Equinix (NASDAQ:EQIX) Rating Increased to Outperform at Raymond James
Raymond James upgraded shares of Equinix (NASDAQ:EQIX) from a market perform rating to an outperform rating in a report issued on Thursday morning, BenzingaRatingsTable reports. The firm currently has $835.00 target price on the financial services provider’s stock.
A number of other research firms have also recently weighed in on EQIX. Edward Jones initiated coverage on Equinix in a research report on Tuesday, July 14th. They issued a buy rating for the company. Credit Suisse Group restated a buy rating on shares of Equinix in a research note on Monday, June 8th. Wells Fargo & Co lifted their price target on Equinix from $745.00 to $790.00 and gave the company an overweight rating in a research note on Friday, July 10th. Oppenheimer began coverage on Equinix in a research note on Monday, June 1st. They issued a buy rating and a $730.00 price target for the company. Finally, BMO Capital Markets lifted their price target on Equinix from $707.00 to $745.00 and gave the company an outperform rating in a research note on Thursday, May 7th. Two analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The company has an average rating of Buy and an average target price of $765.16.
Shares of NASDAQ EQIX traded up $7.53 during midday trading on Thursday, hitting $785.48. The company’s stock had a trading volume of 334,613 shares, compared to its average volume of 322,238. The company has a current ratio of 1.55, a quick ratio of 1.26 and a debt-to-equity ratio of 1.24. The business’s 50 day moving average is $714.15 and its two-hundred day moving average is $653.86. Equinix has a 12-month low of $477.87 and a 12-month high of $787.70. The firm has a market cap of $67.50 billion, a P/E ratio of 136.13, a price-to-earnings-growth ratio of 2.47 and a beta of 0.41.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, August 19th will be issued a dividend of $2.66 per share. This represents a $10.64 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Tuesday, August 18th. Equinix’s dividend payout ratio is currently 46.65%.
In other news, insider Brandi Galvin Morandi sold 1,363 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $672.47, for a total transaction of $916,576.61. Following the transaction, the insider now directly owns 19,626 shares in the company, valued at approximately $13,197,896.22. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Adaire Fox-Martin sold 58 shares of the business’s stock in a transaction that occurred on Friday, June 19th. The stock was sold at an average price of $713.42, for a total value of $41,378.36. Following the transaction, the director now owns 193 shares in the company, valued at $137,690.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,041 shares of company stock worth $3,437,707. Insiders own 0.51% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Timbercreek Investment Management Inc. raised its holdings in Equinix by 11.4% during the first quarter. Timbercreek Investment Management Inc. now owns 38,867 shares of the financial services provider’s stock worth $24,337,000 after purchasing an additional 3,980 shares in the last quarter. Diversified Trust Co increased its holdings in Equinix by 47.0% in the second quarter. Diversified Trust Co now owns 507 shares of the financial services provider’s stock valued at $356,000 after buying an additional 162 shares in the last quarter. WESPAC Advisors LLC purchased a new position in shares of Equinix during the 2nd quarter worth approximately $1,451,000. IBM Retirement Fund boosted its position in Equinix by 60.5% during the first quarter. IBM Retirement Fund now owns 2,011 shares of the financial services provider’s stock worth $1,256,000 after acquiring an additional 758 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Equinix by 6.3% during the second quarter. First Trust Advisors LP now owns 43,036 shares of the financial services provider’s stock worth $30,224,000 after acquiring an additional 2,558 shares during the last quarter. Hedge funds and other institutional investors own 93.48% of the company’s stock.
Equinix, Inc (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. In 52 markets across five continents, Equinix is where companies come together to realize new opportunities and accelerate their business, IT and cloud strategies.
Read More: Initial Coin Offering (ICO)
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