Equinix (NASDAQ:EQIX) Stock Rating Upgraded by Evercore ISI

Equinix (NASDAQ:EQIX) was upgraded by analysts at Evercore ISI to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Truist Financial boosted their price target 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. TD Cowen boosted their price objective on shares of Equinix from $859.00 to $865.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Cfra restated a “hold” rating on shares of Equinix in a research note on Tuesday, September 24th. Wells Fargo & Company upgraded shares of Equinix from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $825.00 to $875.00 in a research note on Tuesday, July 23rd. Finally, Mizuho boosted their price objective on shares of Equinix from $873.00 to $971.00 and gave the stock an “outperform” rating in a research note on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $897.13.

Equinix Price Performance

Shares of EQIX stock opened at $876.22 on Wednesday. Equinix has a 12-month low of $677.80 and a 12-month high of $914.93. The firm has a market capitalization of $83.16 billion, a price-to-earnings ratio of 87.89, a price-to-earnings-growth ratio of 2.15 and a beta of 0.71. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.26. The firm has a fifty day moving average of $836.16 and a 200-day moving average of $793.05.

Equinix (NASDAQ:EQIX) last announced its quarterly 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). The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.16 billion. Equinix had a net margin of 12.24% and a return on equity of 8.46%. Equinix’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $8.04 EPS. On average, equities research analysts forecast that Equinix will post 31.01 earnings per share for the current year.

Insider Transactions at Equinix

In other news, insider Brandi Galvin Morandi sold 864 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $850.00, for a total transaction of $734,400.00. Following the completion of the sale, the insider now owns 9,094 shares of the company’s stock, valued at approximately $7,729,900. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Brandi Galvin Morandi sold 864 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $850.00, for a total transaction of $734,400.00. Following the completion of the sale, the insider now owns 9,094 shares of the company’s stock, valued at approximately $7,729,900. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Charles J. Meyers sold 6,234 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the sale, the chairman now directly owns 7,680 shares of the company’s stock, valued at approximately $6,328,089.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,043 shares of company stock valued at $8,282,119. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CNB Bank lifted its stake in Equinix by 172.7% in the 1st quarter. CNB Bank now owns 30 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 19 shares during the last quarter. LRI Investments LLC bought a new position in shares of Equinix during the first quarter valued at $31,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Equinix during the second quarter valued at $30,000. Rise Advisors LLC bought a new position in shares of Equinix during the first quarter valued at $39,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Equinix during the second quarter valued at $36,000. Institutional investors own 94.94% of the company’s stock.

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.