Equinix (NASDAQ:EQIX) Shares Down 0.5% - Here's What Happened

Shares of Equinix, Inc. (NASDAQ:EQIX - Get Free Report) fell 0.5% during mid-day trading on Monday . The company traded as low as $958.88 and last traded at $960.57. 105,616 shares traded hands during trading, a decline of 80% from the average session volume of 526,417 shares. The stock had previously closed at $965.00.

Analysts Set New Price Targets

A number of equities analysts have recently commented on EQIX shares. Stifel Nicolaus lifted their target price on Equinix from $995.00 to $1,080.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. Scotiabank raised their target price on shares of Equinix from $954.00 to $985.00 and gave the stock a "sector outperform" rating in a report on Thursday, October 31st. Truist Financial increased their price objective on shares of Equinix from $935.00 to $1,090.00 and gave the stock a "buy" rating in a research report on Friday, November 29th. BMO Capital Markets boosted their target price on Equinix from $975.00 to $1,020.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Finally, TD Cowen increased their price target on Equinix from $865.00 to $984.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Equinix presently has an average rating of "Moderate Buy" and a consensus price target of $976.81.

Equinix Price Performance

The firm has a 50-day simple moving average of $921.67 and a 200-day simple moving average of $848.11. The firm has a market cap of $92.43 billion, a P/E ratio of 86.38, a PEG ratio of 2.51 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.

Equinix Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Wednesday, November 13th were given a dividend of $4.26 per share. This represents a $17.04 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Wednesday, November 13th. Equinix's payout ratio is 153.65%.

Insider Activity

In other Equinix news, CEO Adaire Fox-Martin sold 2,965 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $961.62, for a total transaction of $2,851,203.30. Following the transaction, the chief executive officer now owns 3,069 shares in the company, valued at approximately $2,951,211.78. This represents a 49.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Raouf Abdel sold 1,022 shares of Equinix stock in a transaction on Friday, November 8th. The stock was sold at an average price of $923.56, for a total transaction of $943,878.32. Following the sale, the executive vice president now owns 4,893 shares of the company's stock, valued at $4,518,979.08. The trade was a 17.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,398 shares of company stock worth $7,906,218. Corporate insiders own 0.27% of the company's stock.

Institutional Trading of Equinix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oddo BHF Asset Management Sas acquired a new stake in shares of Equinix during the third quarter worth about $2,483,000. Inspire Trust Co. N.A. raised its position in Equinix by 0.7% during the 3rd quarter. Inspire Trust Co. N.A. now owns 1,700 shares of the financial services provider's stock worth $1,509,000 after buying an additional 11 shares during the last quarter. Tidal Investments LLC lifted its stake in Equinix by 12.9% during the 3rd quarter. Tidal Investments LLC now owns 25,776 shares of the financial services provider's stock valued at $22,880,000 after acquiring an additional 2,940 shares during the period. Cim Investment Management Inc. lifted its position in Equinix by 31.4% during the third quarter. Cim Investment Management Inc. now owns 3,674 shares of the financial services provider's stock valued at $3,261,000 after purchasing an additional 879 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Equinix in the third quarter worth about $582,000. Institutional investors and hedge funds own 94.94% of the company's stock.

Equinix Company Profile

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.