Cowen and Company Reaffirms Outperform Rating for Equinix, Inc. (EQIX)
Cowen and Company reaffirmed their outperform rating on shares of Equinix, Inc. (NASDAQ:EQIX) in a report issued on Thursday morning. Cowen and Company currently has a $482.00 price objective on the financial services provider’s stock, up from their prior price objective of $465.00.
EQIX has been the subject of several other reports. Mitsubishi UFJ Financial Group started coverage on shares of Equinix in a research note on Tuesday, April 25th. They set an overweight rating and a $433.00 price objective for the company. Zacks Investment Research cut shares of Equinix from a buy rating to a hold rating in a research note on Tuesday, April 18th. Jefferies Group LLC boosted their price objective on shares of Equinix from $378.00 to $410.00 and gave the company a hold rating in a research note on Friday, April 28th. Stifel Nicolaus reissued a buy rating and set a $465.00 price objective (up from $435.00) on shares of Equinix in a research note on Tuesday, April 25th. Finally, Credit Suisse Group started coverage on shares of Equinix in a research note on Friday, June 30th. They set an outperform rating and a $510.00 price objective for the company. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Equinix currently has an average rating of Buy and an average target price of $462.83.
Equinix (NASDAQ EQIX) traded down 0.84% on Thursday, hitting $445.58. The stock had a trading volume of 441,336 shares. The stock has a market capitalization of $34.72 billion, a price-to-earnings ratio of 163.64 and a beta of 0.59. Equinix has a one year low of $314.55 and a one year high of $455.37.
Equinix (NASDAQ:EQIX) last announced its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.41 by $2.83. Equinix had a net margin of 5.18% and a return on equity of 5.51%. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.03 billion. On average, analysts forecast that Equinix will post $4.16 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 23rd will be given a dividend of $2.00 per share. The ex-dividend date is Monday, August 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.80%. Equinix’s dividend payout ratio (DPR) is 293.04%.
In related news, COO Charles J. Meyers sold 154 shares of the company’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $426.66, for a total transaction of $65,705.64. Following the completion of the sale, the chief operating officer now directly owns 183 shares of the company’s stock, valued at approximately $78,078.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Yau Tat Lee sold 5,875 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $438.70, for a total transaction of $2,577,362.50. Following the sale, the insider now directly owns 5,485 shares of the company’s stock, valued at $2,406,269.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,853 shares of company stock valued at $7,787,982. 0.58% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of EQIX. State Board of Administration of Florida Retirement System boosted its position in Equinix by 4.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 114,332 shares of the financial services provider’s stock worth $49,067,000 after buying an additional 5,250 shares during the last quarter. Mogy Joel R Investment Counsel Inc. purchased a new position in Equinix during the second quarter worth $783,000. Jennison Associates LLC boosted its position in Equinix by 11.5% in the second quarter. Jennison Associates LLC now owns 363,685 shares of the financial services provider’s stock worth $156,079,000 after buying an additional 37,531 shares during the last quarter. BB&T Securities LLC boosted its position in Equinix by 34.6% in the second quarter. BB&T Securities LLC now owns 845 shares of the financial services provider’s stock worth $362,000 after buying an additional 217 shares during the last quarter. Finally, Turner Investments LLC boosted its position in Equinix by 10.0% in the second quarter. Turner Investments LLC now owns 5,500 shares of the financial services provider’s stock worth $2,360,000 after buying an additional 500 shares during the last quarter. 97.38% of the stock is owned by institutional investors.
Equinix Company Profile
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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