Equinix (NASDAQ:EQIX) Trading Up 1.2% Following Analyst Upgrade

Equinix, Inc. (NASDAQ:EQIX) traded up 1.2% on Thursday after Royal Bank of Canada raised their price target on the stock from $936.00 to $1,025.00. Royal Bank of Canada currently has an outperform rating on the stock. Equinix traded as high as $986.50 and last traded at $985.47. 46,647 shares changed hands during trading, a decline of 91% from the average session volume of 527,747 shares. The stock had previously closed at $973.57.

EQIX has been the subject of a number of other reports. The Goldman Sachs Group boosted their price objective on Equinix from $870.00 to $980.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Barclays upped their target price on shares of Equinix from $810.00 to $822.00 and gave the stock an “equal weight” rating in a report on Monday, November 18th. Truist Financial raised their price target on Equinix from $935.00 to $1,090.00 and gave the company a “buy” rating in a report on Friday, November 29th. Mizuho increased their price target on Equinix from $873.00 to $971.00 and gave the company an “outperform” rating in a research note on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Equinix from $880.00 to $910.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Four 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 stock. According to data from MarketBeat.com, Equinix currently has an average rating of “Moderate Buy” and a consensus target price of $976.81.

Insider Activity at Equinix

In related news, CFO Keith D. Taylor sold 1,500 shares of Equinix stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $971.18, for a total transaction of $1,456,770.00. Following the completion of the transaction, the chief financial officer now directly owns 18,966 shares in the company, valued at approximately $18,419,399.88. This trade represents a 7.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kurt Pletcher sold 222 shares of Equinix stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $962.20, for a total value of $213,608.40. Following the completion of the transaction, the insider now owns 1,015 shares of the company’s stock, valued at approximately $976,633. This represents a 17.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,398 shares of company stock valued at $7,906,218 over the last 90 days. Insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Equinix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp raised its position in shares of Equinix by 9.2% in the third quarter. Van ECK Associates Corp now owns 20,309 shares of the financial services provider’s stock valued at $18,099,000 after buying an additional 1,716 shares during the last quarter. E. Ohman J or Asset Management AB lifted its position in Equinix by 3.0% in the third quarter. E. Ohman J or Asset Management AB now owns 37,420 shares of the financial services provider’s stock valued at $33,215,000 after buying an additional 1,103 shares during the last quarter. Brookfield Corp ON boosted its stake in Equinix by 67.3% during the third quarter. Brookfield Corp ON now owns 80,760 shares of the financial services provider’s stock worth $71,685,000 after buying an additional 32,481 shares during the period. Duff & Phelps Investment Management Co. raised its stake in shares of Equinix by 25.9% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 369,437 shares of the financial services provider’s stock valued at $279,516,000 after acquiring an additional 75,888 shares during the period. Finally, Thematics Asset Management lifted its holdings in shares of Equinix by 17.7% in the 3rd quarter. Thematics Asset Management now owns 39,951 shares of the financial services provider’s stock worth $35,462,000 after acquiring an additional 6,000 shares during the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

Equinix Price Performance

The stock has a market cap of $95.09 billion, a PE ratio of 88.86, a PEG ratio of 2.54 and a beta of 0.72. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.16 and a current ratio of 1.16. The stock’s 50-day moving average is $916.16 and its two-hundred day moving average is $843.28.

Equinix Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Wednesday, November 13th were paid a $4.26 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $17.04 dividend on an annualized basis and a dividend yield of 1.73%. Equinix’s payout ratio is presently 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.