Equinix, Inc. (NASDAQ:EQIX – Get Rating)’s stock price reached a new 52-week low during mid-day trading on Thursday after Royal Bank of Canada lowered their price target on the stock from $820.00 to $668.00. Royal Bank of Canada currently has an outperform rating on the stock. Equinix traded as low as $558.61 and last traded at $559.50, with a volume of 6105 shares trading hands. The stock had previously closed at $578.41.
Several other equities analysts also recently commented on the company. TheStreet downgraded Equinix from a “b-” rating to a “c+” rating in a research report on Monday, June 13th. Credit Suisse Group decreased their target price on Equinix from $716.00 to $571.00 and set a “neutral” rating on the stock in a research report on Thursday. Wells Fargo & Company reduced their price target on Equinix from $775.00 to $760.00 and set an “overweight” rating on the stock in a research report on Monday, July 25th. Barclays downgraded Equinix from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $833.00 to $674.00 in a research report on Friday, September 23rd. Finally, The Goldman Sachs Group reduced their price target on Equinix from $875.00 to $765.00 and set a “buy” rating on the stock in a research report on Tuesday, July 12th. Seven analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $789.06.
Insider Activity
In related news, insider Brandi Galvin Morandi sold 3,356 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $710.15, for a total transaction of $2,383,263.40. Following the sale, the insider now owns 17,284 shares of the company’s stock, valued at approximately $12,274,232.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Brandi Galvin Morandi sold 3,356 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $710.15, for a total transaction of $2,383,263.40. Following the sale, the insider now owns 17,284 shares of the company’s stock, valued at approximately $12,274,232.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Charles J. Meyers sold 377 shares of the firm’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $650.00, for a total value of $245,050.00. Following the sale, the chief executive officer now directly owns 7,439 shares in the company, valued at approximately $4,835,350. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,808 shares of company stock worth $3,394,370. Insiders own 0.32% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the stock. CoreCap Advisors LLC acquired a new position in Equinix during the 2nd quarter worth about $25,000. HHM Wealth Advisors LLC acquired a new position in Equinix during the 1st quarter worth about $32,000. Heritage Financial Services LLC acquired a new position in Equinix during the 2nd quarter worth about $28,000. Financial Management Professionals Inc. lifted its holdings in Equinix by 300.0% during the 1st quarter. Financial Management Professionals Inc. now owns 48 shares of the financial services provider’s stock worth $36,000 after buying an additional 36 shares during the period. Finally, Vigilant Capital Management LLC acquired a new position in Equinix during the 2nd quarter worth about $32,000. 93.82% of the stock is owned by institutional investors and hedge funds.
Equinix Price Performance
The stock has a market capitalization of $50.95 billion, a price-to-earnings ratio of 82.28, a P/E/G ratio of 2.51 and a beta of 0.56. The company has a fifty day simple moving average of $652.11 and a 200 day simple moving average of $674.27. The company has a debt-to-equity ratio of 1.38, a quick ratio of 2.04 and a current ratio of 2.04.
Equinix Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, August 17th were paid a $3.10 dividend. This represents a $12.40 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Tuesday, August 16th. Equinix’s dividend payout ratio is 176.39%.
About Equinix
Equinix (Nasdaq: EQIX) is the world’s digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today’s businesses to access all the right places, partners and possibilities they need to accelerate advantage.