Equinix (NASDAQ:EQIX) Trading Up 1.5% – Here’s Why

Equinix, Inc. (NASDAQ:EQIX)’s share price shot up 1.5% on Monday . The company traded as high as $951.19 and last traded at $950.44. 136,906 shares traded hands during trading, a decline of 74% from the average session volume of 525,250 shares. The stock had previously closed at $936.37.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on EQIX. Evercore ISI boosted their target price on Equinix from $945.00 to $975.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Wells Fargo & Company upped their price objective on shares of Equinix from $875.00 to $975.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Hsbc Global Res raised shares of Equinix from a “hold” rating to a “strong-buy” rating in a report on Friday, October 4th. BMO Capital Markets increased their price target on shares of Equinix from $975.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lifted their price objective on Equinix from $950.00 to $975.00 and gave the company an “overweight” rating in a report on Tuesday, October 1st. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $952.88.

Equinix Stock Up 0.1 %

The firm’s fifty day simple moving average is $898.34 and its 200-day simple moving average is $830.42. The company has a market cap of $94.47 billion, a PE ratio of 88.29, a P/E/G ratio of 2.51 and a beta of 0.71. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.12.

Equinix Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Wednesday, November 13th will be paid a $4.26 dividend. This represents a $17.04 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Wednesday, November 13th. Equinix’s payout ratio is currently 153.65%.

Insider Buying and Selling at Equinix

In related news, Chairman Charles J. Meyers sold 6,234 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the sale, the chairman now owns 7,680 shares of the company’s stock, valued at $6,328,089.60. This trade represents a 44.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Raouf Abdel sold 1,022 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $923.56, for a total transaction of $943,878.32. Following the completion of the transaction, the executive vice president now directly owns 4,893 shares of the company’s stock, valued at $4,518,979.08. The trade was a 17.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,754 shares of company stock worth $11,666,756. 0.27% of the stock is owned by insiders.

Institutional Investors Weigh In On Equinix

Hedge funds have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. increased its holdings in shares of Equinix by 2.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 3,514 shares of the financial services provider’s stock worth $2,900,000 after buying an additional 68 shares during the last quarter. iA Global Asset Management Inc. increased its stake in Equinix by 10.0% during the first quarter. iA Global Asset Management Inc. now owns 11,064 shares of the financial services provider’s stock worth $9,131,000 after acquiring an additional 1,008 shares during the last quarter. Plato Investment Management Ltd raised its holdings in shares of Equinix by 140.0% in the 1st quarter. Plato Investment Management Ltd now owns 132 shares of the financial services provider’s stock worth $109,000 after purchasing an additional 77 shares during the period. New Covenant Trust Company N.A. acquired a new position in shares of Equinix in the 1st quarter valued at about $103,000. Finally, CCM Investment Advisers LLC acquired a new position in shares of Equinix in the 1st quarter valued at about $7,454,000. 94.94% of the stock is owned by institutional investors and hedge funds.

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.