Investors Buy Equinix (EQIX) on Weakness Following Insider Selling

Traders purchased shares of Equinix, Inc. (NASDAQ:EQIX) on weakness during trading on Friday after an insider sold shares in the company. $206.82 million flowed into the stock on the tick-up and $43.16 million flowed out of the stock on the tick-down, for a money net flow of $163.66 million into the stock. Of all companies tracked, Equinix had the 14th highest net in-flow for the day. Equinix traded down ($2.50) for the day and closed at $457.85Specifically, CFO Keith D. Taylor sold 1,500 shares of the business’s stock in a transaction 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 sale, 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 Securities & Exchange Commission, which is available at this link. Also, Director Christopher B. Paisley sold 593 shares of the business’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $484.99, for a total transaction of $287,599.07. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,493 shares of company stock valued at $3,457,395. Corporate insiders own 0.58% of the company’s stock.

Several brokerages have issued reports on EQIX. Bank of America reissued a “buy” rating and issued a $520.00 price target (up previously from $450.21) on shares of Equinix in a report on Wednesday. Credit Suisse Group set a $515.00 price target on shares of Equinix and gave the company a “buy” rating in a report on Tuesday, December 12th. Cowen reissued a “buy” rating and issued a $482.00 price target on shares of Equinix in a report on Friday, November 10th. Zacks Investment Research raised shares of Equinix from a “hold” rating to a “buy” rating and set a $547.00 target price on the stock in a report on Monday, November 6th. Finally, Berenberg Bank reaffirmed a “buy” rating and issued a $550.00 target price on shares of Equinix in a report on Friday, November 3rd. Three analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Equinix has a consensus rating of “Buy” and an average target price of $501.70.

The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $35,819.44, a price-to-earnings ratio of 25.75, a P/E/G ratio of 1.84 and a beta of 0.46.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings data on Wednesday, November 1st. The financial services provider reported $3.63 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $2.24. Equinix had a net margin of 5.58% and a return on equity of 5.59%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the prior year, the firm earned $3.95 EPS. The company’s revenue was up 24.6% on a year-over-year basis. research analysts forecast that Equinix, Inc. will post 16.05 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 15th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend was Tuesday, November 14th. Equinix’s dividend payout ratio is currently 264.03%.

A number of large investors have recently modified their holdings of the business. Parametric Portfolio Associates LLC grew its holdings in Equinix by 3.1% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 235,359 shares of the financial services provider’s stock worth $105,041,000 after acquiring an additional 7,031 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Equinix by 11.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 59,458 shares of the financial services provider’s stock worth $26,536,000 after acquiring an additional 5,947 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Equinix during the 3rd quarter worth about $1,172,000. IFM Investors Pty Ltd bought a new stake in Equinix during the 3rd quarter worth about $975,000. Finally, Alkeon Capital Management LLC grew its holdings in Equinix by 11.0% during the 3rd quarter. Alkeon Capital Management LLC now owns 440,342 shares of the financial services provider’s stock worth $196,524,000 after acquiring an additional 43,500 shares during the last quarter. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

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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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