Keith Taylor, the Chief Financial Officer of Equinix Inc. (NASDAQ:EQIX), recently executed a series of stock transactions, according to a recent SEC filing. On January 16, Taylor sold a total of 2,184 shares of Equinix common stock, generating approximately $2.9 million. The shares were sold at prices ranging from $899.66 to $917.72. The data-center giant, currently valued at $88.5 billion, has maintained a "GOOD" financial health score according to InvestingPro analysis.
The transactions were carried out under a 10b5-1 Trading Plan, which allows insiders to set up a predetermined plan to sell stock. This was done to raise funds for the required withholding tax due to the vesting of restricted stock units (RSUs). Following these transactions, Taylor continues to hold 22,076 shares of Equinix common stock. Analysts maintain a bullish outlook on EQIX, with price targets ranging from $758 to $1,200. For deeper insights into insider trading patterns and comprehensive analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Equinix, a global data center company, has seen a series of price target upgrades following robust financial results for the third quarter of 2024. RBC Capital Markets, Mizuho (NYSE:MFG) Securities, CFRA, and Truist Securities have all raised their price targets for the company to $1,025, $1,094, $975, and $1,090 respectively, based on strong earnings and revenue outcomes.
Equinix's third-quarter results exceeded both RBC's and consensus estimates, with revenues slightly above market predictions and adjusted EBITDA reported at $1,048 million. The company's adjusted funds from operations (AFFO) and AFFO per share reached $866 million and $9.05, respectively, significantly outperforming consensus estimates.
Analysts from Mizuho Securities anticipate around a 10% revenue growth for Equinix, despite a slight decrease in AFFO estimates for 2025 and 2026. CFRA's report commended Equinix for its robust customer base, including over 3,000 cloud and IT service providers, and high barriers to entry in the industry.
Truist Securities' updated estimates set the 2024 expected EBITDA at $4,115 million, a significant increase from the current EBITDA of $3.1 billion. The firm also made adjustments to the anticipated adjusted funds from operations (AFFO) per share, which are now projected to be $35.22 for 2024 and $37.88 for 2025.
In addition to these financial developments, Equinix recently issued €1.15 billion in senior notes to finance or refinance green projects and announced a strategic partnership with CPP Investment Board and GIC to invest over $15 billion in xScale facilities. These are the latest actions in the company's ongoing expansion and commitment to meeting the increasing demand for digital infrastructure and AI workloads.
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