Equinix (NASDAQ:EQIX) Trading Up 1.2% Following Analyst Upgrade

Equinix, Inc. (NASDAQ:EQIX) shot up 1.2% during trading on Thursday after Royal Bank of Canada raised their price target on the stock from $936.00 to $1,025.00. Royal Bank of Canada currently has an outperform rating on the stock. Equinix traded as high as $986.50 and last traded at $985.47. 46,647 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 527,747 shares. The stock had previously closed at $973.57.

Other equities research analysts have also issued research reports about the company. Cfra reissued a “hold” rating on shares of Equinix in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft raised their price target on Equinix from $880.00 to $910.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Mizuho boosted their price objective on shares of Equinix from $873.00 to $971.00 and gave the stock an “outperform” rating in a research report on Thursday, September 12th. Wells Fargo & Company raised their target price on shares of Equinix from $985.00 to $1,100.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Truist Financial upped their price target on shares of Equinix from $935.00 to $1,090.00 and gave the company a “buy” rating in a report on Friday, November 29th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Equinix presently has an average rating of “Moderate Buy” and an average price target of $976.81.

Insider Activity at Equinix

In other news, Director Christopher B. Paisley sold 100 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $891.00, for a total transaction of $89,100.00. Following the completion of the sale, the director now directly owns 17,794 shares in the company, valued at $15,854,454. This represents a 0.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith D. Taylor sold 1,500 shares of Equinix stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $971.18, for a total value of $1,456,770.00. Following the completion of the transaction, the chief financial officer now owns 18,966 shares in the company, valued at $18,419,399.88. The trade was a 7.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,398 shares of company stock worth $7,906,218. 0.27% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Equinix

A number of large investors have recently modified their holdings of EQIX. Van ECK Associates Corp raised its holdings in Equinix by 9.2% in the third quarter. Van ECK Associates Corp now owns 20,309 shares of the financial services provider’s stock valued at $18,099,000 after buying an additional 1,716 shares during the period. E. Ohman J or Asset Management AB raised its stake in shares of Equinix by 3.0% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 37,420 shares of the financial services provider’s stock valued at $33,215,000 after acquiring an additional 1,103 shares during the period. Brookfield Corp ON lifted its holdings in shares of Equinix by 67.3% during the 3rd quarter. Brookfield Corp ON now owns 80,760 shares of the financial services provider’s stock valued at $71,685,000 after acquiring an additional 32,481 shares in the last quarter. Duff & Phelps Investment Management Co. boosted its position in Equinix by 25.9% during the 2nd quarter. Duff & Phelps Investment Management Co. now owns 369,437 shares of the financial services provider’s stock worth $279,516,000 after purchasing an additional 75,888 shares during the period. Finally, Thematics Asset Management increased its holdings in Equinix by 17.7% in the 3rd quarter. Thematics Asset Management now owns 39,951 shares of the financial services provider’s stock valued at $35,462,000 after purchasing an additional 6,000 shares in the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Equinix Stock Down 1.1 %

The firm has a 50-day simple moving average of $918.14 and a 200 day simple moving average of $844.20. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market capitalization of $93.11 billion, a PE ratio of 88.11, a price-to-earnings-growth ratio of 2.51 and a beta of 0.72.

Equinix Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 11th. Investors of record on Wednesday, November 13th were given a dividend of $4.26 per share. This represents a $17.04 annualized dividend and a yield of 1.77%. The ex-dividend date was Wednesday, November 13th. Equinix’s dividend payout ratio (DPR) is presently 153.65%.

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.