J.P. Morgan Reiterates a Hold Rating on Equinix

By Austin Angelo

In a report released yesterday, Philip Cusick from J.P. Morgan reiterated a Hold rating on Equinix (NASDAQ: EQIX), with a price target of $415. The company’s shares opened today at $347.66.

According to TipRanks.com, Cusick is a 4-star analyst with an average return of 4.8% and a 62.5% success rate. Cusick covers the Technology sector, focusing on stocks such as Telephone & Data Systems Inc. , United States Cellular, and Zayo Group Holdings.

Currently, the analyst consensus on Equinix is Moderate Buy and the average price target is $405, representing a 16.5% upside.

In a report released today, Barclays also reiterated a Hold rating on the stock with a $384 price target.

Based on Equinix’s latest earnings report from June 30, the company posted quarterly revenue of $900.5M and quarterly net profit of $44.71M. In comparison, last year the company earned revenue of $686.6M and had a net profit of $41.13M.

Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is negative on the stock. Most recently, in June 2016, Keith D. Taylor, the CFO of EQIX sold 5,500 shares for a total of $2,001,175.

Equinix, Inc. provides global data center offerings that protect and connect the world’s most valued information assets. Its professional services guide customers though complex information technology infrastructure changes and hybrid and multi-cloud deployments quickly and securely, while delivering continuous and reliable technical support. The company was founded by Jay Steven Adelson and Albert M. Avery IV on June 22, 1998 and is headquartered in Redwood City, CA.