Investors Buy Equinix (EQIX) on Weakness Following Insider Selling
Investors purchased shares of Equinix, Inc. (NASDAQ:EQIX) on weakness during trading on Thursday following insider selling activity. $144.21 million flowed into the stock on the tick-up and $66.23 million flowed out of the stock on the tick-down, for a money net flow of $77.98 million into the stock. Of all equities tracked, Equinix had the 4th highest net in-flow for the day. Equinix traded down ($4.45) for the day and closed at $437.45Specifically, CFO Keith D. Taylor sold 1,500 shares of the company’s stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $455.42, for a total value of $683,130.00. Following the completion of the sale, the chief financial officer now directly owns 29,596 shares of the company’s stock, valued at $13,478,610.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith D. Taylor sold 4,228 shares of the stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $443.15, for a total transaction of $1,873,638.20. Following the transaction, the chief financial officer now directly owns 29,466 shares of the company’s stock, valued at $13,057,857.90. The disclosure for this sale can be found here. Insiders sold 23,110 shares of company stock valued at $10,382,238 over the last ninety days. Corporate insiders own 0.58% of the company’s stock.
EQIX has been the subject of several analyst reports. Berenberg Bank initiated coverage on shares of Equinix in a report on Tuesday, September 26th. They set a “buy” rating and a $550.00 price target for the company. Jefferies Group reissued a “hold” rating and set a $440.00 price target on shares of Equinix in a report on Thursday, October 12th. Barclays raised shares of Equinix from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $475.00 to $505.00 in a report on Wednesday, October 18th. UBS Group initiated coverage on shares of Equinix in a report on Wednesday, October 18th. They set a “neutral” rating for the company. Finally, Deutsche Bank initiated coverage on shares of Equinix in a report on Tuesday, October 24th. They set a “buy” rating and a $550.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Equinix presently has a consensus rating of “Buy” and an average target price of $504.00.
The stock has a market cap of $34,220.00, a PE ratio of 142.17, a P/E/G ratio of 1.53 and a beta of 0.46. The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.11 and a current ratio of 2.11.
Hedge funds have recently added to or reduced their stakes in the company. Zions Bancorporation grew its position in shares of Equinix by 2,550.0% in the third quarter. Zions Bancorporation now owns 265 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 255 shares during the last quarter. San Francisco Sentry Investment Group CA acquired a new stake in shares of Equinix in the second quarter valued at approximately $127,000. Amica Retiree Medical Trust acquired a new stake in shares of Equinix in the third quarter valued at approximately $188,000. Commerce Bank acquired a new stake in shares of Equinix in the third quarter valued at approximately $203,000. Finally, Ithaka Group LLC acquired a new stake in shares of Equinix in the third quarter valued at approximately $223,000. Institutional investors and hedge funds own 94.17% of the company’s stock.
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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