Equinix (NASDAQ:EQIX) Raised to “Buy” at HSBC

Equinix (NASDAQ:EQIX) was upgraded by research analysts at HSBC from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a $1,000.00 target price on the financial services provider’s stock, up from their prior target price of $865.00. HSBC’s price objective points to a potential upside of 14.13% from the company’s current price.

Several other research firms have also recently commented on EQIX. The Goldman Sachs Group boosted their target price on Equinix from $870.00 to $980.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. upped their price objective on Equinix from $950.00 to $975.00 and gave the stock an “overweight” rating in a research report on Tuesday. Truist Financial upped their price objective on Equinix from $915.00 to $935.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company raised Equinix from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $825.00 to $875.00 in a research report on Tuesday, July 23rd. Finally, TD Cowen upped their target price on Equinix from $859.00 to $865.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Equinix has a consensus rating of “Moderate Buy” and a consensus target price of $903.80.

Equinix Price Performance

NASDAQ:EQIX opened at $876.22 on Friday. Equinix has a 52 week low of $677.80 and a 52 week high of $914.93. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $83.16 billion, a P/E ratio of 87.89, a P/E/G ratio of 2.15 and a beta of 0.71. The stock’s fifty day moving average is $836.16 and its two-hundred day moving average is $793.05.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.88 by ($4.72). Equinix had a net margin of 12.24% and a return on equity of 8.46%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the firm posted $8.04 EPS. Equinix’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts expect that Equinix will post 31.01 EPS for the current year.

Insider Buying and Selling at Equinix

In other news, Chairman Charles J. Meyers sold 6,234 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the sale, the chairman now owns 7,680 shares in the company, valued at $6,328,089.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Charles J. Meyers sold 6,234 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total value of $5,136,628.98. Following the transaction, the chairman now directly owns 7,680 shares of the company’s stock, valued at approximately $6,328,089.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brandi Galvin Morandi sold 864 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $850.00, for a total value of $734,400.00. Following the completion of the transaction, the insider now directly owns 9,094 shares in the company, valued at $7,729,900. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,043 shares of company stock worth $8,282,119. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EQIX. CNB Bank raised its position in Equinix by 172.7% in the first quarter. CNB Bank now owns 30 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 19 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Equinix in the second quarter valued at about $30,000. LRI Investments LLC purchased a new position in Equinix in the first quarter valued at about $31,000. Meeder Asset Management Inc. purchased a new position in Equinix in the second quarter valued at about $36,000. Finally, Rise Advisors LLC purchased a new position in Equinix in the first quarter valued at about $39,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.