Scotiabank Cuts Equinix (NASDAQ:EQIX) Price Target to $1,033.00

Equinix (NASDAQ:EQIX) had its price target decreased by Scotiabank from $1,114.00 to $1,033.00 in a report published on Thursday,Benzinga reports. Scotiabank currently has a sector outperform rating on the financial services provider’s stock.

A number of other analysts have also weighed in on EQIX. Royal Bank of Canada raised their target price on shares of Equinix from $936.00 to $1,025.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. BMO Capital Markets cut their price objective on Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating on the stock in a report on Thursday. Wells Fargo & Company reduced their price objective on Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating on the stock in a research report on Thursday. Stifel Nicolaus increased their target price on Equinix from $995.00 to $1,080.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, JMP Securities restated a “market outperform” rating and set a $1,200.00 price target on shares of Equinix in a report on Thursday. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $994.82.

Equinix Stock Performance

NASDAQ EQIX opened at $923.00 on Thursday. The firm’s 50 day simple moving average is $936.92 and its 200 day simple moving average is $894.76. The firm has a market capitalization of $89.06 billion, a price-to-earnings ratio of 83.23, a P/E/G ratio of 2.23 and a beta of 0.72. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.12. Equinix has a 1 year low of $684.14 and a 1 year high of $994.03.

Equinix (NASDAQ:EQIX) last issued its earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.75 by $5.17. Equinix had a return on equity of 8.34% and a net margin of 12.29%. As a group, research analysts expect that Equinix will post 31.09 earnings per share for the current fiscal year.

Equinix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 26th will be issued a dividend of $4.69 per share. This is an increase from Equinix’s previous quarterly dividend of $4.26. This represents a $18.76 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Wednesday, February 26th. Equinix’s dividend payout ratio (DPR) is presently 199.30%.

Insider Activity

In other news, CEO Adaire Fox-Martin sold 2,965 shares of Equinix stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $961.62, for a total value of $2,851,203.30. Following the completion of the sale, the chief executive officer now owns 3,069 shares in the company, valued at $2,951,211.78. The trade was a 49.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Raouf Abdel sold 1,331 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 6,579 shares in the company, valued at approximately $5,945,508.09. This represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,801 shares of company stock valued at $15,530,564 in the last ninety days. 0.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Inspire Trust Co. N.A. increased its holdings in shares of Equinix by 0.7% during the third quarter. Inspire Trust Co. N.A. now owns 1,700 shares of the financial services provider’s stock valued at $1,509,000 after acquiring an additional 11 shares in the last quarter. Rothschild Investment LLC grew its position in Equinix by 1.9% in the 4th quarter. Rothschild Investment LLC now owns 576 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 11 shares during the period. Legacy Financial Advisors Inc. increased its stake in Equinix by 3.2% during the 4th quarter. Legacy Financial Advisors Inc. now owns 360 shares of the financial services provider’s stock valued at $340,000 after purchasing an additional 11 shares in the last quarter. GS Investments Inc. increased its position in shares of Equinix by 0.5% during the third quarter. GS Investments Inc. now owns 2,351 shares of the financial services provider’s stock worth $2,087,000 after acquiring an additional 12 shares in the last quarter. Finally, Ritholtz Wealth Management raised its holdings in shares of Equinix by 1.8% in the 4th quarter. Ritholtz Wealth Management now owns 671 shares of the financial services provider’s stock worth $633,000 after acquiring an additional 12 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Equinix Company Profile

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.