Equinix (NASDAQ:EQIX) Issues FY24 Earnings Guidance

Equinix (NASDAQ:EQIX) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $34.67-35.30 for the period, compared to the consensus estimate of $34.97. The company issued revenue guidance of $8.692-8.772 billion, compared to the consensus revenue estimate of $8.76 billion.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Equinix in a research note on Monday, July 1st. They issued a buy rating and a $870.00 price objective on the stock. Wells Fargo & Company raised Equinix from an equal weight rating to an overweight rating and lifted their price objective for the stock from $825.00 to $875.00 in a research note on Tuesday, July 23rd. Barclays upped their price objective on Equinix from $669.00 to $671.00 and gave the company an equal weight rating in a report on Thursday, May 30th. Royal Bank of Canada decreased their target price on Equinix from $950.00 to $922.00 and set an outperform rating for the company in a research report on Tuesday, May 28th. Finally, Mizuho initiated coverage on Equinix in a research note on Thursday, July 11th. They issued an outperform rating and a $873.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $871.29.

Equinix Stock Down 0.6 %

Shares of EQIX traded down $4.32 during midday trading on Wednesday, hitting $780.29. The stock had a trading volume of 694,622 shares, compared to its average volume of 568,384. The firm has a market cap of $74.05 billion, a price-to-earnings ratio of 80.09, a price-to-earnings-growth ratio of 2.80 and a beta of 0.68. The company has a 50 day simple moving average of $771.86 and a two-hundred day simple moving average of $796.03. Equinix has a twelve month low of $677.80 and a twelve month high of $914.93. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.10 and a quick ratio of 1.10.

Insider Activity at Equinix

In other news, Director Christopher B. Paisley sold 100 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $812.98, for a total value of $81,298.00. Following the sale, the director now owns 17,641 shares of the company’s stock, valued at $14,341,780.18. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Christopher B. Paisley sold 100 shares of Equinix stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $812.98, for a total value of $81,298.00. Following the sale, the director now owns 17,641 shares of the company’s stock, valued at $14,341,780.18. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brandi Galvin Morandi sold 2,070 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $800.50, for a total value of $1,657,035.00. Following the transaction, the insider now directly owns 12,758 shares of the company’s stock, valued at $10,212,779. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Equinix Company Profile

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.