Charles Meyers Sells 2,716 Shares of Equinix (NASDAQ:EQIX) Stock

Equinix, Inc. (NASDAQ:EQIX) Chairman Charles Meyers sold 2,716 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $965.15, for a total value of $2,621,347.40. Following the transaction, the chairman owned 12,594 shares in the company, valued at $12,155,099.10. The trade was a 17.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Equinix Stock Down 0.3%

EQIX traded down $2.97 during midday trading on Wednesday, hitting $969.04. The company had a trading volume of 624,683 shares, compared to its average volume of 658,270. The stock’s 50 day moving average price is $840.48 and its 200 day moving average price is $803.89. Equinix, Inc. has a 52 week low of $701.41 and a 52 week high of $992.90. The company has a market capitalization of $95.21 billion, a price-to-earnings ratio of 70.48, a PEG ratio of 2.48 and a beta of 1.04. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.40.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). Equinix had a return on equity of 9.60% and a net margin of 14.65%.The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same period last year, the company earned $7.92 EPS. Equinix’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, research analysts anticipate that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, February 25th will be issued a $5.16 dividend. The ex-dividend date is Wednesday, February 25th. This represents a $20.64 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from Equinix’s previous quarterly dividend of $4.69. Equinix’s dividend payout ratio (DPR) is 150.11%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on EQIX shares. Deutsche Bank Aktiengesellschaft set a $915.00 price objective on shares of Equinix in a research note on Tuesday, January 6th. Truist Financial upped their target price on shares of Equinix from $973.00 to $1,087.00 and gave the stock a “buy” rating in a report on Wednesday, February 18th. TD Cowen reiterated a “buy” rating on shares of Equinix in a research note on Thursday, February 12th. Morgan Stanley reissued an “overweight” rating and set a $1,075.00 price objective on shares of Equinix in a report on Friday, February 13th. Finally, Zacks Research lowered Equinix from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,001.41.

Hedge Funds Weigh In On Equinix

Several hedge funds have recently modified their holdings of EQIX. Vanguard Group Inc. increased its position in shares of Equinix by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 13,398,906 shares of the financial services provider’s stock valued at $10,265,706,000 after acquiring an additional 107,227 shares during the last quarter. State Street Corp grew its stake in Equinix by 3.7% in the 2nd quarter. State Street Corp now owns 6,249,780 shares of the financial services provider’s stock valued at $4,971,512,000 after purchasing an additional 220,981 shares during the period. JPMorgan Chase & Co. increased its position in shares of Equinix by 25.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,875,355 shares of the financial services provider’s stock valued at $2,252,094,000 after purchasing an additional 588,967 shares during the last quarter. Cohen & Steers Inc. raised its stake in shares of Equinix by 23.3% during the 4th quarter. Cohen & Steers Inc. now owns 2,609,011 shares of the financial services provider’s stock worth $1,998,978,000 after purchasing an additional 493,141 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Equinix by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 2,567,830 shares of the financial services provider’s stock worth $1,959,731,000 after purchasing an additional 25,383 shares during the period. Institutional investors own 94.94% of the company’s stock.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.