Canaccord Genuity Believes Equinix (NASDAQ: EQIX) Won’t Stop Here

By Jason Carr

Canaccord Genuity analyst Paul Morgan reiterated a Buy rating on Equinix (NASDAQ: EQIX) today and set a price target of $525. The company’s shares opened today at $436.78, close to its 52-week high of $447.26.

According to TipRanks.com, Morgan is a 5-star analyst with an average return of 7.6% and a 67.2% success rate. Morgan covers the Financial sector, focusing on stocks such as Apartment Investment & Management, Preferred Apartment Communities, and Retail Opportunity Investments.

Currently, the analyst consensus on Equinix is Strong Buy and the average price target is $453.80, representing a 3.9% upside.

In a report issued on May 31, RBC Capital also reiterated a Buy rating on the stock with a $470 price target.

Based on Equinix’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $950 million and quarterly net profit of $42.06 million. In comparison, last year the company earned revenue of $844 million and had a GAAP net loss of $31.11 million.

Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2017, Scott Kriens, a Director at EQIX bought 10,592 shares for a total of $897,142.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Equinix, Inc. engages in the provision of collocation space and related service. It operates through the following geographical segments: Americas; Europe, Middle East and Africa, and Asia-Pacific. Its services include interconnection and connectivity, data centers and collocation, professional services, and Equinix Marketplace. It offers applications and content acceleration, cloud infrastructure solutions, wide area network optimization, and disaster recovery and business continuity solutions. The company was founded by Jay Steven Adelson and Albert M. Avery IV on June 22, 1998 and is headquartered in Redwood City, CA.