Truist Financial Upgrades Equinix (NASDAQ:EQIX) to “Strong-Buy”

Equinix (NASDAQ:EQIX) was upgraded by equities research analysts at Truist Financial to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

EQIX has been the topic of a number of other reports. Guggenheim upped their price target on Equinix from $933.00 to $985.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. JPMorgan Chase & Co. boosted their target price on shares of Equinix from $950.00 to $1,100.00 and gave the company an “overweight” rating in a research note on Thursday, February 12th. UBS Group upped their target price on shares of Equinix from $950.00 to $1,010.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Wall Street Zen upgraded shares of Equinix from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Jefferies Financial Group lifted their price target on shares of Equinix from $950.00 to $1,000.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,016.86.

Equinix Stock Up 1.7%

NASDAQ EQIX opened at $980.24 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.40. The stock’s 50 day moving average is $914.67 and its two-hundred day moving average is $830.18. The company has a market capitalization of $96.31 billion, a price-to-earnings ratio of 71.29, a PEG ratio of 2.48 and a beta of 1.04. Equinix has a 1-year low of $701.41 and a 1-year high of $992.90.

Equinix (NASDAQ:EQIX) last issued its earnings results on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.46 billion. Equinix had a return on equity of 9.60% and a net margin of 14.65%.The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the company posted $7.92 earnings per share. Equities analysts forecast that Equinix will post 33.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Equinix

In related news, EVP Raouf Abdel sold 584 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $965.69, for a total value of $563,962.96. Following the completion of the sale, the executive vice president owned 7,768 shares of the company’s stock, valued at $7,501,479.92. This trade represents a 6.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jonathan Lin sold 635 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $965.71, for a total transaction of $613,225.85. Following the completion of the transaction, the insider owned 10,788 shares of the company’s stock, valued at $10,418,079.48. This trade represents a 5.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,842 shares of company stock valued at $14,494,840 over the last three months. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Equinix

Institutional investors and hedge funds have recently made changes to their positions in the company. Quent Capital LLC boosted its holdings in Equinix by 4.2% in the third quarter. Quent Capital LLC now owns 298 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 12 shares during the last quarter. Flputnam Investment Management Co. raised its holdings in Equinix by 1.0% during the 3rd quarter. Flputnam Investment Management Co. now owns 1,295 shares of the financial services provider’s stock worth $1,014,000 after purchasing an additional 13 shares during the last quarter. Paragon Private Wealth Management LLC lifted its position in Equinix by 2.7% during the 3rd quarter. Paragon Private Wealth Management LLC now owns 495 shares of the financial services provider’s stock valued at $388,000 after purchasing an additional 13 shares during the period. Cornerstone Planning Group LLC lifted its position in Equinix by 40.6% during the 3rd quarter. Cornerstone Planning Group LLC now owns 45 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 13 shares during the period. Finally, Cary Street Partners Investment Advisory LLC boosted its stake in shares of Equinix by 2.7% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 498 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 13 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.