Equinix (NASDAQ:EQIX) Shares Break Below 200-Day Moving Average – What’s Next?

Equinix, Inc. (NASDAQ:EQIX) shares crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $1,012.18 and traded as low as $988.07. Equinix shares last traded at $997.35, with a volume of 999,269 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on EQIX shares. TD Cowen increased their price objective on shares of Equinix from $1,166.00 to $1,210.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. Guggenheim restated a “buy” rating and issued a $1,235.00 target price on shares of Equinix in a research report on Tuesday, October 20th. Mizuho set a $1,275.00 price target on shares of Equinix in a report on Thursday, October 29th. UBS Group upped their price target on shares of Equinix from $1,210.00 to $1,265.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, HSBC reduced their price target on shares of Equinix from $1,400.00 to $1,380.00 and set a “buy” rating on the stock in a research report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,234.13.

Equinix Price Performance

The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.29 and a current ratio of 1.29. The company has a market cap of $98.41 billion, a price-to-earnings ratio of 59.90, a PEG ratio of 1.48 and a beta of 0.98. The business has a fifty day moving average price of $1,017.99 and a 200 day moving average price of $1,012.18.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $4.93 earnings per share for the quarter, topping the consensus estimate of $4.11 by $0.82. The business had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.56 billion. Equinix had a return on equity of 11.49% and a net margin of 16.38%. Equinix’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the prior year, the company earned $9.83 EPS. As a group, research analysts anticipate that Equinix, Inc. will post 39.01 earnings per share for the current year.

Equinix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, November 18th will be paid a dividend of $5.16 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $20.64 annualized dividend and a yield of 2.1%. Equinix’s payout ratio is presently 123.96%.

Insider Transactions at Equinix

In related news, insider Michael Paladin sold 307 shares of Equinix stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $1,035.01, for a total transaction of $317,748.07. Following the sale, the insider directly owned 2,450 shares of the company’s stock, valued at approximately $2,535,774.50. The trade was a 11.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kurt Pletcher sold 135 shares of Equinix stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $1,075.50, for a total transaction of $145,192.50. Following the sale, the insider directly owned 4,077 shares in the company, valued at $4,384,813.50. This trade represents a 3.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 770 shares of company stock valued at $807,077. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Equinix

Hedge funds have recently added to or reduced their stakes in the stock. Avion Wealth lifted its stake in shares of Equinix by 73.3% in the 1st quarter. Avion Wealth now owns 26 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 11 shares during the last quarter. Elevation Wealth Partners LLC boosted its holdings in shares of Equinix by 166.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 24 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 15 shares in the last quarter. Trust Co. of Vermont acquired a new stake in shares of Equinix during the 2nd quarter valued at $34,000. Cassaday & Co Wealth Management LLC bought a new stake in Equinix during the 1st quarter worth $39,000. Finally, Signature Equity Partners LLC grew its position in Equinix by 193.3% during the 3rd quarter. Signature Equity Partners LLC now owns 44 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 29 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

About Equinix

Equinix, Inc is a global digital infrastructure company that operates data centers where businesses, cloud providers, telecommunications carriers and other organizations can securely house and connect their information technology systems. Its International Business Exchange (IBX) data centers provide colocation services, allowing customers to place equipment in highly connected facilities without building and operating their own sites.

The company also provides interconnection and networking services, including Equinix Fabric, which enables customers to establish virtual connections among data centers, cloud platforms, networks and business partners.