Equinix, Inc. (EQIX) Earns “Equal Weight” Rating from Barclays PLC
Equinix, Inc. (NASDAQ:EQIX)‘s stock had its “equal weight” rating reiterated by equities researchers at Barclays PLC in a research report issued to clients and investors on Thursday. They currently have a $475.00 target price on the financial services provider’s stock, up from their prior target price of $410.00. Barclays PLC’s target price would indicate a potential upside of 6.60% from the stock’s previous close.
The analysts wrote, “The Beach Boys wished they all could be California girls,” and we wish that all BDCs could report steady and strong results like Santa Monica-based TCPC. Second- quarter 2017 was another strong quarter, such that TCPC easily covered its $0.36 per share regular dividend—just like the 20 quarters that preceded it. The company reported core net investment income of $0.43 per share versus our $0.39 estimate. While the quarter benefited from unusually strong prepayment fees, there are some of these virtually every quarter. TCPC trades at a premium to other BDCs at 110% of NAV vs. the group average of 95%, and with an 8.7% yield vs. an average of 9.5%.””
A number of other brokerages have also weighed in on EQIX. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $472.00 target price (up previously from $440.00) on shares of Equinix in a research report on Thursday, May 4th. Royal Bank Of Canada reissued a “buy” rating and issued a $470.00 target price on shares of Equinix in a research report on Wednesday, May 31st. Jefferies Group LLC boosted their target price on Equinix from $378.00 to $410.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Cowen and Company boosted their target price on Equinix from $453.00 to $465.00 and gave the stock an “outperform” rating in a research report on Friday, April 28th. Finally, Credit Suisse Group initiated coverage on shares of Equinix in a research report on Friday, June 30th. They set an “outperform” rating and a $510.00 price target for the company. Five equities 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 stock. The company has a consensus rating of “Buy” and an average price target of $462.83.
Shares of Equinix (EQIX) traded down 0.84% during trading on Thursday, reaching $445.58. 441,336 shares of the company’s stock were exchanged. Equinix has a 12 month low of $314.55 and a 12 month high of $455.37. The company has a market cap of $34.72 billion, a price-to-earnings ratio of 163.64 and a beta of 0.59.
Equinix (NASDAQ:EQIX) last issued its earnings results on Wednesday, August 2nd. The financial services provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.41 by $2.83. Equinix had a return on equity of 5.51% and a net margin of 5.18%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.03 billion. On average, analysts anticipate that Equinix will post $4.16 EPS for the current fiscal year.
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In related news, COO Charles J. Meyers sold 154 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $426.66, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith D. Taylor sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $436.12, for a total transaction of $436,120.00. Following the completion of the sale, the chief financial officer now directly owns 32,996 shares of the company’s stock, valued at $14,390,215.52. The disclosure for this sale can be found here. Insiders sold a total of 17,853 shares of company stock valued at $7,787,982 over the last three months. 0.58% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System raised its stake 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 valued at $49,067,000 after buying an additional 5,250 shares in the last quarter. Mogy Joel R Investment Counsel Inc. purchased a new stake in Equinix during the second quarter valued at about $783,000. Jennison Associates LLC raised its stake in Equinix by 11.5% in the second quarter. Jennison Associates LLC now owns 363,685 shares of the financial services provider’s stock valued at $156,079,000 after buying an additional 37,531 shares in the last quarter. BB&T Securities LLC raised its stake in Equinix by 34.6% in the second quarter. BB&T Securities LLC now owns 845 shares of the financial services provider’s stock valued at $362,000 after buying an additional 217 shares in the last quarter. Finally, Turner Investments LLC raised its stake in Equinix by 10.0% in the second quarter. Turner Investments LLC now owns 5,500 shares of the financial services provider’s stock valued at $2,360,000 after buying an additional 500 shares in 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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