Equinix (NASDAQ:EQIX) Updates FY 2024 Earnings Guidance

Equinix (NASDAQ:EQIX) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 34.450-35.290 for the period, compared to the consensus estimate of 25.160. The company issued revenue guidance of $8.7 billion-$8.8 billion, compared to the consensus revenue estimate of $8.9 billion. Equinix also updated its FY24 guidance to $34.45-35.29 EPS.

Analysts Set New Price Targets

A number of research firms have issued reports on EQIX. Truist Financial boosted their price target on Equinix from $915.00 to $950.00 and gave the company a buy rating in a research note on Monday, March 18th. Royal Bank of Canada upped their target price on shares of Equinix from $855.00 to $950.00 and gave the company an outperform rating in a report on Thursday, February 29th. Barclays dropped their price target on shares of Equinix from $818.00 to $669.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Wells Fargo & Company upped their price objective on Equinix from $800.00 to $825.00 and gave the stock an equal weight rating in a research note on Thursday, February 15th. Finally, Morgan Stanley lowered their target price on Equinix from $767.00 to $762.00 and set an equal weight rating on the stock in a research report on Thursday, March 28th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $870.44.

Equinix Price Performance

Shares of Equinix stock traded down $19.16 on Wednesday, hitting $692.71. 875,729 shares of the company traded hands, compared to its average volume of 599,941. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.13 and a current ratio of 1.13. The business has a 50-day simple moving average of $800.46 and a 200 day simple moving average of $802.10. Equinix has a 52 week low of $672.88 and a 52 week high of $914.93. The stock has a market capitalization of $65.54 billion, a P/E ratio of 67.19, a price-to-earnings-growth ratio of 1.81 and a beta of 0.62.

Equinix Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be issued a dividend of $4.26 per share. This represents a $17.04 annualized dividend and a dividend yield of 2.46%. Equinix’s dividend payout ratio (DPR) is presently 165.28%.

Insider Activity

In related news, CEO Charles J. Meyers sold 2,110 shares of the stock in a transaction that occurred 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 completion of 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 SEC, which is available through this link. In other Equinix news, CEO Charles J. Meyers sold 2,110 shares of Equinix stock in a transaction on 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 completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith D. Taylor sold 1,164 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $832.98, for a total transaction of $969,588.72. Following the sale, the chief financial officer now owns 23,187 shares in the company, valued at $19,314,307.26. The disclosure for this sale can be found here. Insiders sold a total of 4,585 shares of company stock worth $3,818,268 over 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.