Investors Buy Shares of Equinix, Inc. (EQIX) on Weakness
Investors purchased shares of Equinix, Inc. (NASDAQ:EQIX) on weakness during trading hours on Monday. $51.17 million flowed into the stock on the tick-up and $34.29 million flowed out of the stock on the tick-down, for a money net flow of $16.88 million into the stock. Of all companies tracked, Equinix had the 24th highest net in-flow for the day. Equinix traded down ($2.45) for the day and closed at $465.96
Several equities research analysts recently commented on the stock. Barclays PLC reiterated an “equal weight” rating and set a $475.00 target price (up from $410.00) on shares of Equinix in a research report on Wednesday, August 9th. Canaccord Genuity reiterated a “buy” rating and set a $525.00 target price on shares of Equinix in a research report on Monday, June 12th. Nomura assumed coverage on shares of Equinix in a research report on Thursday, May 25th. They set a “buy” rating and a $490.00 target price on the stock. Royal Bank Of Canada lifted their target price on shares of Equinix from $470.00 to $505.00 and gave the stock an “outperform” rating in a research report on Monday, August 7th. Finally, BidaskClub downgraded shares of Equinix from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 8th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $464.78.
The stock’s 50-day moving average price is $449.75 and its 200-day moving average price is $420.46. The company has a market cap of $36.32 billion, a P/E ratio of 171.12 and a beta of 0.56.
Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $4.59 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $1.18. Equinix had a return on equity of 5.51% and a net margin of 5.18%. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.03 billion. Analysts expect that Equinix, Inc. will post $3.85 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, August 23rd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Monday, August 21st. Equinix’s payout ratio is 293.04%.
In related news, Director Camp Peter Van sold 4,444 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $445.81, for a total value of $1,981,179.64. Following the completion of the sale, the director now owns 8,572 shares of the company’s stock, valued at $3,821,483.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Karl Strohmeyer sold 250 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $464.96, for a total value of $116,240.00. The disclosure for this sale can be found here. Insiders sold 22,393 shares of company stock valued at $9,843,276 in the last ninety days. 0.58% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Sentry Investment Management LLC lifted its stake in Equinix by 13.9% in the second quarter. Sentry Investment Management LLC now owns 6,134 shares of the financial services provider’s stock worth $2,632,000 after acquiring an additional 747 shares during the period. Ashford Capital Management Inc. lifted its stake in Equinix by 0.7% in the second quarter. Ashford Capital Management Inc. now owns 5,295 shares of the financial services provider’s stock worth $2,272,000 after acquiring an additional 37 shares during the period. Toronto Dominion Bank lifted its stake in Equinix by 25.9% in the second quarter. Toronto Dominion Bank now owns 26,388 shares of the financial services provider’s stock worth $11,322,000 after acquiring an additional 5,431 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Equinix in the second quarter worth $275,000. Finally, Public Employees Retirement System of Ohio lifted its stake in Equinix by 50.7% in the second quarter. Public Employees Retirement System of Ohio now owns 53,511 shares of the financial services provider’s stock worth $22,965,000 after acquiring an additional 18,000 shares during the period. 94.41% of the stock is owned by institutional investors.
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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.