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

Equinix, Inc. (NASDAQ:EQIX) was the recipient of a significant drop in short interest in July. As of July 15th, there was short interest totalling 1,610,000 shares, a drop of 8.0% from the June 30th total of 1,750,000 shares. Based on an average daily trading volume, of 578,800 shares, the days-to-cover ratio is presently 2.8 days.

Equinix Stock Up 2.6 %

Shares of NASDAQ:EQIX traded up $20.94 on Thursday, hitting $811.18. 622,717 shares of the company’s stock were exchanged, compared to its average volume of 569,080. Equinix has a 1-year low of $677.80 and a 1-year high of $914.93. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $76.99 billion, a PE ratio of 79.26, a P/E/G ratio of 2.66 and a beta of 0.68. The firm’s 50-day moving average is $769.82 and its 200 day moving average is $796.47.

Equinix Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd were issued a $4.26 dividend. This represents a $17.04 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Tuesday, May 21st. Equinix’s payout ratio is currently 170.91%.

Insider Buying and Selling

In related news, Director Christopher B. Paisley sold 100 shares of Equinix stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $812.98, for a total transaction of $81,298.00. Following the transaction, the director now owns 17,641 shares in the company, valued at $14,341,780.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Equinix news, Director Christopher B. Paisley sold 100 shares of Equinix stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $812.98, for a total value of $81,298.00. Following the sale, the director now owns 17,641 shares in the company, valued at $14,341,780.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brandi Galvin Morandi sold 2,070 shares of Equinix stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $800.50, for a total value of $1,657,035.00. Following the completion of the sale, the insider now directly owns 12,758 shares of the company’s stock, valued at $10,212,779. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

Institutional Trading of Equinix

Several institutional investors and hedge funds have recently made changes to their positions in EQIX. Ritholtz Wealth Management lifted its holdings in shares of Equinix by 13.9% in the 4th quarter. Ritholtz Wealth Management now owns 589 shares of the financial services provider’s stock valued at $475,000 after purchasing an additional 72 shares during the last quarter. Blue Trust Inc. raised its stake in Equinix by 76.7% during the 4th quarter. Blue Trust Inc. now owns 152 shares of the financial services provider’s stock valued at $122,000 after acquiring an additional 66 shares during the last quarter. Global Retirement Partners LLC raised its stake in Equinix by 11.7% during the 4th quarter. Global Retirement Partners LLC now owns 906 shares of the financial services provider’s stock valued at $742,000 after acquiring an additional 95 shares during the last quarter. Fifth Third Bancorp raised its stake in Equinix by 1.5% during the 4th quarter. Fifth Third Bancorp now owns 5,916 shares of the financial services provider’s stock valued at $4,765,000 after acquiring an additional 89 shares during the last quarter. Finally, Hutchens & Kramer Investment Management Group LLC purchased a new stake in Equinix during the 4th quarter valued at approximately $207,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EQIX has been the subject of a number of research reports. The Goldman Sachs Group initiated coverage on Equinix in a research note on Monday, July 1st. They issued a “buy” rating and a $870.00 price objective for the company. TD Cowen lowered their target price on Equinix from $862.00 to $859.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Mizuho assumed coverage on Equinix in a research note on Thursday, July 11th. They set an “outperform” rating and a $873.00 target price for the company. Royal Bank of Canada lowered their target price on Equinix from $950.00 to $922.00 and set an “outperform” rating for the company in a research note on Tuesday, May 28th. Finally, Wells Fargo & Company raised Equinix from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $825.00 to $875.00 in a research note on Tuesday, July 23rd. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Equinix currently has a consensus rating of “Moderate Buy” and a consensus target price of $875.50.

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.