Equinix, Inc. (NASDAQ:EQIX) shares reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $481.42 and last traded at $0.00, with a volume of shares trading hands. The financial services provider reported $3.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $2.24. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Equinix had a net margin of 5.58% and a return on equity of 5.77%. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period last year, the firm posted $3.95 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Wednesday, November 15th will be given a dividend of $2.00 per share. The ex-dividend date is Tuesday, November 14th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.64%. Equinix’s dividend payout ratio is 264.03%.
Several equities research analysts recently commented on EQIX shares. Oppenheimer Holdings, Inc. boosted their price objective on shares of Equinix from $472.00 to $500.00 and gave the company an “outperform” rating in a research report on Thursday. Barclays PLC raised shares of Equinix from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $475.00 to $505.00 in a research report on Wednesday, October 18th. Morgan Stanley boosted their price objective on shares of Equinix from $424.00 to $435.00 and gave the company an “equal weight” rating in a research report on Thursday. Nomura boosted their price target on shares of Equinix from $490.00 to $510.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Royal Bank Of Canada boosted their price target 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. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $492.47.
In related news, CFO Keith D. Taylor sold 1,500 shares of the stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $438.46, for a total value of $657,690.00. Following the completion of the transaction, the chief financial officer now owns 31,393 shares of the company’s stock, valued at approximately $13,764,574.78. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael Earl Campbell sold 1,427 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $459.75, for a total transaction of $656,063.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,411 shares of company stock worth $5,152,777. Company insiders own 0.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in EQIX. Bank of Nova Scotia increased its position in Equinix by 14.6% in the 1st quarter. Bank of Nova Scotia now owns 1,821 shares of the financial services provider’s stock valued at $729,000 after acquiring an additional 232 shares during the period. Livforsakringsbolaget Skandia Omsesidigt increased its position in Equinix by 22.2% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,650 shares of the financial services provider’s stock valued at $708,000 after acquiring an additional 300 shares during the period. Capstone Asset Management Co. increased its position in Equinix by 5.9% in the 2nd quarter. Capstone Asset Management Co. now owns 6,574 shares of the financial services provider’s stock valued at $2,821,000 after acquiring an additional 364 shares during the period. Atria Investments LLC increased its position in Equinix by 5.6% in the 2nd quarter. Atria Investments LLC now owns 906 shares of the financial services provider’s stock valued at $389,000 after acquiring an additional 48 shares during the period. Finally, Kissinger Financial Services LLC increased its position in Equinix by 3.7% in the 2nd quarter. Kissinger Financial Services LLC now owns 2,272 shares of the financial services provider’s stock valued at $975,000 after acquiring an additional 82 shares during the period. Hedge funds and other institutional investors own 96.54% of the company’s stock.
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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.
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