Equinix (NASDAQ:EQIX) Shares Gap Down on Analyst Downgrade

Equinix, Inc. (NASDAQ:EQIX - Get Free Report) shares gapped down before the market opened on Thursday after Scotiabank lowered their price target on the stock from $1,114.00 to $1,033.00. The stock had previously closed at $935.20, but opened at $899.00. Scotiabank currently has a sector outperform rating on the stock. Equinix shares last traded at $914.86, with a volume of 152,398 shares trading hands.

Other analysts have also issued reports about the stock. Stifel Nicolaus upped their price objective on shares of Equinix from $995.00 to $1,080.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. Truist Financial increased their price target on shares of Equinix from $935.00 to $1,090.00 and gave the company a "buy" rating in a research report on Friday, November 29th. BMO Capital Markets decreased their price target on shares of Equinix from $1,085.00 to $1,065.00 and set an "outperform" rating for the company in a research report on Thursday. Evercore ISI increased their price target on shares of Equinix from $945.00 to $975.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company decreased their price target on shares of Equinix from $1,075.00 to $1,065.00 and set an "overweight" rating for the company in a research report on Thursday. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $994.82.

Insider Buying and Selling

In related news, CFO Keith D. Taylor sold 1,500 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 18,966 shares in the company, valued at approximately $18,419,399.88. This represents a 7.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adaire Fox-Martin sold 2,965 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $961.62, for a total transaction of $2,851,203.30. Following the completion of the transaction, the chief executive officer now owns 3,069 shares in the company, valued at approximately $2,951,211.78. This trade represents a 49.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,701 shares of company stock worth $15,441,464. 0.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Equinix

Hedge funds have recently bought and sold shares of the stock. Kestra Investment Management LLC purchased a new stake in Equinix in the 4th quarter worth approximately $31,000. GHP Investment Advisors Inc. boosted its position in Equinix by 50.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 39 shares of the financial services provider's stock worth $35,000 after purchasing an additional 13 shares in the last quarter. Fortitude Family Office LLC boosted its position in Equinix by 50.0% in the 3rd quarter. Fortitude Family Office LLC now owns 39 shares of the financial services provider's stock worth $35,000 after purchasing an additional 13 shares in the last quarter. J.Safra Asset Management Corp purchased a new stake in Equinix in the 4th quarter worth approximately $39,000. Finally, Sierra Ocean LLC purchased a new stake in Equinix in the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 94.94% of the company's stock.

Equinix Stock Up 1.1 %

The stock has a market cap of $90.08 billion, a PE ratio of 84.18, a price-to-earnings-growth ratio of 2.23 and a beta of 0.72. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.12. The business has a 50-day moving average price of $934.88 and a 200-day moving average price of $897.69.

Equinix (NASDAQ:EQIX - Get Free Report) last announced its earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.75 by $5.17. Equinix had a return on equity of 8.34% and a net margin of 12.29%. As a group, analysts forecast that Equinix, Inc. will post 31.09 earnings per share for the current year.

Equinix Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, February 26th will be given a dividend of $4.69 per share. This is a positive change from Equinix's previous quarterly dividend of $4.26. The ex-dividend date is Wednesday, February 26th. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.01%. Equinix's dividend payout ratio (DPR) is 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.