Equinix (NASDAQ:EQIX) Releases FY 2024 Earnings Guidance

Equinix (NASDAQ:EQIX) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 34.810-35.220 for the period, compared to the consensus EPS estimate of 35.110. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.7 billion. Equinix also updated its Q4 2024 guidance to EPS.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Hsbc Global Res upgraded Equinix from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft raised their price objective on Equinix from $880.00 to $910.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. boosted their target price on Equinix from $950.00 to $975.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 1st. The Goldman Sachs Group raised their price target on shares of Equinix from $870.00 to $980.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, HSBC upgraded shares of Equinix from a “hold” rating to a “buy” rating and upped their price objective for the stock from $865.00 to $1,000.00 in a research report on Friday, October 4th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $944.63.

Equinix Trading Down 2.2 %

Shares of EQIX traded down $19.78 during mid-day trading on Friday, reaching $888.30. 450,971 shares of the company were exchanged, compared to its average volume of 529,792. The business has a 50 day simple moving average of $869.56 and a two-hundred day simple moving average of $805.80. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a market capitalization of $84.34 billion, a PE ratio of 80.10, a PEG ratio of 2.19 and a beta of 0.71. Equinix has a 52 week low of $684.14 and a 52 week high of $943.02.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.88 by ($4.72). Equinix had a return on equity of 8.55% and a net margin of 12.29%. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter last year, the firm posted $8.04 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts predict that Equinix will post 31.01 earnings per share for the current fiscal year.

Equinix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Wednesday, November 13th will be given a $4.26 dividend. This represents a $17.04 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, November 13th. Equinix’s dividend payout ratio (DPR) is presently 153.65%.

Insider Activity at Equinix

In other Equinix news, Chairman Charles J. Meyers sold 6,234 shares of the business’s stock in a transaction that occurred 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Charles J. Meyers sold 6,234 shares of the business’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 7,680 shares of the company’s stock, valued at $6,328,089.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Simon Miller sold 569 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total value of $467,097.79. Following the completion of the transaction, the chief accounting officer now owns 5,554 shares in the company, valued at approximately $4,559,334.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,906 shares of company stock worth $9,071,764 in the last 90 days. Corporate insiders own 0.27% of the company’s stock.

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.