According to Zacks, “Equinix’s better-than-expected results in first-quarter 2019 were backed by robust top-line growth and solid operating performance, partially offset by higher operating costs. Further, with a comprehensive platform of more than 341,000 interconnections, the company is well poised to capitalize on solid demand for interconnection. A global footprint and solid interconnected ecosystems helped the company witness top-line growth for 65 consecutive quarters. Additionally, amid higher demand from cloud users, Equinix’s commitment to expand the International Business Exchange (IBX) platform is commendable. Its shares have outperformed the real estate market, over the past three months. Yet, growing debt burden is expected to affect its operating results as interest expenses increase. Also, consolidation in the telecommunications industry will likely result in low demand for co-location space, hindering the company’s growth.”
A number of other analysts also recently issued reports on EQIX. Nomura lifted their price target on Equinix from $500.00 to $505.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Wells Fargo & Co lifted their price target on Equinix from $475.00 to $500.00 and gave the stock an “outperform” rating in a report on Wednesday, March 27th. Credit Suisse Group lifted their price target on Equinix from $474.00 to $506.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. BMO Capital Markets lifted their price target on Equinix from $503.00 to $520.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Finally, Raymond James lifted their price target on Equinix from $500.00 to $520.00 and gave the stock a “strong-buy” rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Equinix presently has an average rating of “Buy” and a consensus price target of $501.44.
Equinix (NASDAQ:EQIX) last released its earnings results on Wednesday, May 1st. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.16 by ($3.72). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Equinix had a net margin of 8.06% and a return on equity of 5.66%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the business posted $5.21 earnings per share. Equities analysts forecast that Equinix will post 20.93 EPS for the current year.
In related news, insider Michael Earl Campbell sold 250 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $445.74, for a total value of $111,435.00. Following the transaction, the insider now owns 3,578 shares in the company, valued at approximately $1,594,857.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles J. Meyers sold 282 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $462.31, for a total value of $130,371.42. Following the completion of the transaction, the chief executive officer now owns 5,882 shares in the company, valued at approximately $2,719,307.42. The disclosure for this sale can be found here. Insiders have sold 18,143 shares of company stock worth $7,776,844 in the last quarter. Insiders own 0.49% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Washington Trust Bank acquired a new position in Equinix during the 1st quarter worth approximately $29,000. Spectrum Management Group Inc. acquired a new position in Equinix during the 1st quarter worth approximately $29,000. Farmers & Merchants Investments Inc. increased its position in Equinix by 174.2% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 85 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 54 shares during the period. Rehmann Capital Advisory Group increased its position in Equinix by 158.8% during the 3rd quarter. Rehmann Capital Advisory Group now owns 88 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 54 shares during the period. Finally, Pearl River Capital LLC acquired a new position in Equinix during the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 98.72% of the company’s stock.
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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