Equinix (NASDAQ:EQIX) Raised to Strong-Buy at Hsbc Global Res

08 Oct 2024, 05:20 by Tristan Rich · The Markets Daily

Hsbc Global Res upgraded shares of Equinix (NASDAQ:EQIX – Free Report) from a hold rating to a strong-buy rating in a research note released on Friday, Zacks.com reports.

EQIX has been the topic of several other reports. Mizuho increased their target price on Equinix from $873.00 to $971.00 and gave the stock an outperform rating in a research report on Thursday, September 12th. The Goldman Sachs Group raised their target price on shares of Equinix from $870.00 to $980.00 and gave the stock a buy rating in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Equinix from $880.00 to $910.00 and gave the stock a buy rating in a research report on Tuesday, August 13th. TD Cowen lifted their price target on shares of Equinix from $859.00 to $865.00 and gave the company a buy rating in a report on Thursday, August 8th. Finally, Truist Financial upped their price objective on Equinix from $915.00 to $935.00 and gave the stock a buy rating in a report on Wednesday, August 21st. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $903.80.

View Our Latest Stock Analysis on EQIX

Equinix Price Performance

NASDAQ:EQIX opened at $870.01 on Friday. The firm has a market cap of $82.57 billion, a price-to-earnings ratio of 87.33, a price-to-earnings-growth ratio of 2.15 and a beta of 0.71. Equinix has a 12-month low of $677.80 and a 12-month high of $914.93. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 1.26. The company’s 50-day moving average is $838.25 and its two-hundred day moving average is $792.58.

Equinix (NASDAQ:EQIX – Get Free Report) last released its earnings results on Wednesday, August 7th. The financial services provider reported $3.16 EPS for the quarter, missing the consensus estimate of $7.88 by ($4.72). Equinix had a return on equity of 8.46% and a net margin of 12.24%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the firm posted $8.04 earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. Research analysts expect that Equinix will post 31.01 EPS for the current year.

Equinix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 21st were issued a dividend of $4.26 per share. This represents a $17.04 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, August 21st. Equinix’s payout ratio is 170.91%.

Insider Transactions at Equinix

In other news, Chairman Charles J. Meyers sold 6,234 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the completion of the sale, the chairman now owns 7,680 shares of the company’s stock, valued at approximately $6,328,089.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Charles J. Meyers sold 6,234 shares of the business’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 value of $5,136,628.98. Following the completion of the sale, the chairman now directly owns 7,680 shares in the company, valued at approximately $6,328,089.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Simon Miller sold 569 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total transaction of $467,097.79. Following the completion of the transaction, the chief accounting officer now owns 5,554 shares in the company, valued at approximately $4,559,334.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,043 shares of company stock valued at $8,282,119. 0.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Equinix

Hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio boosted its stake in Equinix by 0.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 182,683 shares of the financial services provider’s stock valued at $147,131,000 after buying an additional 1,159 shares in the last quarter. Global Assets Advisory LLC acquired a new position in Equinix in the 1st quarter valued at $15,187,000. Banque Cantonale Vaudoise grew its position in shares of Equinix by 48.0% in the first quarter. Banque Cantonale Vaudoise now owns 6,578 shares of the financial services provider’s stock valued at $5,430,000 after purchasing an additional 2,133 shares during the last quarter. BDF Gestion bought a new position in Equinix in the 2nd quarter worth approximately $2,659,000. Finally, Envestnet Asset Management Inc. increased its position in Equinix by 5.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 199,883 shares of the financial services provider’s stock worth $160,984,000 after acquiring an additional 10,406 shares during the period. 94.94% of the stock is currently owned by institutional investors.

About Equinix

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