Equinix (NASDAQ:EQIX) had its target price cut by Credit Suisse Group from $524.00 to $519.00 in a report released on Thursday morning, Marketbeat.com reports. They currently have an outperform rating on the financial services provider’s stock.
“We expound on EQIX’s interconnection strategy in our 2018 Outlook, “The Cloud Has Four Walls.” EQIX also provided updated 2018 guidance with revenues/ adj. EBITDA/ AFFOS of $5.01bn/ $2.39bn/ $20.38 respectively. As such, we update our FY18/ FY19 revenues to $5.03bn/ $5.74bn (from $5.26bn/ $5.96bn) and decrease our FY18/ FY19 AFFOS to $20.82/ $24.33 (from $22.80/ $25.84), respectively. We lower our target price to $519 (from $524) to reflect the decrease in AFFOS in FY19. $800 Million Acquisition of Infomart Dallas: EQIX also announced its acquisition of Infomart Dallas. The facility is one of the largest U.S. interconnection hubs and currently home to four of the eight EQIX Dallas IBX data centers, which altogether support ~3,500 cabinets. This transaction adds four facilities to EQIX’s portfolio and the building generated ~$50mil of revenues in 2017 and expected to increase recurring revenues as a percentage of total revenues +45%.”,” Credit Suisse Group’s analyst commented.
EQIX has been the subject of a number of other reports. Citigroup boosted their price objective on shares of Equinix from $518.00 to $530.00 and gave the stock a buy rating in a report on Thursday, November 2nd. Oppenheimer boosted their price objective on shares of Equinix to $525.00 and gave the stock an outperform rating in a report on Friday, December 22nd. Morgan Stanley boosted their price objective on shares of Equinix from $424.00 to $435.00 and gave the stock an equal weight rating in a report on Thursday, November 2nd. Zacks Investment Research upgraded shares of Equinix from a hold rating to a buy rating and set a $547.00 price objective for the company in a report on Monday, November 6th. Finally, UBS Group upgraded shares of Equinix from a neutral rating to a buy rating and set a $510.00 price objective for the company in a report on Monday, January 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Equinix presently has a consensus rating of Buy and an average target price of $502.96.
Equinix (NASDAQ:EQIX) last announced its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $0.82 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.87 by ($3.05). The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.19 billion. Equinix had a return on equity of 6.54% and a net margin of 5.33%. The company’s revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.08 earnings per share. research analysts predict that Equinix will post 18.71 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Monday, February 26th will be paid a $2.28 dividend. This represents a $9.12 annualized dividend and a dividend yield of 2.26%. This is an increase from Equinix’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, February 23rd. Equinix’s payout ratio is presently 267.56%.
In other Equinix news, insider Charles J. Meyers sold 2,196 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $450.00, for a total transaction of $988,200.00. Following the transaction, the insider now directly owns 1,844 shares of the company’s stock, valued at approximately $829,800. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Stephen M. Smith sold 10,706 shares of the business’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $443.10, for a total transaction of $4,743,828.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,513 shares of company stock worth $10,961,480. Insiders own 0.58% of the company’s stock.
A number of institutional investors have recently modified their holdings of EQIX. Egerton Capital UK LLP increased its position in Equinix by 152.0% during the 3rd quarter. Egerton Capital UK LLP now owns 487,173 shares of the financial services provider’s stock valued at $217,425,000 after purchasing an additional 293,842 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Equinix during the 4th quarter valued at $72,744,000. Standard Life Aberdeen plc increased its position in Equinix by 59.1% during the 4th quarter. Standard Life Aberdeen plc now owns 423,174 shares of the financial services provider’s stock valued at $191,871,000 after purchasing an additional 157,236 shares during the period. Alyeska Investment Group L.P. grew its position in shares of Equinix by 52.5% in the 3rd quarter. Alyeska Investment Group L.P. now owns 432,015 shares of the financial services provider’s stock worth $192,808,000 after buying an additional 148,638 shares during the period. Finally, BNP Paribas Arbitrage SA grew its position in shares of Equinix by 444.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 181,359 shares of the financial services provider’s stock worth $80,941,000 after buying an additional 148,047 shares during the period. 93.85% of the stock is currently owned by institutional investors and hedge funds.
Equinix, Inc (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems.
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