Equinix (NASDAQ:EQIX) Releases FY24 Earnings Guidance

Equinix (NASDAQ:EQIX) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $34.45-35.29 for the period, compared to the consensus EPS estimate of $34.94. The company issued revenue guidance of $8.692-8.792 billion, compared to the consensus revenue estimate of $8.85 billion.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EQIX shares. Wells Fargo & Company lifted their target price on Equinix from $800.00 to $825.00 and gave the stock an equal weight rating in a report on Thursday, February 15th. HSBC lowered Equinix from a buy rating to a hold rating and set a $900.00 price objective for the company. in a research report on Wednesday, March 20th. Oppenheimer lifted their price target on shares of Equinix from $875.00 to $950.00 and gave the company an outperform rating in a research note on Wednesday, March 20th. Truist Financial upped their price target on shares of Equinix from $915.00 to $950.00 and gave the company a buy rating in a report on Monday, March 18th. Finally, Royal Bank of Canada boosted their price target on Equinix from $855.00 to $950.00 and gave the company an outperform rating in a report on Thursday, February 29th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Equinix presently has a consensus rating of Moderate Buy and an average price target of $870.44.

Equinix Stock Performance

NASDAQ:EQIX traded down $19.16 during mid-day trading on Wednesday, hitting $692.71. The stock had a trading volume of 875,103 shares, compared to its average volume of 599,941. The company’s 50 day simple moving average is $800.46 and its 200 day simple moving average is $802.10. The stock has a market cap of $65.54 billion, a price-to-earnings ratio of 67.19, a PEG ratio of 1.81 and a beta of 0.62. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.13 and a current ratio of 1.13. Equinix has a twelve month low of $672.88 and a twelve month high of $914.93.

Equinix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd will be issued a dividend of $4.26 per share. This represents a $17.04 dividend on an annualized basis and a dividend yield of 2.46%. Equinix’s payout ratio is presently 165.28%.

Insider Buying and Selling at Equinix

In related news, insider Brandi Galvin Morandi sold 729 shares of Equinix stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $832.84, for a total transaction of $607,140.36. Following the completion of the sale, the insider now owns 14,002 shares of the company’s stock, valued at approximately $11,661,425.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Brandi Galvin Morandi sold 729 shares of Equinix stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $832.84, for a total transaction of $607,140.36. Following the completion of the sale, the insider now directly owns 14,002 shares of the company’s stock, valued at approximately $11,661,425.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Keith D. Taylor sold 1,164 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $832.98, for a total value of $969,588.72. Following the completion of the sale, the chief financial officer now owns 23,187 shares of the company’s stock, valued at $19,314,307.26. The disclosure for this sale can be found here. Insiders sold 4,585 shares of company stock valued at $3,818,268 in the last quarter. 0.27% of the stock is currently owned by insiders.

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.