Equinix (NASDAQ:EQIX) Trading Down 9.2% - Should You Sell?

Equinix, Inc. (NASDAQ:EQIX - Get Free Report) fell 9.2% on Wednesday . The company traded as low as $818.24 and last traded at $823.41. 633,145 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 531,405 shares. The stock had previously closed at $906.50.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. BNP Paribas raised Equinix to a "strong-buy" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. cut their target price on Equinix from $975.00 to $935.00 and set an "overweight" rating for the company in a research report on Thursday. Mizuho decreased their price target on Equinix from $1,094.00 to $1,053.00 and set an "outperform" rating on the stock in a research report on Friday, March 28th. Stifel Nicolaus cut their price objective on shares of Equinix from $1,050.00 to $1,010.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Scotiabank reduced their price objective on shares of Equinix from $1,030.00 to $965.00 and set a "sector outperform" rating on the stock in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and five have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $977.30.

Equinix Stock Up 5.3%

The stock has a 50 day moving average price of $867.26 and a 200 day moving average price of $880.55. The stock has a market capitalization of $76.80 billion, a price-to-earnings ratio of 81.61, a price-to-earnings-growth ratio of 1.02 and a beta of 0.97. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.20.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.01 by $0.66. Equinix had a net margin of 10.48% and a return on equity of 6.96%. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same quarter last year, the business earned $8.86 EPS. The firm's quarterly revenue was up 4.1% on a year-over-year basis. As a group, analysts forecast that Equinix, Inc. will post 33.1 EPS for the current year.

Equinix Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were given a $4.69 dividend. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.39%. Equinix's dividend payout ratio (DPR) is presently 195.01%.

Insider Activity

In other news, CEO Adaire Fox-Martin sold 2,949 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total value of $2,609,599.59. Following the sale, the chief executive officer now directly owns 9,615 shares of the company's stock, valued at approximately $8,508,409.65. This represents a 23.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Christopher B. Paisley sold 100 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $869.41, for a total transaction of $86,941.00. Following the completion of the transaction, the director now owns 17,569 shares in the company, valued at approximately $15,274,664.29. The trade was a 0.57% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,176 shares of company stock valued at $2,808,008. Company insiders own 0.27% of the company's stock.

Institutional Investors Weigh In On Equinix

Institutional investors and hedge funds have recently made changes to their positions in the business. Oppenheimer & Co. Inc. lifted its stake in Equinix by 61.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 8,427 shares of the financial services provider's stock valued at $7,946,000 after buying an additional 3,212 shares during the period. First United Bank & Trust bought a new stake in shares of Equinix in the 1st quarter valued at $451,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Equinix by 20.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,489 shares of the financial services provider's stock valued at $93,807,000 after acquiring an additional 17,084 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Equinix by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,174,962 shares of the financial services provider's stock valued at $1,107,860,000 after acquiring an additional 40,791 shares during the period. Finally, LGT Group Foundation increased its stake in Equinix by 2.2% in the fourth quarter. LGT Group Foundation now owns 24,028 shares of the financial services provider's stock valued at $22,656,000 after purchasing an additional 511 shares in the last quarter. Institutional investors 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.