Equinix Inc. (EQIX) Sets New 52-Week High at $391.07
Equinix Inc. (NASDAQ:EQIX)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $391.07 and last traded at $389.09, with a volume of 161,875 shares changing hands. The stock had previously closed at $389.45.
EQIX has been the subject of several recent research reports. Barclays PLC initiated coverage on Equinix in a research note on Monday, March 21st. They issued an “equal weight” rating and a $330.00 price objective for the company. Canaccord Genuity boosted their target price on Equinix from $320.00 to $370.00 and gave the stock a “buy” rating in a research note on Thursday, April 7th. Zacks Investment Research upgraded Equinix from a “sell” rating to a “buy” rating and set a $361.00 target price for the company in a research note on Monday, April 25th. Morgan Stanley restated a “hold” rating and set a $303.00 target price on shares of Equinix in a research note on Monday, May 2nd. Finally, Stifel Nicolaus boosted their target price on Equinix from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, May 5th. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $357.65.
The firm has a 50-day moving average price of $374.90 and a 200 day moving average price of $329.47. The firm has a market cap of $26.88 billion and a PE ratio of 296.93.
Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $3.08 EPS for the quarter, missing analysts’ consensus estimates of $3.23 by $0.15. The company earned $844.20 million during the quarter, compared to analysts’ expectations of $835.72 million. During the same period in the prior year, the company earned $3.09 earnings per share. The business’s revenue was up 31.2% compared to the same quarter last year. On average, equities research analysts expect that Equinix Inc. will post $14.31 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, May 25th were issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Monday, May 23rd.
In other Equinix news, CEO Stephen M. Smith sold 4,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $335.03, for a total transaction of $1,340,120.00. Following the transaction, the chief executive officer now owns 28,992 shares of the company’s stock, valued at approximately $9,713,189.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Stephen M. Smith sold 3,621 shares of the stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $368.46, for a total value of $1,334,193.66. Following the transaction, the chief executive officer now directly owns 24,888 shares in the company, valued at approximately $9,170,232.48. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in the company. ExxonMobil Investment Management increased its position in Equinix by 6.2% in the fourth quarter. ExxonMobil Investment Management now owns 13,890 shares of the company’s stock worth $4,200,000 after buying an additional 815 shares in the last quarter. Nationwide Fund Advisors increased its position in Equinix by 6.1% in the fourth quarter. Nationwide Fund Advisors now owns 31,396 shares of the company’s stock worth $9,494,000 after buying an additional 1,805 shares in the last quarter. TD Asset Management Inc. increased its position in Equinix by 10.4% in the fourth quarter. TD Asset Management Inc. now owns 38,604 shares of the company’s stock worth $11,674,000 after buying an additional 3,644 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Equinix by 251.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,601 shares of the company’s stock worth $3,508,000 after buying an additional 8,296 shares in the last quarter. Finally, Profund Advisors LLC increased its position in Equinix by 30.9% in the fourth quarter. Profund Advisors LLC now owns 4,987 shares of the company’s stock worth $1,508,000 after buying an additional 1,177 shares in the last quarter.
Equinix, Inc (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems.
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