ValuEngine Downgrades Equinix (EQIX) to Sell

Equinix (NASDAQ:EQIX) was downgraded by stock analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Several other brokerages also recently issued reports on EQIX. BidaskClub raised shares of Equinix from a “sell” rating to a “hold” rating in a report on Saturday, September 15th. Citigroup upped their price target on shares of Equinix from $494.00 to $506.00 and gave the company a “buy” rating in a report on Thursday, August 9th. Credit Suisse Group set a $520.00 price target on shares of Equinix and gave the company a “buy” rating in a report on Thursday, August 9th. BMO Capital Markets reduced their price target on shares of Equinix from $526.00 to $521.00 and set a “buy” rating on the stock in a report on Thursday, August 9th. Finally, Mitsubishi UFJ Financial Group upped their price target on shares of Equinix to $483.00 and gave the company an “overweight” rating in a report on Friday, August 17th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $501.28.

EQIX traded down $10.52 on Thursday, hitting $389.48. 755,700 shares of the company were exchanged, compared to its average volume of 602,659. The company has a current ratio of 1.24, a quick ratio of 1.29 and a debt-to-equity ratio of 1.54. Equinix has a fifty-two week low of $370.79 and a fifty-two week high of $493.91. The firm has a market capitalization of $31.84 billion, a P/E ratio of 21.02, a PEG ratio of 1.32 and a beta of 0.74.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Thursday, November 1st. The financial services provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.47 by ($2.92). Equinix had a net margin of 6.46% and a return on equity of 7.70%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period last year, the company earned $3.63 EPS. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. Analysts predict that Equinix will post 18.45 EPS for the current year.

In related news, insider Michael Earl Campbell sold 1,316 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $423.38, for a total transaction of $557,168.08. Following the transaction, the insider now owns 3,954 shares of the company’s stock, valued at $1,674,044.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith D. Taylor sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $431.65, for a total transaction of $863,300.00. Following the transaction, the chief financial officer now directly owns 21,141 shares in the company, valued at approximately $9,125,512.65. The disclosure for this sale can be found here. Insiders have sold 3,566 shares of company stock worth $1,528,778 in the last three months. Insiders own 0.51% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Edgewood Management LLC lifted its stake in shares of Equinix by 2.1% during the second quarter. Edgewood Management LLC now owns 2,251,911 shares of the financial services provider’s stock valued at $968,074,000 after buying an additional 45,315 shares during the period. Principal Financial Group Inc. raised its stake in Equinix by 12.2% during the first quarter. Principal Financial Group Inc. now owns 2,084,542 shares of the financial services provider’s stock worth $871,629,000 after purchasing an additional 226,090 shares during the period. JPMorgan Chase & Co. raised its stake in Equinix by 10.1% during the third quarter. JPMorgan Chase & Co. now owns 1,225,145 shares of the financial services provider’s stock worth $530,354,000 after purchasing an additional 112,196 shares during the period. American Century Companies Inc. raised its stake in Equinix by 18.4% during the second quarter. American Century Companies Inc. now owns 1,170,207 shares of the financial services provider’s stock worth $503,060,000 after purchasing an additional 181,449 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Equinix by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,169,062 shares of the financial services provider’s stock worth $502,564,000 after purchasing an additional 17,053 shares during the period. 99.77% of the stock is currently owned by institutional investors and hedge funds.

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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