Equinix Inc. (EQIX) Shares Down 2.2% Following Insider Selling
Equinix Inc. (NASDAQ:EQIX) shares fell 2.2% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $342.28 and last traded at $345.43, with a volume of 381,490 shares traded. The stock had previously closed at $353.12.
Specifically, insider Sara Baack sold 300 shares of Equinix stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $353.96, for a total value of $106,188.00. Following the completion of the sale, the insider now directly owns 6,004 shares in the company, valued at approximately $2,125,175.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Schwartz sold 3,658 shares of Equinix stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $362.65, for a total value of $1,326,573.70. Following the completion of the sale, the insider now owns 4,733 shares of the company’s stock, valued at $1,716,422.45. The disclosure for this sale can be found here. 0.69% of the stock is owned by corporate insiders.
A number of research firms have issued reports on EQIX. Cowen and Company restated an “outperform” rating and set a $409.00 price target on shares of Equinix in a research note on Thursday, September 22nd. Zacks Investment Research upgraded Equinix from a “hold” rating to a “buy” rating and set a $400.00 price target for the company in a research note on Wednesday, September 14th. Jefferies Group restated a “hold” rating on shares of Equinix in a research note on Tuesday, September 13th. Oppenheimer Holdings Inc. upgraded Equinix from a “market perform” rating to an “outperform” rating and set a $420.00 price target for the company in a research note on Tuesday, September 6th. Finally, Pacific Crest restated a “buy” rating on shares of Equinix in a research note on Wednesday, August 24th. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $398.79.
The company has a market cap of $24.59 billion, a P/E ratio of 341.50 and a beta of 0.79. The firm’s 50 day moving average is $364.05 and its 200-day moving average is $357.69.
Equinix (NASDAQ:EQIX) last posted its earnings results on Wednesday, August 3rd. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $3.64 by $3.08. The company had revenue of $900.50 million for the quarter, compared to analyst estimates of $893.99 million. Equinix had a return on equity of 6.02% and a net margin of 2.07%. The firm’s revenue was up 35.3% on a year-over-year basis. During the same period last year, the business earned $1.03 earnings per share. Equities research analysts forecast that Equinix Inc. will post $14.93 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 14th. Investors of record on Wednesday, August 24th were issued a dividend of $1.75 per share. This represents a $7.00 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Monday, August 22nd. Equinix’s dividend payout ratio (DPR) is 654.21%.
A number of hedge funds have recently bought and sold shares of the company. Fulton Bank N.A. raised its stake in Equinix by 1.0% in the third quarter. Fulton Bank N.A. now owns 717 shares of the company’s stock valued at $258,000 after buying an additional 7 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Equinix during the second quarter valued at approximately $1,087,000. Kentucky Retirement Systems bought a new stake in Equinix during the second quarter valued at approximately $2,289,000. Northwestern Mutual Investment Management Company LLC raised its stake in Equinix by 0.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 2,648 shares of the company’s stock valued at $1,027,000 after buying an additional 18 shares during the period. Finally, Mason Street Advisors LLC bought a new stake in Equinix during the second quarter valued at approximately $3,626,000. 99.86% of the stock is currently owned by hedge funds and other institutional investors.
Equinix Company Profile
Equinix, Inc (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems.
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