Bullish indicating open at $55-$60, IPO prices at $37
Miller Simon, the Chief Accounting Officer of Equinix Inc. (NASDAQ:EQIX), an $81.5 billion market cap data center giant, recently executed a significant stock sale, according to a Form 4 filing with the Securities and Exchange Commission. On March 13, Simon sold shares worth approximately $216,520. The shares were sold at prices ranging from $830.6251 to $850.1165, near the middle of the stock’s 52-week range of $684-$994. According to InvestingPro analysis, the stock appears overvalued at current levels.
In addition to the sales, Simon also acquired 257 shares of common stock through the exercise of restricted stock units on March 12. This acquisition was part of the 2024 Annual Incentive Plan, which awarded fully-vested restricted stock units based on performance criteria met by the company. InvestingPro’s analysis shows Equinix maintains a GOOD financial health score, supported by strong cash flow metrics.
Following these transactions, Simon holds 6,305 shares of Equinix common stock. The sales were conducted under a 10b5-1 Trading Plan, which allows company insiders to set up a predetermined plan for selling stocks. For deeper insights into Equinix’s valuation and financial metrics, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Equinix reported its fourth-quarter 2024 financial results, revealing a 7% increase in global revenues year-over-year, reaching $2.261 billion. The company also posted an adjusted EBITDA of $1.021 billion, representing 45% of revenues, with full-year 2024 revenues hitting $8.7 billion, an 8% increase from the previous year. Equinix anticipates 2025 revenues to grow by 7-8% on a normalized and constant currency basis. Analysts have responded to these results with adjusted price targets. TD Cowen reduced its price target for Equinix from $984 to $978, maintaining a Buy rating, while Jefferies lowered its target from $1,200 to $1,140, also recommending a Buy. BMO Capital Markets adjusted its price target from $1,085 to $1,065, keeping an Outperform rating. Despite missing some market expectations due to foreign exchange fluctuations and capacity constraints, Equinix reported record gross bookings and a backlog at a multi-year high. The company is experiencing increased demand for artificial intelligence capabilities, with half of its top 25 new leases involving AI workloads. Equinix projects a 9-12% growth in adjusted funds from operations for 2025, alongside a 190 basis point expansion in its margins.
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