Equinix (NASDAQ:EQIX) Shares Gap Down on Analyst Downgrade

Equinix, Inc. (NASDAQ:EQIX) gapped down prior to trading on Thursday after BMO Capital Markets lowered their price target on the stock from $1,085.00 to $1,065.00. The stock had previously closed at $935.20, but opened at $899.00. BMO Capital Markets currently has an outperform rating on the stock. Equinix shares last traded at $914.86, with a volume of 152,398 shares traded.

A number of other equities analysts have also weighed in on the company. Royal Bank of Canada upped their price objective on Equinix from $936.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Evercore ISI increased their price target on Equinix from $945.00 to $975.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company dropped their price target on Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating for the company in a research note on Thursday. Barclays increased their price target on Equinix from $810.00 to $822.00 and gave the company an “equal weight” rating in a research note on Monday, November 18th. Finally, Truist Financial increased their price target on Equinix from $935.00 to $1,090.00 and gave the company a “buy” rating in a research note on Friday, November 29th. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, Equinix presently has an average rating of “Buy” and a consensus price target of $999.59.

Insider Buying and Selling at Equinix

In other news, CFO Keith D. Taylor sold 3,184 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $909.82, for a total value of $2,896,866.88. Following the sale, the chief financial officer now directly owns 22,076 shares in the company, valued at approximately $20,085,186.32. This represents a 12.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Christopher B. Paisley sold 100 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $891.00, for a total value of $89,100.00. Following the completion of the sale, the director now owns 17,794 shares in the company, valued at approximately $15,854,454. The trade was a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,801 shares of company stock worth $15,530,564 over the last ninety days. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Equinix

Several hedge funds and other institutional investors have recently modified their holdings of the business. Kestra Investment Management LLC bought a new position in Equinix in the fourth quarter worth approximately $31,000. GHP Investment Advisors Inc. grew its stake in Equinix by 50.0% in the third quarter. GHP Investment Advisors Inc. now owns 39 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 13 shares in the last quarter. Fortitude Family Office LLC grew its stake in Equinix by 50.0% in the third quarter. Fortitude Family Office LLC now owns 39 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 13 shares in the last quarter. J.Safra Asset Management Corp bought a new position in Equinix in the fourth quarter worth approximately $39,000. Finally, Sierra Ocean LLC bought a new position in Equinix in the fourth quarter worth approximately $42,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Equinix Stock Performance

The company has a market cap of $88.57 billion, a P/E ratio of 82.69, a PEG ratio of 2.23 and a beta of 0.72. The firm has a 50 day moving average of $936.92 and a 200-day moving average of $894.76. 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 (NASDAQ:EQIX) last announced its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $5.17. Equinix had a return on equity of 8.34% and a net margin of 12.29%. As a group, sell-side analysts anticipate that Equinix, Inc. will post 31.09 EPS for the current fiscal year.

Equinix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 26th will be given a dividend of $4.69 per share. This represents a $18.76 annualized dividend and a yield of 2.04%. This is a boost from Equinix’s previous quarterly dividend of $4.26. Equinix’s dividend payout ratio (DPR) is 153.65%.

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.