Insider Selling: Equinix (NASDAQ:EQIX) EVP Sells 584 Shares of Stock

Equinix, Inc. (NASDAQ:EQIX) EVP Raouf Abdel sold 584 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $965.69, for a total value of $563,962.96. Following the sale, the executive vice president owned 7,768 shares of the company’s stock, valued at approximately $7,501,479.92. This trade represents a 6.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Raouf Abdel also recently made the following trade(s):

• On Friday, January 16th, Raouf Abdel sold 927 shares of Equinix stock. The shares were sold at an average price of $801.78, for a total value of $743,250.06.

Equinix Stock Performance

Equinix stock traded down $1.57 during trading hours on Friday, reaching $969.90. 494,928 shares of the company were exchanged, compared to its average volume of 655,121. The firm has a market cap of $95.29 billion, a price-to-earnings ratio of 70.54, a PEG ratio of 2.50 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.40. The stock has a 50-day moving average of $867.66 and a 200 day moving average of $812.35. Equinix, Inc. has a 12 month low of $701.41 and a 12 month high of $992.90.

Equinix (NASDAQ:EQIX) last released its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 EPS for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). Equinix had a net margin of 14.65% and a return on equity of 9.60%. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the prior year, the business earned $7.92 EPS. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, research analysts anticipate that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 25th will be given a dividend of $5.16 per share. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $20.64 dividend on an annualized basis and a yield of 2.1%. This is a positive change from Equinix’s previous quarterly dividend of $4.69. Equinix’s dividend payout ratio (DPR) is presently 150.11%.

Institutional Trading of Equinix

Several institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Equinix in the fourth quarter valued at $984,355,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Equinix by 408.1% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,186,497 shares of the financial services provider’s stock worth $929,312,000 after buying an additional 953,001 shares in the last quarter. SG Americas Securities LLC increased its holdings in Equinix by 377,167.4% in the 4th quarter. SG Americas Securities LLC now owns 716,808 shares of the financial services provider’s stock valued at $549,190,000 after buying an additional 716,618 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Equinix by 25.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,875,355 shares of the financial services provider’s stock valued at $2,252,094,000 after buying an additional 588,967 shares in the last quarter. Finally, Cohen & Steers Inc. lifted its holdings in shares of Equinix by 23.3% during the 4th quarter. Cohen & Steers Inc. now owns 2,609,011 shares of the financial services provider’s stock worth $1,998,978,000 after acquiring an additional 493,141 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $1,075.00 price target on shares of Equinix in a research report on Friday, February 13th. Truist Financial raised their target price on Equinix from $973.00 to $1,087.00 and gave the company a “buy” rating in a report on Wednesday, February 18th. HSBC set a $1,050.00 price target on Equinix and gave the stock a “buy” rating in a research report on Thursday, January 15th. Wells Fargo & Company increased their price objective on Equinix from $925.00 to $975.00 and gave the company an “overweight” rating in a research report on Thursday, February 12th. Finally, Citigroup restated a “buy” rating on shares of Equinix in a research note on Thursday, February 12th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,006.91.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.