Equinix (NASDAQ:EQIX) Shares Up 0.1% - Should You Buy?

Equinix, Inc. (NASDAQ:EQIX) experienced a modest increase of 0.1% in its stock price during mid-day trading on Friday. The shares reached a high of $981.89 and were last traded at $974.48. In total, 53,581 shares exchanged hands, which is a significant drop of 90% from the average session volume of 528,827 shares. The stock had closed at $973.80 prior to this uptick.

Analysts Set New Price Targets

Several equity analysts have shared their insights on EQIX shares recently. Specifically, HSBC upgraded Equinix from a "hold" to a "buy" rating, increasing their price target from $865.00 to $1,000.00 in a report dated October 4th. Deutsche Bank followed suit, raising their price target from $880.00 to $910.00 and maintaining a "buy" rating on August 13th. Furthermore, the Goldman Sachs Group adjusted their price target upwards from $870.00 to $980.00 and also affirmed a "buy" rating on September 26th. Meanwhile, Scotiabank increased their target price from $954.00 to $985.00, giving it a "sector outperform" rating on October 31st. Cfra has sustained a "hold" rating on Equinix shares as of September 24th. In summary, of the research analysts monitoring the stock, five have rated it as a hold, fourteen as a buy, and one as a strong buy. According to MarketBeat data, the overall consensus rating stands at "Moderate Buy" with an average target price of $962.56.

Equinix Stock Performance

The company's share price movement can also be analyzed using key financial metrics. Equinix currently has a 50-day moving average of $909.18 and a two hundred-day moving average of $837.52. Its debt-to-equity ratio sits at 1.12, while both the current and quick ratios are noted at 1.16. With a market capitalization of $94.15 billion, Equinix has a price-to-earnings (P/E) ratio of 87.87 and a P/E to growth (P/E/G) ratio of 2.48. The stock has a beta of 0.72, indicating lower volatility compared to the market.

Equinix Announces Dividend

In additional news, Equinix announced a quarterly dividend that will be distributed on December 11th. Shareholders on record as of November 13th will receive a dividend of $4.26 per share, amounting to an annualized dividend of $17.04, equating to a yield of 1.75%. The ex-dividend date is also set for November 13th. Currently, the company's payout ratio is reported at 153.65%.

Insider Buying and Selling

Recent insider trading activity reveals some selling at Equinix. On November 8th, EVP Raouf Abdel sold 1,022 shares at an average price of $923.56, totaling approximately $943,878.32. This sale reduced his stake to 4,893 shares valued at around $4,518,979.08, marking a 17.28% decrease. Additionally, insider Brandi Galvin Morandi sold 863 shares on October 25th at an average price of $915.00, accumulating a total of $789,645.00 and reducing her stake to 8,231 shares valued at approximately $7,531,365, a decline of 9.49%. Over the last 90 days, insiders have sold a total of 9,262 shares worth $8,640,618, indicating that 0.27% of the stock is held by corporate insiders.

Hedge Funds Weigh In On Equinix

Hedge funds have also made adjustments to their positions in Equinix recently. UBS Asset Management increased its stake in the company by 302.7% during the third quarter, acquiring an extra 813,666 shares and totaling 1,082,455 shares valued at approximately $960,820,000. Pathway Financial Advisers significantly lifted their holdings by 89,348.4%, resulting in ownership of 398,940 shares worth $354,111,000 after purchasing additional shares. Adelante Capital Management boosted its position by 202.3%, now owning 514,224 shares valued at $456,441,000. Principal Financial Group also raised its holdings by 14.5% in the second quarter for a total of 1,888,191 shares valued at $1,428,606,000. Moreover, D. E. Shaw & Co. increased its stake by 104.6%, now owning 314,741 shares worth $238,133,000. Notably, institutional investors and hedge funds own 94.94% of Equinix stock.

Equinix Company Profile

Equinix (NASDAQ: EQIX) is recognized as a leading digital infrastructure company. Digital leaders often rely on Equinix's trusted platform, which brings together and interconnects essential infrastructure at rapid software speeds. Equinix supports organizations in accessing vital locations, partners, and possibilities, allowing for agile scalability, speedier launch of digital services, premier customer experiences, and enhancement of their value while aligning with sustainability goals.

Should You Invest $1,000 in Equinix Right Now?

Before making an investment in Equinix, it may be worthwhile to consider other options. Financial analysts recognized by MarketBeat are tracking top-performing stocks and have identified five that they recommend for investment now, which include stocks they perceive as better buys than Equinix at this time.

This prompt highlights the evolving investment landscape for Equinix and encourages readers to stay informed of market trends and expert opinions for making the best investment decisions.

Equinix, Stock, Investment