Equinix (NASDAQ:EQIX) Issues 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.

Equinix Stock Down 2.7 %

Shares of EQIX traded down $19.16 during mid-day trading on Wednesday, reaching $692.71. 875,103 shares of the stock traded hands, compared to its average volume of 599,941. The stock has a fifty day simple moving average of $800.46 and a 200 day simple moving average of $802.10. Equinix has a 12-month low of $672.88 and a 12-month high of $914.93. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.19. The firm has a market cap of $65.54 billion, a price-to-earnings ratio of 67.19, a P/E/G ratio of 1.81 and a beta of 0.62.

Equinix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be given a $4.26 dividend. This represents a $17.04 dividend on an annualized basis and a yield of 2.46%. Equinix’s payout ratio is currently 165.28%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on EQIX shares. Morgan Stanley reduced their price target on Equinix from $767.00 to $762.00 and set an equal weight rating for the company in a report on Thursday, March 28th. Stifel Nicolaus restated a buy rating and issued a $960.00 price target on shares of Equinix in a research note on Wednesday, March 13th. Oppenheimer upped their price target on shares of Equinix from $875.00 to $950.00 and gave the company an outperform rating in a report on Wednesday, March 20th. BMO Capital Markets boosted their target price on shares of Equinix from $910.00 to $925.00 and gave the stock an outperform rating in a research report on Thursday, February 15th. Finally, HSBC cut shares of Equinix from a buy rating to a hold rating and set a $900.00 price target on the stock. in a research report on Wednesday, March 20th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $870.44.

Insider Buying and Selling

In other news, CEO Charles J. Meyers sold 2,110 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $832.69, for a total transaction of $1,756,975.90. Following the transaction, the chief executive officer now directly owns 10,115 shares of the company’s stock, valued at $8,422,659.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Keith D. Taylor sold 1,164 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $832.98, for a total value of $969,588.72. Following the sale, the chief financial officer now owns 23,187 shares of the company’s stock, valued at approximately $19,314,307.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles J. Meyers sold 2,110 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $832.69, for a total value of $1,756,975.90. Following the transaction, the chief executive officer now directly owns 10,115 shares of the company’s stock, valued at approximately $8,422,659.35. 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 three months. 0.27% of the stock is currently owned by corporate 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.