Equinix (NASDAQ:EQIX) Trading 1.2% Higher on Analyst Upgrade

Equinix, Inc. (NASDAQ:EQIX) shares were 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. Approximately 46,647 shares changed hands during trading, a decline of 91% from the average daily volume of 527,747 shares. The stock had previously closed at $973.57.

A number of other brokerages have also issued reports on EQIX. Evercore ISI lifted their target price on Equinix from $945.00 to $975.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. TD Cowen lifted their price objective on Equinix from $865.00 to $984.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. BMO Capital Markets increased their target price on Equinix from $975.00 to $1,020.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Cfra restated a “hold” rating on shares of Equinix in a research note on Tuesday, September 24th. Finally, The Goldman Sachs Group increased their price objective on shares of Equinix from $870.00 to $980.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $976.81.

Insider Activity

In other Equinix news, insider Brandi Galvin Morandi sold 863 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $915.00, for a total value of $789,645.00. Following the completion of the transaction, the insider now owns 8,231 shares in the company, valued at approximately $7,531,365. This represents a 9.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith D. Taylor sold 1,500 shares of Equinix stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $971.18, for a total value of $1,456,770.00. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,398 shares of company stock valued at $7,906,218. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Equinix

Several large investors have recently added to or reduced their stakes in the business. GHP Investment Advisors Inc. grew its stake in shares of Equinix by 50.0% in the third quarter. GHP Investment Advisors Inc. now owns 39 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 13 shares in the last quarter. Fortitude Family Office LLC grew its position in Equinix by 50.0% in the 3rd quarter. Fortitude Family Office LLC now owns 39 shares of the financial services provider’s stock valued at $35,000 after buying an additional 13 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Equinix during the 2nd quarter valued at about $36,000. Sugarloaf Wealth Management LLC raised its position in shares of Equinix by 100.0% during the 3rd quarter. Sugarloaf Wealth Management LLC now owns 40 shares of the financial services provider’s stock worth $36,000 after buying an additional 20 shares in the last quarter. Finally, Dunhill Financial LLC boosted its holdings in shares of Equinix by 108.7% in the third quarter. Dunhill Financial LLC now owns 48 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 25 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Equinix Stock Down 1.1 %

The firm has a market capitalization of $93.11 billion, a P/E ratio of 88.11, a PEG ratio of 2.51 and a beta of 0.72. 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 firm’s fifty day moving average price is $918.14 and its 200-day moving average price is $844.20.

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. This represents a $17.04 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date was Wednesday, November 13th. Equinix’s dividend 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.