Equinix (NASDAQ:EQIX) Stock Price Down 9.2% - Time to Sell?

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

Analyst Ratings Changes

Several research firms have recently weighed in on EQIX. Mizuho reduced their price objective on shares of Equinix from $1,094.00 to $1,053.00 and set an "outperform" rating for the company in a research report on Friday, March 28th. Bank of America began coverage on Equinix in a research note on Monday, May 19th. They issued a "buy" rating and a $1,000.00 price objective for the company. Stifel Nicolaus boosted their price target on shares of Equinix from $1,030.00 to $1,050.00 and gave the company a "buy" rating in a report on Thursday, May 1st. New Street Research upgraded Equinix to a "strong-buy" rating in a report on Monday, April 28th. Finally, Cfra Research upgraded Equinix from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and six have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $1,004.80.

Equinix Stock Down 9.1%

The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.20. The firm has a 50-day moving average price of $867.34 and a two-hundred day moving average price of $884.37. The company has a market capitalization of $80.63 billion, a P/E ratio of 85.69, a PEG ratio of 1.16 and a beta of 0.97.

Equinix (NASDAQ:EQIX - Get Free Report) last released 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. The business had revenue of $2.23 billion for the quarter, compared to analysts' expectations of $2.23 billion. Equinix had a return on equity of 6.96% and a net margin of 10.48%. Equinix's quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $8.86 earnings per share. Equities research analysts anticipate that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, May 21st were given a dividend of $4.69 per share. The ex-dividend date of this dividend was Wednesday, May 21st. This represents a $18.76 annualized dividend and a dividend yield of 2.28%. Equinix's dividend payout ratio (DPR) is currently 195.01%.

Insider Activity at Equinix

In related news, insider Kurt Pletcher sold 127 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the sale, the insider now owns 1,842 shares in the company, valued at $1,616,723.40. This trade represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Adaire Fox-Martin sold 2,949 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the completion of the transaction, the chief executive officer now owns 9,615 shares in the company, valued at approximately $8,508,409.65. This trade represents a 23.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,176 shares of company stock valued at $2,808,008 over the last quarter. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Equinix

A number of institutional investors have recently modified their holdings of EQIX. Brighton Jones LLC raised its position in shares of Equinix by 28.9% during the 4th quarter. Brighton Jones LLC now owns 326 shares of the financial services provider's stock valued at $307,000 after acquiring an additional 73 shares during the last quarter. Bank Pictet & Cie Europe AG bought a new stake in Equinix in the fourth quarter valued at about $2,027,000. Private Advisor Group LLC lifted its stake in Equinix by 7.7% in the fourth quarter. Private Advisor Group LLC now owns 3,221 shares of the financial services provider's stock valued at $3,037,000 after buying an additional 229 shares during the period. Howard Capital Management Inc. boosted its holdings in Equinix by 4.9% during the fourth quarter. Howard Capital Management Inc. now owns 582 shares of the financial services provider's stock worth $549,000 after buying an additional 27 shares during the last quarter. Finally, IFP Advisors Inc grew its position in shares of Equinix by 434.1% during the 4th quarter. IFP Advisors Inc now owns 486 shares of the financial services provider's stock worth $459,000 after buying an additional 395 shares during the period. 94.94% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.