Wells Fargo & Company Cuts Equinix (NASDAQ:EQIX) Price Target to $825.00

Equinix (NASDAQ:EQIX) had its target price trimmed by Wells Fargo & Company from $890.00 to $825.00 in a research note released on Wednesday morning, The Fly reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

EQIX has been the subject of several other research reports. Barclays increased their price objective on Equinix from $879.00 to $939.00 and gave the company an overweight rating in a report on Friday, November 5th. Deutsche Bank Aktiengesellschaft dropped their price target on Equinix from $920.00 to $880.00 and set a buy rating on the stock in a research note on Tuesday, November 9th. Raymond James increased their price target on Equinix from $915.00 to $950.00 and gave the company a strong-buy rating in a research note on Thursday, November 4th. Credit Suisse Group increased their price target on Equinix from $731.00 to $732.00 and gave the company a neutral rating in a research note on Thursday, November 4th. Finally, Edward Jones cut Equinix from a buy rating to a hold rating in a research note on Monday, December 20th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of Buy and a consensus price target of $875.22.

NASDAQ EQIX opened at $746.76 on Wednesday. The company has a market cap of $67.24 billion, a PE ratio of 157.21, a PEG ratio of 2.86 and a beta of 0.36. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.28. Equinix has a 12 month low of $586.73 and a 12 month high of $885.26. The stock has a 50 day moving average of $800.74 and a 200-day moving average of $813.59.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, November 3rd. The financial services provider reported $1.68 EPS for the quarter, missing the consensus estimate of $5.97 by ($4.29). The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.68 billion. Equinix had a net margin of 6.59% and a return on equity of 6.01%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $6.48 EPS. As a group, sell-side analysts predict that Equinix will post 24.11 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Wednesday, November 17th were given a dividend of $2.87 per share. This represents a $11.48 annualized dividend and a yield of 1.54%. The ex-dividend date was Tuesday, November 16th. Equinix’s payout ratio is 241.68%.

In related news, insider Brandi Galvin Morandi sold 143 shares of the firm’s stock in a transaction on Monday, November 8th. The stock was sold at an average price of $783.00, for a total value of $111,969.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Keith D. Taylor sold 1,000 shares of the firm’s stock in a transaction on Thursday, November 18th. The stock was sold at an average price of $799.99, for a total value of $799,990.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,218 shares of company stock worth $971,829 in the last quarter. Company insiders own 13.20% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Liberty Wealth Management LLC boosted its stake in Equinix by 78,505.7% in the second quarter. Liberty Wealth Management LLC now owns 27,512 shares of the financial services provider’s stock valued at $34,000 after buying an additional 27,477 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Equinix by 95.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 45 shares of the financial services provider’s stock valued at $36,000 after buying an additional 22 shares in the last quarter. Bell Investment Advisors Inc acquired a new stake in Equinix in the third quarter valued at about $49,000. JFS Wealth Advisors LLC acquired a new stake in Equinix in the third quarter valued at about $57,000. Finally, Assetmark Inc. boosted its stake in Equinix by 65.3% in the third quarter. Assetmark Inc. now owns 81 shares of the financial services provider’s stock valued at $64,000 after buying an additional 32 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors and hedge funds.

About Equinix

Equinix, Inc engages in the provision of collocation space and develops data centre solutions. The firm offers secure key management, consulting, network virtualization, customer support, and managed services. It operates through the following geographical segments: Americas, Europe, Middle East & Africa and Asia-Pacific.

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