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

Equinix (NASDAQ:EQIX - Get Free Report) had its price target cut by equities researchers at Truist Financial from $1,028.00 to $990.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Truist Financial's price target would indicate a potential upside of 18.39% from the stock's current price.

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada raised their price objective on Equinix from $936.00 to $1,025.00 and gave the company an "outperform" rating in a report on Wednesday, December 11th. BMO Capital Markets reduced their price target on Equinix from $1,085.00 to $1,065.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. Barclays raised their price objective on shares of Equinix from $810.00 to $822.00 and gave the company an "equal weight" rating in a report on Monday, November 18th. Wells Fargo & Company decreased their price target 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. Finally, Oppenheimer lifted their price target on shares of Equinix from $950.00 to $975.00 and gave the stock an "outperform" rating in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $989.35.

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Equinix Price Performance

NASDAQ EQIX traded up $5.61 on Monday, hitting $836.24. 1,043,443 shares of the company's stock were exchanged, compared to its average volume of 579,449. The stock has a 50-day moving average of $920.94 and a 200-day moving average of $908.13. The stock has a market cap of $81.39 billion, a price-to-earnings ratio of 97.81, a P/E/G ratio of 1.78 and a beta of 0.74. Equinix has a 52 week low of $684.14 and a 52 week high of $994.03. 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 - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share for the quarter, beating the consensus estimate of $2.75 by $5.17. Equinix had a return on equity of 6.31% and a net margin of 9.32%. Analysts expect that Equinix will post 33.1 earnings per share for the current year.

Insider Activity

In other news, CFO Keith D. Taylor sold 3,184 shares of the business's stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $909.82, for a total transaction of $2,896,866.88. Following the completion of the sale, the chief financial officer now directly owns 22,076 shares of the company's stock, valued at $20,085,186.32. The trade was a 12.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Charles J. Meyers sold 5,788 shares of the firm's stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $909.81, for a total transaction of $5,265,980.28. Following the completion of the transaction, the chairman now directly owns 15,233 shares in the company, valued at approximately $13,859,135.73. The trade was a 27.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,054 shares of company stock worth $17,466,950 over the last quarter. 0.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of EQIX. Pinney & Scofield Inc. bought a new position in Equinix during the 4th quarter valued at $28,000. Kestra Investment Management LLC bought a new position in shares of Equinix during the fourth quarter valued at about $31,000. Pacific Center for Financial Services boosted its holdings in Equinix by 65.2% during the fourth quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider's stock worth $36,000 after purchasing an additional 15 shares during the last quarter. J.Safra Asset Management Corp bought a new stake in Equinix in the 4th quarter worth about $39,000. Finally, Sierra Ocean LLC purchased a new stake in Equinix in the 4th quarter valued at about $42,000. 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.