Investors Buy Equinix Inc. (EQIX) on Weakness
Traders bought shares of Equinix Inc. (NASDAQ:EQIX) on weakness during trading hours on Thursday. $61.01 million flowed into the stock on the tick-up and $52.58 million flowed out of the stock on the tick-down, for a money net flow of $8.43 million into the stock. Of all equities tracked, Equinix had the 17th highest net in-flow for the day. Equinix traded down ($0.08) for the day and closed at $367.75
EQIX has been the subject of a number of research reports. Royal Bank Of Canada boosted their price objective on Equinix from $382.00 to $429.00 and gave the company an “outperform” rating in a research note on Monday, August 8th. Jefferies Group cut Equinix from a “buy” rating to a “hold” rating and boosted their price objective for the company from $380.00 to $400.00 in a research note on Friday, July 15th. They noted that the move was a valuation call. Canaccord Genuity reiterated a “buy” rating on shares of Equinix in a research note on Thursday, June 16th. SunTrust Banks Inc. initiated coverage on Equinix in a research note on Thursday, July 21st. They issued a “buy” rating and a $445.00 price objective for the company. Finally, Goldman Sachs Group Inc. assumed coverage on Equinix in a research note on Tuesday, July 5th. They issued a “buy” rating and a $435.00 price objective for the company. Nine investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Equinix has a consensus rating of “Buy” and an average target price of $387.01.
The company has a market cap of $26.23 billion and a price-to-earnings ratio of 364.30. The company’s 50 day moving average price is $377.79 and its 200-day moving average price is $340.48.
Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.64 by $3.08. During the same quarter last year, the business posted $1.03 earnings per share. The company earned $900.50 million during the quarter, compared to analyst estimates of $893.99 million. The company’s revenue was up 35.3% on a year-over-year basis. On average, equities research analysts expect that Equinix Inc. will post $14.86 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 14th. Investors of record on Wednesday, August 24th will be issued a $1.75 dividend. This represents a $7.00 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Monday, August 22nd.
In related news, COO Charles J. Meyers sold 200 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $364.90, for a total value of $72,980.00. Following the sale, the chief operating officer now owns 1,845 shares of the company’s stock, valued at approximately $673,240.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christopher B. Paisley sold 500 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $344.28, for a total value of $172,140.00. The disclosure for this sale can be found here.
Several hedge funds recently made changes to their positions in the company. BlackRock Advisors LLC increased its stake in shares of Equinix by 62.1% in the fourth quarter. BlackRock Advisors LLC now owns 86,654 shares of the company’s stock valued at $26,204,000 after buying an additional 33,202 shares during the period. RS Investment Management Co. LLC increased its stake in shares of Equinix by 30.5% in the fourth quarter. RS Investment Management Co. LLC now owns 54,307 shares of the company’s stock valued at $16,422,000 after buying an additional 12,707 shares during the period. Bridgewater Associates LP acquired a new stake in shares of Equinix during the fourth quarter valued at $2,128,000. Aberdeen Asset Management PLC UK increased its stake in shares of Equinix by 31.7% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 11,263 shares of the company’s stock valued at $3,318,000 after buying an additional 2,712 shares during the last quarter. Finally, American International Group Inc. increased its stake in shares of Equinix by 8.0% in the fourth quarter. American International Group Inc. now owns 23,513 shares of the company’s stock valued at $7,111,000 after buying an additional 1,736 shares during 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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