Equinix Inc. (EQIX) Shares Down 2.2% Following Insider Selling
Equinix Inc. (NASDAQ:EQIX)’s share price traded down 2.2% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $342.28 and last traded at $345.43, with a volume of 381,490 shares. The stock had previously closed at $353.12.
Specifically, insider Sara Baack sold 300 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $353.96, for a total value of $106,188.00. Following the sale, the insider now directly owns 6,004 shares of the company’s stock, valued at $2,125,175.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Charles J. Meyers sold 200 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $360.63, for a total value of $72,126.00. Following the completion of the sale, the chief operating officer now directly owns 1,445 shares in the company, valued at $521,110.35. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.
Several analysts have commented on the company. Canaccord Genuity reissued a “buy” rating on shares of Equinix in a report on Sunday, June 26th. Jefferies Group reissued a “hold” rating on shares of Equinix in a report on Saturday, August 6th. William Blair reissued a “buy” rating on shares of Equinix in a report on Sunday, June 26th. Zacks Investment Research raised Equinix from a “hold” rating to a “buy” rating and set a $433.00 price objective on the stock in a report on Tuesday, July 5th. Finally, Barclays PLC raised their price objective on Equinix from $360.00 to $372.00 and gave the company an “equal weight” rating in a report on Thursday, August 4th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $398.79.
The firm’s 50 day moving average price is $364.05 and its 200 day moving average price is $357.69. The stock has a market capitalization of $24.59 billion, a price-to-earnings ratio of 341.50 and a beta of 0.79.
Equinix (NASDAQ:EQIX) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $3.64 by $3.08. The firm earned $900.50 million during the quarter, compared to analyst estimates of $893.99 million. Equinix had a return on equity of 6.02% and a net margin of 2.07%. The business’s revenue was up 35.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS. Equities analysts predict that Equinix Inc. will post $14.93 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Investors of record on Wednesday, August 24th were issued a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Monday, August 22nd. Equinix’s dividend payout ratio is currently 654.21%.
A number of large investors have recently made changes to their positions in the stock. Gerstein Fisher bought a new stake in shares of Equinix during the second quarter worth approximately $1,190,000. Heitman Real Estate Securities LLC boosted its stake in shares of Equinix by 32.4% in the first quarter. Heitman Real Estate Securities LLC now owns 390,178 shares of the company’s stock worth $129,036,000 after buying an additional 95,498 shares during the period. Allen Investment Management LLC boosted its stake in shares of Equinix by 2.8% in the first quarter. Allen Investment Management LLC now owns 181,596 shares of the company’s stock worth $60,056,000 after buying an additional 4,987 shares during the period. Retirement Systems of Alabama boosted its stake in shares of Equinix by 1.5% in the second quarter. Retirement Systems of Alabama now owns 35,395 shares of the company’s stock worth $13,724,000 after buying an additional 538 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Equinix by 8.2% in the first quarter. Legal & General Group Plc now owns 283,092 shares of the company’s stock worth $93,620,000 after buying an additional 21,437 shares during the period. Hedge funds and other institutional investors own 99.86% of the company’s stock.
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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