Equinix (NASDAQ:EQIX) Releases FY 2024 Earnings Guidance

Equinix (NASDAQ:EQIX) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 34.810-35.220 for the period, compared to the consensus EPS estimate of 35.110. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.7 billion. Equinix also updated its Q4 2024 guidance to EPS.

Analysts Set New Price Targets

A number of equities analysts have recently commented on EQIX shares. BMO Capital Markets increased their price target on shares of Equinix from $975.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. raised their price target on Equinix from $950.00 to $975.00 and gave the company an “overweight” rating in a research report on Tuesday, October 1st. HSBC upgraded Equinix from a “hold” rating to a “buy” rating and upped their price objective for the stock from $865.00 to $1,000.00 in a report on Friday, October 4th. Mizuho raised their price objective on Equinix from $873.00 to $971.00 and gave the company an “outperform” rating in a report on Thursday, September 12th. Finally, The Goldman Sachs Group upped their target price on Equinix from $870.00 to $980.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Five 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’s stock. Based on data from MarketBeat.com, Equinix currently has a consensus rating of “Moderate Buy” and an average target price of $944.63.

Equinix Trading Down 2.2 %

EQIX stock traded down $19.78 during mid-day trading on Friday, reaching $888.30. 450,971 shares of the stock traded hands, compared to its average volume of 529,792. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a market capitalization of $84.34 billion, a PE ratio of 80.10, a PEG ratio of 2.19 and a beta of 0.71. Equinix has a one year low of $684.14 and a one year high of $943.02. The business has a 50-day moving average price of $869.56 and a two-hundred day moving average price of $805.80.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 EPS for the quarter, missing analysts’ consensus estimates of $7.88 by ($4.72). Equinix had a return on equity of 8.55% and a net margin of 12.29%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the company posted $8.04 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts expect that Equinix will post 31.01 EPS for the current year.

Equinix Dividend Announcement

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

Insider Activity

In related news, CAO Simon Miller sold 569 shares of Equinix stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $820.91, for a total value of $467,097.79. Following the completion of the sale, the chief accounting officer now directly owns 5,554 shares in the company, valued at $4,559,334.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Simon Miller sold 569 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $820.91, for a total value of $467,097.79. Following the transaction, the chief accounting officer now owns 5,554 shares in the company, valued at approximately $4,559,334.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Crenshaw sold 1,107 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $815.60, for a total transaction of $902,869.20. Following the sale, the executive vice president now directly owns 4 shares in the company, valued at $3,262.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,906 shares of company stock worth $9,071,764. 0.27% of the stock is currently owned by company insiders.

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.