Equinix (EQIX) Trading Down 5.7%

Shares of Equinix, Inc. (NASDAQ:EQIX) dropped 5.7% during mid-day trading on Tuesday . The company traded as low as $441.78 and last traded at $442.28. Approximately 655,000 shares changed hands during trading, an increase of 33% from the average daily volume of 493,312 shares. The stock had previously closed at $469.16.

EQIX has been the subject of a number of recent analyst reports. Citigroup boosted their target price on shares of Equinix from $518.00 to $530.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. Morgan Stanley boosted their target price on shares of Equinix from $424.00 to $435.00 and gave the company an “equal weight” rating in a research note on Thursday, November 2nd. Zacks Investment Research raised shares of Equinix from a “hold” rating to a “buy” rating and set a $547.00 target price for the company in a research note on Monday, November 6th. Jefferies Group reissued a “hold” rating and set a $440.00 target price on shares of Equinix in a research note on Thursday, October 12th. Finally, Nomura boosted their target price on shares of Equinix from $490.00 to $510.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Equinix currently has an average rating of “Buy” and an average target price of $500.74.

The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 1.51. The firm has a market cap of $34,860.15, a price-to-earnings ratio of 25.06, a price-to-earnings-growth ratio of 1.79 and a beta of 0.46.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $3.63 earnings per share for the quarter, beating the consensus estimate of $1.39 by $2.24. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. Equinix had a return on equity of 5.59% and a net margin of 5.58%. The firm’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.95 earnings per share. equities analysts predict that Equinix, Inc. will post 16.05 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 15th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $8.00 dividend on an annualized basis and a yield of 1.78%. Equinix’s dividend payout ratio is presently 264.03%.

In other news, Director Christopher B. Paisley sold 593 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $484.99, for a total transaction of $287,599.07. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith D. Taylor sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $438.46, for a total transaction of $657,690.00. Following the transaction, the chief financial officer now owns 31,393 shares in the company, valued at approximately $13,764,574.78. The disclosure for this sale can be found here. Insiders sold 5,993 shares of company stock valued at $2,770,635 over the last quarter. 0.58% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Forsta AP Fonden boosted its stake in shares of Equinix by 33.8% in the third quarter. Forsta AP Fonden now owns 30,100 shares of the financial services provider’s stock valued at $13,434,000 after buying an additional 7,600 shares in the last quarter. Verition Fund Management LLC boosted its position in Equinix by 17.0% during the second quarter. Verition Fund Management LLC now owns 819 shares of the financial services provider’s stock worth $351,000 after purchasing an additional 119 shares in the last quarter. Amica Pension Fund Board of Trustees purchased a new stake in Equinix during the third quarter worth $1,235,000. Honeywell International Inc. boosted its position in Equinix by 30.0% during the third quarter. Honeywell International Inc. now owns 22,253 shares of the financial services provider’s stock worth $9,932,000 after purchasing an additional 5,139 shares in the last quarter. Finally, Nicholas Company Inc. purchased a new stake in Equinix during the second quarter worth $3,201,000. Hedge funds and other institutional investors own 94.34% of the company’s stock.

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About Equinix

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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