Equinix (EQIX) Downgraded to “Buy” at BidaskClub

BidaskClub lowered shares of Equinix (NASDAQ:EQIX) from a strong-buy rating to a buy rating in a report released on Tuesday, BidAskClub reports.

Other research analysts have also recently issued reports about the stock. Wells Fargo & Co upped their price objective on shares of Equinix from $475.00 to $500.00 and gave the stock an outperform rating in a research report on Wednesday, March 27th. Credit Suisse Group upped their price objective on shares of Equinix from $467.00 to $474.00 and gave the stock an outperform rating in a research report on Thursday, February 14th. Berenberg Bank initiated coverage on shares of Equinix in a research report on Tuesday, January 8th. They issued a buy rating and a $477.00 price objective on the stock. Zacks Investment Research cut shares of Equinix from a hold rating to a sell rating in a research report on Monday, January 7th. Finally, Citigroup increased their price target on shares of Equinix from $481.00 to $482.00 and gave the company a buy rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $495.29.

EQIX stock opened at $452.66 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $37.20 billion, a P/E ratio of 21.88, a P/E/G ratio of 1.62 and a beta of 0.91. Equinix has a 1-year low of $335.29 and a 1-year high of $467.99.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, February 13th. The financial services provider reported $1.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.46 by ($3.10). The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.31 billion. Equinix had a return on equity of 6.88% and a net margin of 7.20%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the company posted $0.82 earnings per share. As a group, sell-side analysts predict that Equinix will post 20.89 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, February 27th were given a dividend of $2.46 per share. This is a boost from Equinix’s previous quarterly dividend of $2.28. This represents a $9.84 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Tuesday, February 26th. Equinix’s dividend payout ratio (DPR) is presently 47.56%.

In other Equinix news, insider Karl Strohmeyer sold 1,135 shares of the stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $426.96, for a total transaction of $484,599.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Charles J. Meyers sold 282 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $462.31, for a total transaction of $130,371.42. Following the transaction, the chief executive officer now owns 5,882 shares in the company, valued at $2,719,307.42. The disclosure for this sale can be found here. Insiders have sold 17,893 shares of company stock worth $7,665,409 over the last quarter. Company insiders own 0.51% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Taylor Frigon Capital Management LLC grew its holdings in shares of Equinix by 1.2% in the fourth quarter. Taylor Frigon Capital Management LLC now owns 2,328 shares of the financial services provider’s stock worth $821,000 after purchasing an additional 27 shares during the last quarter. Eaton Vance Management grew its holdings in shares of Equinix by 2.2% in the fourth quarter. Eaton Vance Management now owns 1,356 shares of the financial services provider’s stock worth $478,000 after purchasing an additional 29 shares during the last quarter. AdvisorNet Financial Inc grew its holdings in shares of Equinix by 19.1% in the fourth quarter. AdvisorNet Financial Inc now owns 212 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 34 shares during the last quarter. Creative Planning grew its holdings in shares of Equinix by 4.3% in the fourth quarter. Creative Planning now owns 988 shares of the financial services provider’s stock worth $348,000 after purchasing an additional 41 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Equinix by 10.4% in the fourth quarter. IFP Advisors Inc now owns 447 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 42 shares during the last quarter. Institutional investors and hedge funds own 98.92% of the company’s stock.

About Equinix

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.

Further Reading: Limitations of the P/E Growth ratio

Analyst Recommendations for Equinix (NASDAQ:EQIX)

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