Equinix, Inc. (NASDAQ:EQIX) Sees Significant Decline in Short Interest

Equinix, Inc. (NASDAQ:EQIX) was the recipient of a significant drop in short interest during the month of February. As of February 27th, there was short interest totaling 1,915,686 shares, a drop of 27.2% from the February 12th total of 2,630,331 shares. Approximately 2.0% of the shares of the company are short sold. Based on an average trading volume of 698,121 shares, the days-to-cover ratio is presently 2.7 days. Based on an average trading volume of 698,121 shares, the days-to-cover ratio is presently 2.7 days. Approximately 2.0% of the shares of the company are short sold.

Insider Buying and Selling

In other news, CFO Keith D. Taylor sold 2,051 shares of the business’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $804.17, for a total transaction of $1,649,352.67. Following the transaction, the chief financial officer directly owned 26,373 shares in the company, valued at $21,208,375.41. The trade was a 7.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Brandi Galvin Morandi sold 1,333 shares of the company’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $804.25, for a total transaction of $1,072,065.25. Following the completion of the sale, the insider directly owned 9,551 shares in the company, valued at approximately $7,681,391.75. The trade was a 12.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 16,842 shares of company stock worth $14,494,840. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Equinix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quent Capital LLC increased its holdings in shares of Equinix by 4.2% during the third quarter. Quent Capital LLC now owns 298 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 12 shares during the period. Flputnam Investment Management Co. grew its position in Equinix by 1.0% during the third quarter. Flputnam Investment Management Co. now owns 1,295 shares of the financial services provider’s stock worth $1,014,000 after buying an additional 13 shares in the last quarter. Paragon Private Wealth Management LLC grew its position in Equinix by 2.7% during the third quarter. Paragon Private Wealth Management LLC now owns 495 shares of the financial services provider’s stock worth $388,000 after buying an additional 13 shares in the last quarter. Cornerstone Planning Group LLC increased its stake in Equinix by 40.6% during the 3rd quarter. Cornerstone Planning Group LLC now owns 45 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 13 shares during the period. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in Equinix by 2.7% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 498 shares of the financial services provider’s stock valued at $382,000 after acquiring an additional 13 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

Equinix Stock Performance

Shares of NASDAQ EQIX traded up $14.56 during trading hours on Monday, reaching $984.46. 790,249 shares of the stock were exchanged, compared to its average volume of 662,125. The firm has a market capitalization of $96.72 billion, a price-to-earnings ratio of 71.60, a P/E/G ratio of 2.49 and a beta of 1.04. The stock’s fifty day simple moving average is $871.78 and its 200 day simple moving average is $814.04. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. Equinix has a 52 week low of $701.41 and a 52 week high of $992.90.

Equinix (NASDAQ:EQIX) last released its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $9.07 by ($0.16). The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.46 billion. Equinix had a net margin of 14.65% and a return on equity of 9.60%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $7.92 earnings per share. Sell-side analysts predict that Equinix will post 33.1 EPS for the current year.

Equinix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, February 25th will be paid a $5.16 dividend. This represents a $20.64 annualized dividend and a dividend yield of 2.1%. This is a boost from Equinix’s previous quarterly dividend of $4.69. The ex-dividend date is Wednesday, February 25th. Equinix’s dividend payout ratio is currently 150.11%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $1,075.00 price objective on shares of Equinix in a research report on Friday, February 13th. Weiss Ratings restated a “hold (c)” rating on shares of Equinix in a research note on Thursday, January 22nd. Jefferies Financial Group lifted their price objective on shares of Equinix from $950.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft set a $915.00 price objective on shares of Equinix in a report on Tuesday, January 6th. Finally, The Goldman Sachs Group increased their price objective on shares of Equinix from $785.00 to $894.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,006.91.

About Equinix

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.