 4th quarter. Empowered Funds LLC now owns 2,504 shares of the financial services provider's stock valued at $2,361,000 after purchasing an additional 404 shares during the period. Finally, Nordea Investment Management AB raised its position in Equinix by 46.1% during the fourth quarter. Nordea Investment Management AB now owns 294,696 shares of the financial services provider's stock valued at $278,712,000 after buying an additional 92,975 shares during the period. 94.94% of the stock is currently 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.