Equinix (NASDAQ:EQIX) Given New $680.00 Price Target at SunTrust Banks

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Equinix (NASDAQ:EQIX) had its price objective increased by SunTrust Banks from $560.00 to $680.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has a buy rating on the financial services provider’s stock.

EQIX has been the subject of several other reports. FBN Securities increased their price objective on Equinix from $550.00 to $625.00 and gave the stock an outperform rating in a research note on Monday, November 4th. BMO Capital Markets increased their target price on Equinix to $610.00 and gave the stock a positive rating in a report on Thursday, October 31st. Stifel Nicolaus restated a buy rating and set a $620.00 target price on shares of Equinix in a report on Thursday, November 14th. Credit Suisse Group restated a buy rating and set a $581.00 target price on shares of Equinix in a report on Wednesday, December 4th. Finally, BidaskClub upgraded Equinix from a hold rating to a buy rating in a report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average price target of $613.55.

Shares of NASDAQ EQIX traded up $12.90 during trading hours on Thursday, reaching $648.65. The stock had a trading volume of 438,565 shares, compared to its average volume of 376,300. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.55 and a quick ratio of 1.55. The business’s fifty day moving average is $593.77 and its two-hundred day moving average is $565.00. Equinix has a twelve month low of $399.57 and a twelve month high of $636.43. The company has a market cap of $49.49 billion, a price-to-earnings ratio of 109.94, a PEG ratio of 2.03 and a beta of 0.64.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.56 by ($0.10). Equinix had a return on equity of 5.94% and a net margin of 9.03%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the company earned $1.36 earnings per share. The business’s revenue was up 8.2% compared to the same quarter last year. Sell-side analysts forecast that Equinix will post 20.63 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, February 26th will be issued a $2.66 dividend. This is a boost from Equinix’s previous quarterly dividend of $2.46. The ex-dividend date is Tuesday, February 25th. This represents a $10.64 annualized dividend and a yield of 1.64%. Equinix’s dividend payout ratio (DPR) is currently 47.56%.

In other Equinix news, Director Christopher B. Paisley sold 200 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $557.29, for a total value of $111,458.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith D. Taylor sold 3,383 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $592.28, for a total value of $2,003,683.24. Following the completion of the transaction, the chief financial officer now directly owns 28,430 shares in the company, valued at approximately $16,838,520.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,159 shares of company stock worth $10,149,833. 0.49% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cohen & Steers Inc. raised its position in shares of Equinix by 3.0% during the fourth quarter. Cohen & Steers Inc. now owns 3,579,546 shares of the financial services provider’s stock worth $2,089,381,000 after purchasing an additional 104,934 shares during the period. State Street Corp raised its position in shares of Equinix by 0.4% during the fourth quarter. State Street Corp now owns 3,488,459 shares of the financial services provider’s stock worth $2,036,214,000 after purchasing an additional 14,683 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Equinix by 9.9% during the fourth quarter. Daiwa Securities Group Inc. now owns 1,137,970 shares of the financial services provider’s stock worth $664,233,000 after purchasing an additional 102,297 shares during the period. Pictet Asset Management Ltd. raised its position in shares of Equinix by 8.5% during the fourth quarter. Pictet Asset Management Ltd. now owns 824,041 shares of the financial services provider’s stock worth $480,993,000 after purchasing an additional 64,331 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Equinix by 1.2% during the fourth quarter. Franklin Resources Inc. now owns 497,257 shares of the financial services provider’s stock worth $290,249,000 after purchasing an additional 5,750 shares during the period. 99.37% of the stock is currently owned by institutional investors.

Equinix Company Profile

Equinix, Inc (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. In 52 markets across five continents, Equinix is where companies come together to realize new opportunities and accelerate their business, IT and cloud strategies.

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Analyst Recommendations for Equinix (NASDAQ:EQIX)

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