Brandi Galvin Morandi, Chief People Officer at Equinix Inc. (NASDAQ:EQIX), recently sold a significant portion of her holdings in the company. According to a recent SEC filing, Morandi sold shares totaling approximately $2 million on January 16, 2025. The sales occurred at prices ranging from $900.0725 to $917.6466 per share. The stock, which has gained nearly 18% over the past year and currently trades at $915.59, appears overvalued according to InvestingPro analysis.
The transactions were part of a 10b5-1 Trading Plan, which allows company insiders to pre-arrange sales of stock to avoid potential insider trading violations. Following these sales, Morandi retains ownership of 8,649 shares of Equinix common stock.
These transactions come after a series of acquisitions on January 15, 2025, where Morandi acquired a total of 4,344 shares through the vesting of restricted stock units. The shares acquired were valued at $0 per share, reflecting the nature of stock unit vesting rather than market transactions. Following these acquisitions, Morandi held 10,849 shares before the subsequent sales.
In other recent news, Equinix, a global data center company, has seen a series of analyst adjustments following its robust third-quarter financial outcomes. RBC Capital Markets has increased its price target for Equinix from $936 to $1,025, maintaining an Outperform rating, after the company reported revenues and adjusted EBITDA that surpassed market predictions. In addition, Equinix's adjusted funds from operations (AFFO) and AFFO per share significantly outperformed consensus estimates.
Mizuho (NYSE:MFG) Securities has also revised its financial outlook for Equinix, raising the price target from $971.00 to $1,094.00. Despite a slight decrease in AFFO estimates for 2025 and 2026, Mizuho anticipates around a 10% revenue growth for Equinix, supported by the company's strong financial health score and announced cost-cutting measures.
CFRA, another financial research firm, has raised its price target for Equinix to $975 and maintained a Hold rating, reflecting Equinix's position as a top data center REIT and a beneficiary of advancements in artificial intelligence (AI). The firm's outlook is underpinned by high barriers to entry in the industry, potential growth from ongoing site expansions, and predictable earnings stemming from a recurring revenue model.
Truist Securities has also revised its outlook on Equinix, increasing the price target to $1,090 from $935 while maintaining a Buy rating. This revision follows Equinix's third-quarter earnings for 2024, which prompted the analyst to adjust the company's EBITDA and AFFO projections for the coming years.
These recent developments underscore Equinix's commitment to growth and innovation in the data center and interconnection space. The company's continued revenue growth and strategic investments demonstrate its leadership in the industry. Equinix's ongoing site expansions and unique cloud-based global platform position it as a preferred partner for many leading technology companies.
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