Wells Fargo & Company Has Lowered Expectations for Equinix (NASDAQ:EQIX) Stock Price

Equinix (NASDAQ:EQIX) had its price target lowered by equities researchers at Wells Fargo & Company from $1,075.00 to $1,065.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 16.09% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. JMP Securities restated a “market outperform” rating and set a $1,200.00 price target on shares of Equinix in a research note on Thursday, February 6th. TD Cowen raised their target price on Equinix from $865.00 to $984.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus boosted their price target on shares of Equinix from $995.00 to $1,080.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Scotiabank increased their price target on shares of Equinix from $985.00 to $1,114.00 and gave the stock a “sector outperform” rating in a research report on Thursday, January 23rd. Finally, BMO Capital Markets lifted their price objective on shares of Equinix from $975.00 to $1,020.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $995.47.

Equinix Price Performance

Shares of NASDAQ:EQIX traded down $17.82 during midday trading on Thursday, hitting $917.38. The company had a trading volume of 176,462 shares, compared to its average volume of 479,170. Equinix has a twelve month low of $684.14 and a twelve month high of $994.03. The stock has a market cap of $88.52 billion, a price-to-earnings ratio of 82.90, a price-to-earnings-growth ratio of 2.23 and a beta of 0.72. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.16 and a quick ratio of 1.16. The business’s 50-day simple moving average is $936.92 and its 200-day simple moving average is $894.76.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $7.92 EPS for the quarter, topping the consensus estimate of $2.75 by $5.17. Equinix had a return on equity of 8.34% and a net margin of 12.29%. On average, research analysts predict that Equinix will post 31.09 earnings per share for the current year.

Insider Activity at Equinix

In related news, CEO Adaire Fox-Martin sold 2,965 shares of Equinix stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $961.62, for a total transaction of $2,851,203.30. Following the completion of the transaction, the chief executive officer now directly owns 3,069 shares in the company, valued at $2,951,211.78. The trade was a 49.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Christopher B. Paisley sold 100 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $891.00, for a total value of $89,100.00. Following the completion of the sale, the director now owns 17,794 shares in the company, valued at $15,854,454. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,801 shares of company stock worth $15,530,564 over the last 90 days. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Equinix by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 12,664,699 shares of the financial services provider’s stock valued at $11,941,418,000 after acquiring an additional 88,654 shares during the period. State Street Corp grew its holdings in shares of Equinix by 1.4% during the 3rd quarter. State Street Corp now owns 5,826,082 shares of the financial services provider’s stock worth $5,171,405,000 after purchasing an additional 81,941 shares during the period. Geode Capital Management LLC lifted its position in Equinix by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 2,412,513 shares of the financial services provider’s stock valued at $2,269,037,000 after buying an additional 62,005 shares in the last quarter. FMR LLC lifted its holdings in Equinix by 3.7% in the 4th quarter. FMR LLC now owns 2,264,958 shares of the financial services provider’s stock worth $2,135,606,000 after buying an additional 81,144 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Equinix by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 1,938,572 shares of the financial services provider’s stock valued at $1,827,847,000 after acquiring an additional 44,471 shares in the last quarter. 94.94% of the stock is currently 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.