Equinix chief business officer sells $84,152 in stock

Jonathan Lin, Chief Business Officer at Equinix Inc. (NASDAQ:EQIX), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on March 4, involved the sale of 79 shares at prices ranging from $898.76 to $912.85, totaling $84,152. The stock, currently trading at $921.02, has shown resilience with a 12% gain over the past six months. InvestingPro analysis indicates the stock is currently overvalued based on its Fair Value model.

The sales were conducted under a 10b5-1 trading plan, designed to raise funds to cover tax obligations associated with the vesting of restricted stock units (RSUs). Following these transactions, Lin holds 7,999 shares of Equinix common stock directly.

Earlier, on March 3, Lin acquired 215 shares through the vesting of RSUs at no cost, increasing his total holdings before the sales. Equinix, headquartered in Redwood (NYSE:RWT) City, California, operates as a real estate investment trust, providing data center and colocation services.

In other recent news, Equinix reported its fourth-quarter 2024 earnings, showing a 7% increase in global revenues year-over-year, reaching $2.261 billion. The company also posted an adjusted EBITDA of $1.021 billion, which represents 45% of revenues. For the full year 2024, Equinix achieved revenues of $8.7 billion, marking an 8% increase from the previous year. Looking ahead, Equinix anticipates a 7-8% revenue growth for 2025 on a normalized and constant currency basis.

Following these results, several analyst firms adjusted their price targets for Equinix. TD Cowen lowered its target from $984 to $978 while maintaining a Buy rating, citing short-term challenges but a positive long-term outlook. BMO Capital Markets also reduced its price target from $1,085 to $1,065, reiterating an Outperform rating and highlighting robust fundamental performance despite some missed expectations. Jefferies cut its target from $1,200 to $1,140 but continued to recommend the stock as a Buy, noting the potential for growth in AI-related demand.

Equinix’s recent earnings report was impacted by foreign exchange fluctuations and capacity constraints, yet the company continues to see strong demand for AI capabilities. The firm reported record gross bookings and a backlog at a multi-year high, indicating potential growth areas. Equinix is also planning significant capital expenditures between $3.2 billion and $3.5 billion for 2025, with expectations of a 9-12% growth in AFFO for the year.

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