Jonathan Lin, Chief Operating Officer of Equinix Inc. (NASDAQ: ), the $88.5 billion data center giant that trades near $915 per share, recently made a number of stock transactions, according to a filing with the Securities and Exchange Commission. According to InvestingPro analysis, the stock is currently trading above its fair value, and analysts maintain a positive consensus. On January 16, Lin sold a total of 1,328 shares of Equinix. These sales were made at prices ranging from $900.9188 to $905.88 per share, resulting in an aggregate transaction value of approximately $1.2 million. The transaction occurred as the stock was trading near a 52-week high of $994.03, having gained about 17.5% in the past year.
The stock sale was conducted under a 10b5-1 trading plan, which is often used by company insiders to schedule stock sales in advance to comply with insider trading laws. This plan allows insiders to sell a predetermined number of shares at a predetermined time, providing some measure of protection against charges of insider trading.
Following these transactions, Lin now holds 8,777 shares of Equinix common stock directly. The transactions were part of a broader series of activities on January 15 and 16, which also included the acquisition of restricted stock units, although they were not part of the sale that generated $1.2 million.
In other recent news, Equinix, a global data center company, had its price target upgraded by several analysts following its strong Q3 2024 financial results. RBC Capital Markets raised its target price to $1,025 from $936, while Mizuho (NYSE: ) Securities updated its price target to $1,094 from $971. CFRA also raised their price target on Equinix to $975, and Truist Securities upped their price target to $1,090 from $935.
Equinix’s third-quarter results beat consensus estimates with revenue slightly above market forecasts. The company reported adjusted EBITDA of $1,048 million, beating both RBC and consensus estimates. Adjusted funds from operations (AFFO) and AFFO per share also significantly beat consensus estimates.
Equinix recently issued securities worth €1.15 billion to finance or refinance green projects and announced a strategic partnership with CPP Investment Board and GIC to invest more than $15 billion in xScale facilities. These developments are part of the company’s continued expansion and commitment to meet the growing demand for digital infrastructure and artificial intelligence workloads.
Analyst firms adjusted their earnings projections based on these developments. For example, Truist Securities pegged the expected EBITDA for 2024 at $4.115 million, which is a significant increase over the current EBITDA. CFRA also increased its 2025 funds from operations (FFO) estimate to $27.00. These are the latest developments in Equinix’s growth trajectory and strategic investments in the data center and interconnect space.
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