Is Equinix Stock Underperforming the Nasdaq?

With a market cap of $105.7 billion, Equinix, Inc. (EQIX) is a global digital infrastructure company that connects enterprises to the clouds, data, and AI ecosystems they need to operate and innovate at scale. Through its worldwide platform of interconnected data centers, private networking solutions, and cloud connectivity services, Equinix enables organizations to deploy AI, support data sovereignty requirements, and avoid vendor lock-in. 

Companies worth more than $10 billion are generally described as “large-cap” stocks, and Equinix fits this criterion perfectly. With more than 280 data centers across 77 markets and an ecosystem of over 400 cloud and network providers, Equinix helps businesses build secure, resilient, and distributed digital infrastructure worldwide.

The stock has declined 4.7% from its 52-week high of $1,128.68. Shares of the data center REIT have gained 10.7% over the past three months, lagging behind the broader Nasdaq Composite’s ($NASX) 19.1% return over the same time frame. 

In the longer term, shares of the Redwood City, United States-based company have risen 20.2% over the past 52 weeks, underperforming NASX’s 40.8% increase over the same time frame. However, the stock has surged 40.4% on a YTD basis, exceeding NASX’s 16.6% rise. 

EQIX stock has been trading above its 50-day and 200-day moving averages since the start of this year.

Shares of Equinix fell marginally following its Q1 2026 results on Apr. 29. While Q1 revenue rose 10% year-over-year to $2.44 billion and AFFO per share increased 12% year-over-year to $10.79, both fell short of consensus estimates, creating concerns that growth was not keeping pace with the market's elevated expectations for AI-driven data center demand. Investors appeared to focus more on earnings and revenue misses than on management's decision to raise full-year 2026 guidance, including revenue to $10.14 billion - $10.24 billion and AFFO per share to $42.31 - $43.11.

Nevertheless, EQIX stock has outpaced its rival, Digital Realty Trust, Inc. (DLR). DLR stock has risen 8.3% over the past 52 weeks and 21.6% on a YTD basis.

Despite EQIX’s underperformance over the past year, analysts remain bullish about its prospects. The stock has a consensus rating of “Strong Buy” from the 33 analysts covering it, and the mean price target of $1,200.57 suggests 12% upside potential from current price levels.