RBC Capital Believes Equinix (NASDAQ: EQIX) Still Has Room to Grow

By Carrie Williams

RBC Capital analyst Jonathan Atkin reiterated a Buy rating on Equinix (NASDAQ: EQIX) today and set a price target of $470. The company’s shares opened today at $440.68, close to its 52-week high of $446.58.

According to TipRanks.com, Atkin is a top 25 analyst with an average return of 16.6% and a 84.4% success rate. Atkin covers the Technology sector, focusing on stocks such as Frontier Communications Corporation, Interxion Holding NV, and Zayo Group Holdings.

Equinix has an analyst consensus of Strong Buy, with a price target consensus of $453.80.

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.

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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.