Equinix (NASDAQ:EQIX) Issues 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.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Equinix from $880.00 to $910.00 and gave the stock a “buy” rating in a report on Tuesday, August 13th. TD Cowen boosted their target price on Equinix from $859.00 to $865.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Barclays boosted their target price on Equinix from $671.00 to $810.00 and gave the company an “equal weight” rating in a research report on Monday. Truist Financial boosted their target price on Equinix from $915.00 to $935.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Finally, Cfra reissued a “hold” rating on shares of Equinix in a research report on Tuesday, September 24th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $927.67.

Equinix Stock Up 0.5 %

Shares of EQIX traded up $4.31 during midday trading on Wednesday, reaching $910.22. 543,025 shares of the stock were exchanged, compared to its average volume of 528,637. Equinix has a 52 week low of $684.14 and a 52 week high of $943.02. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 1.26. The company’s 50 day moving average is $864.73 and its two-hundred day moving average is $803.33. The company has a market capitalization of $86.39 billion, a P/E ratio of 91.30, a PEG ratio of 2.11 and a beta of 0.71.

Equinix (NASDAQ:EQIX) last posted 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 8.46% and a net margin of 12.24%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the company posted $8.04 EPS. Equinix’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Equinix will post 31.01 earnings per share for the current year.

Equinix Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Wednesday, August 21st were given a dividend of $4.26 per share. This represents a $17.04 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend was Wednesday, August 21st. Equinix’s payout ratio is 170.91%.

Insider Buying and Selling

In related news, EVP Jonathan Lin sold 93 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $820.99, for a total transaction of $76,352.07. Following the sale, the executive vice president now owns 7,141 shares of the company’s stock, valued at $5,862,689.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Jonathan Lin sold 93 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $820.99, for a total transaction of $76,352.07. Following the sale, the executive vice president now owns 7,141 shares of the company’s stock, valued at $5,862,689.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Charles J. Meyers sold 6,234 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $823.97, for a total value of $5,136,628.98. Following the sale, the chairman now directly owns 7,680 shares in the company, valued at approximately $6,328,089.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,906 shares of company stock worth $9,071,764 in the last three months. 0.27% of the stock is owned by 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.