Equinix (NASDAQ:EQIX) Releases 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.

Equinix Price Performance

NASDAQ:EQIX traded down $4.32 during mid-day trading on Wednesday, hitting $780.29. 694,622 shares of the company’s stock traded hands, compared to its average volume of 568,384. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $74.05 billion, a PE ratio of 80.09, a price-to-earnings-growth ratio of 2.80 and a beta of 0.68. The firm’s 50 day simple moving average is $771.86 and its 200 day simple moving average is $796.03. Equinix has a 1 year low of $677.80 and a 1 year high of $914.93.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on EQIX shares. Royal Bank of Canada reduced their target price on Equinix from $950.00 to $922.00 and set an outperform rating on the stock in a research note on Tuesday, May 28th. Barclays increased their price objective on Equinix from $669.00 to $671.00 and gave the company an equal weight rating in a research note on Thursday, May 30th. Wells Fargo & Company raised shares of Equinix from an equal weight rating to an overweight rating and boosted their target price for the company from $825.00 to $875.00 in a research note on Tuesday, July 23rd. Mizuho initiated coverage on shares of Equinix in a research note on Thursday, July 11th. They set an outperform rating and a $873.00 price target on the stock. Finally, TD Cowen cut their price objective on shares of Equinix from $862.00 to $859.00 and set a buy rating for the company in a research report on Friday, May 10th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Equinix has a consensus rating of Moderate Buy and an average price target of $871.29.

Insiders Place Their Bets

In other news, insider Brandi Galvin Morandi sold 2,070 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $800.50, for a total value of $1,657,035.00. Following the completion of the sale, the insider now owns 12,758 shares of the company’s stock, valued at $10,212,779. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Christopher B. Paisley sold 100 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $812.98, for a total transaction of $81,298.00. Following the completion of the sale, the director now directly owns 17,641 shares in the company, valued at $14,341,780.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 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.

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.