Wolfe Research Upgrades Equinix (NASDAQ:EQIX) to Outperform

Equinix (NASDAQ:EQIX) was upgraded by research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has a $978.00 price target on the financial services provider’s stock. Wolfe Research’s target price points to a potential upside of 21.79% from the stock’s previous close.

EQIX has been the subject of several other research reports. Truist Financial dropped their price target on Equinix from $1,028.00 to $990.00 and set a “buy” rating for the company in a research report on Monday, March 10th. JMP Securities restated a “market outperform” rating and set a $1,200.00 price objective on shares of Equinix in a report on Thursday, February 13th. BMO Capital Markets decreased their target price on shares of Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Moffett Nathanson upgraded Equinix from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 5th. Finally, Scotiabank raised their target price on shares of Equinix from $1,033.00 to $1,040.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Equinix has a consensus rating of “Buy” and an average target price of $1,007.59.

Equinix Price Performance

EQIX stock opened at $803.00 on Thursday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19. The company has a market cap of $78.16 billion, a price-to-earnings ratio of 93.92, a PEG ratio of 1.78 and a beta of 0.74. Equinix has a 12-month low of $684.14 and a 12-month high of $994.03. The firm has a 50 day moving average of $895.96 and a 200-day moving average of $908.43.

Equinix (NASDAQ:EQIX) last announced its 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%. As a group, equities analysts expect that Equinix will post 33.1 EPS for the current fiscal year.

Insider Activity at Equinix

In related news, insider Brandi Galvin Morandi sold 684 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $940.51, for a total value of $643,308.84. Following the completion of the transaction, the insider now owns 8,377 shares in the company, valued at $7,878,652.27. This represents a 7.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Raouf Abdel sold 1,331 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $903.71, for a total transaction of $1,202,838.01. Following the sale, the executive vice president now owns 6,579 shares in the company, valued at $5,945,508.09. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,054 shares of company stock worth $17,466,950 in the last three months. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Equinix

Several hedge funds have recently modified their holdings of the company. Milestone Asset Management Group LLC bought a new position in Equinix during the fourth quarter valued at about $248,000. Fairtree Asset Management Pty Ltd acquired a new stake in Equinix in the 4th quarter valued at about $462,000. Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Equinix during the 4th quarter valued at about $30,290,000. Mattson Financial Services LLC grew its stake in shares of Equinix by 19.9% in the 4th quarter. Mattson Financial Services LLC now owns 1,882 shares of the financial services provider’s stock worth $1,671,000 after purchasing an additional 312 shares during the last quarter. Finally, Phocas Financial Corp. bought a new stake in shares of Equinix in the 4th quarter worth approximately $565,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

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.