Equinix (NASDAQ:EQIX) Releases FY 2024 Earnings Guidance

Equinix (NASDAQ:EQIX) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 34.810-35.220 for the period, compared to the consensus 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.

Equinix Trading Down 2.2 %

Shares of NASDAQ EQIX traded down $19.78 during midday trading on Friday, reaching $888.30. The stock had a trading volume of 450,971 shares, compared to its average volume of 529,792. Equinix has a twelve month low of $684.14 and a twelve month high of $943.02. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.22 and a current ratio of 1.22. The company’s 50 day moving average price is $869.56 and its 200 day moving average price is $805.80. The firm has a market cap of $84.34 billion, a price-to-earnings ratio of 80.10, a price-to-earnings-growth ratio of 2.19 and a beta of 0.71.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 EPS for the quarter, missing analysts’ consensus estimates of $7.88 by ($4.72). Equinix had a net margin of 12.29% and a return on equity of 8.55%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the company posted $8.04 EPS. The business’s revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts expect that Equinix will post 31.01 EPS for the current year.

Equinix Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $4.26 per share. This represents a $17.04 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Wednesday, November 13th. Equinix’s payout ratio is 153.65%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on EQIX shares. Scotiabank boosted their target price on shares of Equinix from $954.00 to $985.00 and gave the company a “sector outperform” rating in a research report on Thursday. Hsbc Global Res raised shares of Equinix from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 4th. The Goldman Sachs Group boosted their target price on Equinix from $870.00 to $980.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft increased their price target on Equinix from $880.00 to $910.00 and gave the stock a “buy” rating in a report on Tuesday, August 13th. Finally, Wells Fargo & Company boosted their price objective on Equinix from $875.00 to $975.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $944.63.

Insiders Place Their Bets

In other Equinix news, insider Brandi Galvin Morandi sold 863 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $915.00, for a total value of $789,645.00. Following the transaction, the insider now owns 8,231 shares of the company’s stock, valued at approximately $7,531,365. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Brandi Galvin Morandi sold 863 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $915.00, for a total transaction of $789,645.00. Following the completion of the transaction, the insider now directly owns 8,231 shares of the company’s stock, valued at $7,531,365. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Charles J. Meyers sold 6,234 shares of Equinix stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the completion of the sale, the chairman now directly owns 7,680 shares in the company, valued at $6,328,089.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,906 shares of company stock valued at $9,071,764 in the last 90 days. 0.27% of the stock is currently owned by corporate 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.