Equinix (NASDAQ:EQIX) Trading 1% Higher on Analyst Upgrade

Equinix, Inc. (NASDAQ:EQIX) shot up 1% during trading on Friday after Truist Financial raised their price target on the stock from $935.00 to $1,090.00. Truist Financial currently has a buy rating on the stock. Equinix traded as high as $991.93 and last traded at $988.58. 60,764 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 531,659 shares. The stock had previously closed at $979.10.

Other equities research analysts also recently issued research reports about the stock. Barclays upped their price target on shares of Equinix from $810.00 to $822.00 and gave the company an “equal weight” rating in a research report on Monday, November 18th. JPMorgan Chase & Co. raised their price objective on Equinix from $950.00 to $975.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 1st. Scotiabank increased their price target on shares of Equinix from $954.00 to $985.00 and gave the stock a “sector outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company boosted their price objective on shares of Equinix from $875.00 to $975.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Mizuho increased their target price on shares of Equinix from $873.00 to $971.00 and gave the stock an “outperform” rating in a research report on Thursday, September 12th. 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 company presently has an average rating of “Moderate Buy” and an average price target of $962.56.

Insider Buying and Selling

In other news, insider Brandi Galvin Morandi sold 864 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $850.00, for a total value of $734,400.00. Following the completion of the sale, the insider now directly owns 9,094 shares of the company’s stock, valued at approximately $7,729,900. This represents a 8.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Charles J. Meyers sold 6,234 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $823.97, for a total transaction of $5,136,628.98. Following the transaction, the chairman now owns 7,680 shares of the company’s stock, valued at approximately $6,328,089.60. The trade was a 44.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 13,754 shares of company stock valued at $11,666,756. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Equinix

Several hedge funds have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Equinix by 302.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,082,455 shares of the financial services provider’s stock worth $960,820,000 after purchasing an additional 813,666 shares in the last quarter. Pathway Financial Advisers LLC increased its holdings in Equinix by 89,348.4% in the 3rd quarter. Pathway Financial Advisers LLC now owns 398,940 shares of the financial services provider’s stock valued at $354,111,000 after buying an additional 398,494 shares during the period. Adelante Capital Management LLC boosted its position in shares of Equinix by 202.3% during the 3rd quarter. Adelante Capital Management LLC now owns 514,224 shares of the financial services provider’s stock valued at $456,441,000 after acquiring an additional 344,114 shares in the last quarter. Principal Financial Group Inc. increased its stake in Equinix by 14.5% in the second quarter. Principal Financial Group Inc. now owns 1,888,191 shares of the financial services provider’s stock valued at $1,428,606,000 after acquiring an additional 238,883 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its position in Equinix by 104.6% in the second quarter. D. E. Shaw & Co. Inc. now owns 314,741 shares of the financial services provider’s stock worth $238,133,000 after purchasing an additional 160,906 shares in the last quarter. Institutional investors own 94.94% of the company’s stock.

Equinix Trading Up 0.2 %

The company has a debt-to-equity ratio of 1.12, a current ratio of 1.16 and a quick ratio of 1.16. The business’s 50 day simple moving average is $900.50 and its 200 day simple moving average is $831.45. The stock has a market cap of $94.70 billion, a P/E ratio of 88.48, a PEG ratio of 2.52 and a beta of 0.71.

Equinix Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Wednesday, November 13th. Equinix’s dividend payout ratio 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.