Equinix (EQIX) Scheduled to Post Quarterly Earnings on Wednesday

Posted by on Apr 26th, 2023

Equinix (NASDAQ:EQIX – Get Rating) will be releasing its earnings data after the market closes on Wednesday, May 3rd. Analysts expect Equinix to post earnings of $6.96 per share for the quarter. Equinix has set its FY 2023 guidance at $30.79-$31.64 EPS and its Q1 2023 guidance at EPS.Persons interested in participating in the company’s earnings conference call can do so using this link.

Equinix (NASDAQ:EQIX – Get Rating) last released its quarterly earnings data on Wednesday, February 15th. The financial services provider reported $1.39 EPS for the quarter, missing analysts’ consensus estimates of $5.90 by ($4.51). Equinix had a return on equity of 6.37% and a net margin of 9.70%. The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the prior year, the company posted $6.22 EPS. The company’s quarterly revenue was up 9.6% on a year-over-year basis. On average, analysts expect Equinix to post $27 EPS for the current fiscal year and $30 EPS for the next fiscal year.

Equinix Trading Down 0.4 %

NASDAQ:EQIX opened at $710.07 on Wednesday. Equinix has a 52 week low of $494.89 and a 52 week high of $762.51. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.80 and a current ratio of 1.80. The stock’s 50 day moving average price is $698.82 and its 200 day moving average price is $669.03. The company has a market capitalization of $66.40 billion, a P/E ratio of 92.46, a P/E/G ratio of 2.39 and a beta of 0.63.

Equinix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 22nd. Shareholders of record on Tuesday, March 7th were issued a dividend of $3.41 per share. This represents a $13.64 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Monday, March 6th. This is an increase from Equinix’s previous quarterly dividend of $3.10. Equinix’s dividend payout ratio (DPR) is 177.60%.

Analyst Upgrades and Downgrades

Several brokerages have commented on EQIX. BMO Capital Markets upgraded Equinix from a “market perform” rating to an “outperform” rating and increased their price target for the company from $755.00 to $785.00 in a report on Monday, March 27th. Oppenheimer increased their price target on Equinix from $750.00 to $760.00 and gave the company an “outperform” rating in a report on Thursday, February 16th. Raymond James increased their price target on Equinix from $800.00 to $825.00 and gave the company a “strong-buy” rating in a report on Thursday, February 16th. TD Securities raised their price objective on shares of Equinix from $750.00 to $800.00 and gave the stock a “hold” rating in a research note on Thursday, February 16th. Finally, Stifel Nicolaus raised their price objective on shares of Equinix from $800.00 to $820.00 in a research note on Thursday, February 16th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $781.61.

Insider Activity at Equinix

In related news, insider Karl Strohmeyer sold 1,152 shares of Equinix stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $688.34, for a total value of $792,967.68. Following the completion of the sale, the insider now directly owns 23,247 shares in the company, valued at $16,001,839.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Karl Strohmeyer sold 1,152 shares of the company’s stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $688.34, for a total value of $792,967.68. Following the completion of the sale, the insider now directly owns 23,247 shares of the company’s stock, valued at approximately $16,001,839.98. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Simon Miller sold 380 shares of the company’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $671.43, for a total value of $255,143.40. Following the completion of the sale, the chief accounting officer now directly owns 5,078 shares of the company’s stock, valued at $3,409,521.54. The disclosure for this sale can be found here. Insiders sold 7,513 shares of company stock valued at $5,152,988 over the last ninety days. 0.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Equinix

Several institutional investors have recently bought and sold shares of EQIX. Norges Bank bought a new stake in shares of Equinix during the 4th quarter worth $725,557,000. Morgan Stanley raised its position in Equinix by 26.5% in the fourth quarter. Morgan Stanley now owns 854,549 shares of the financial services provider’s stock valued at $559,756,000 after purchasing an additional 179,023 shares during the last quarter. Wellington Management Group LLP raised its position in Equinix by 28.3% in the first quarter. Wellington Management Group LLP now owns 604,277 shares of the financial services provider’s stock valued at $448,144,000 after purchasing an additional 133,132 shares during the last quarter. Millennium Management LLC raised its position in Equinix by 4,757.7% in the fourth quarter. Millennium Management LLC now owns 96,425 shares of the financial services provider’s stock valued at $63,161,000 after purchasing an additional 94,440 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Equinix by 5.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 889,601 shares of the financial services provider’s stock valued at $659,746,000 after purchasing an additional 48,531 shares during the last quarter. Institutional investors own 92.80% of the company’s stock.

About Equinix

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Equinix, Inc engages in the provision of collocation space and develops data center solutions. The firm offers secure key management, consulting, network virtualization, customer support, and managed services. It operates through the following geographical segments: Americas, Europe, Middle East & Africa and Asia-Pacific.

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Earnings History for Equinix (NASDAQ:EQIX)

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