Charles Meyers, Executive Chairman of Equinix Inc. (NASDAQ:EQIX), recently sold shares of the company worth approximately $3.9 million. The transactions, which took place on January 17, involved the sale of 4,241 shares of common stock. The sales were executed at prices ranging from $915.52 to $924.80 per share. The stock, which currently trades near $934, is approaching its 52-week high of $994.03, and InvestingPro analysis indicates the stock is currently overvalued.
Following the transactions, Meyers holds 10,992 shares of Equinix. These transactions were conducted as part of a 10b5-1 Trading Plan, which allows company insiders to sell a predetermined number of shares at set intervals. This plan is often used to avoid potential conflicts of interest and insider trading accusations.
Equinix, a leading global data center and colocation provider with a market capitalization of nearly $90 billion, is headquartered in Redwood (NYSE:RWT) City, California. The company maintains a "GOOD" financial health score according to InvestingPro metrics, with analysts maintaining a strong buy consensus and a 12% potential upside from current levels.
In other recent news, Equinix has seen a flurry of analyst activity following its robust third quarter results. RBC Capital Markets has lifted its price target for Equinix to $1,025, maintaining an Outperform rating, after the global data center company reported third quarter revenues and adjusted EBITDA that surpassed both RBC's and consensus estimates. Similarly, Mizuho (NYSE:MFG) Securities increased its price target for Equinix shares to $1,094, despite slightly lowering its adjusted funds from operations (AFFO) estimates for 2025 and 2026 due to anticipated higher capital expenditures.
CFRA also raised its price target for Equinix to $975, maintaining a Hold rating, while Truist Securities increased its price target to $1,090, keeping a Buy rating. Both firms adjusted their financial projections for Equinix based on the company's recent earnings report, which showed a 7% year-over-year increase in revenue to $2.2 billion and a 12% rise in adjusted EBITDA.
In other 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 recent developments underscore Equinix's commitment to growth and innovation in the data center and interconnection space.
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