Equinix (NASDAQ:EQIX) Sets New 12-Month High – Here’s What Happened

Shares of Equinix, Inc. (NASDAQ:EQIX) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $916.85 and last traded at $916.85, with a volume of 122633 shares trading hands. The stock had previously closed at $895.76.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EQIX. Cfra reissued a “hold” rating on shares of Equinix in a research report on Tuesday, September 24th. HSBC upgraded shares of Equinix from a “hold” rating to a “buy” rating and lifted their target price for the company from $865.00 to $1,000.00 in a research note on Friday, October 4th. JPMorgan Chase & Co. lifted their target price on shares of Equinix from $950.00 to $975.00 and gave the company an “overweight” rating in a research note on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Equinix from $880.00 to $910.00 and gave the company a “buy” rating in a research note on Tuesday, August 13th. Finally, TD Cowen lifted their target price on shares of Equinix from $859.00 to $865.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $918.40.

Equinix Stock Performance

The business’s fifty day moving average price is $861.56 and its two-hundred day moving average price is $801.17. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.22 and a current ratio of 1.22. The stock has a market capitalization of $86.81 billion, a P/E ratio of 83.73, a P/E/G ratio of 2.11 and a beta of 0.71.

Equinix (NASDAQ:EQIX) last posted its earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share for the quarter, missing analysts’ consensus estimates of $7.88 by ($4.72). Equinix had a return on equity of 8.46% and a net margin of 12.24%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the firm earned $8.04 earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Equinix, Inc. will post 31.01 earnings per share for the current year.

Equinix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 21st were issued a dividend of $4.26 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $17.04 annualized dividend and a yield of 1.86%. Equinix’s payout ratio is 156.04%.

Insider Activity at Equinix

In related news, CAO Simon Miller sold 569 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $820.91, for a total transaction of $467,097.79. Following the transaction, the chief accounting officer now directly owns 5,554 shares in the company, valued at approximately $4,559,334.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Equinix news, EVP Scott Crenshaw sold 1,107 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $815.60, for a total value of $902,869.20. Following the transaction, the executive vice president now directly owns 4 shares in the company, valued at $3,262.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Simon Miller sold 569 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total transaction of $467,097.79. Following the completion of the transaction, the chief accounting officer now owns 5,554 shares in the company, valued at $4,559,334.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,043 shares of company stock worth $8,282,119. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Equinix

Several hedge funds have recently modified their holdings of the business. CNB Bank lifted its position in Equinix by 172.7% during the first quarter. CNB Bank now owns 30 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 19 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Equinix during the second quarter valued at approximately $30,000. LRI Investments LLC purchased a new stake in Equinix during the first quarter valued at approximately $31,000. GHP Investment Advisors Inc. lifted its position in Equinix by 50.0% during the third quarter. GHP Investment Advisors Inc. now owns 39 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 13 shares during the last quarter. Finally, Fortitude Family Office LLC lifted its position in Equinix by 50.0% during the third quarter. Fortitude Family Office LLC now owns 39 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 13 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Equinix Company Profile

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.