Concurrent Investment Advisors LLC Cuts Stake in Equinix, Inc. (NASDAQ:EQIX)

Concurrent Investment Advisors LLC lessened its position in shares of Equinix, Inc. (NASDAQ:EQIX) by 3.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,412 shares of the financial services provider’s stock after selling 56 shares during the period. Concurrent Investment Advisors LLC’s holdings in Equinix were worth $1,151,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new stake in shares of Equinix in the 1st quarter worth $69,000. Truist Financial Corp raised its position in Equinix by 8.2% during the first quarter. Truist Financial Corp now owns 52,301 shares of the financial services provider’s stock worth $42,643,000 after acquiring an additional 3,981 shares during the last quarter. IFM Investors Pty Ltd raised its position in Equinix by 3.4% during the first quarter. IFM Investors Pty Ltd now owns 42,427 shares of the financial services provider’s stock worth $37,659,000 after acquiring an additional 1,380 shares during the last quarter. GF Fund Management CO. LTD. raised its position in shares of Equinix by 6.0% in the first quarter. GF Fund Management CO. LTD. now owns 1,828 shares of the financial services provider’s stock valued at $1,490,000 after buying an additional 103 shares during the last quarter. Finally, Calamos Advisors LLC raised its position in shares of Equinix by 1.1% in the first quarter. Calamos Advisors LLC now owns 13,386 shares of the financial services provider’s stock valued at $10,914,000 after buying an additional 149 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

Equinix Stock Down 1.3%

Shares of NASDAQ:EQIX opened at $767.39 on Wednesday. The stock has a market cap of $75.07 billion, a price-to-earnings ratio of 79.77, a PEG ratio of 1.11 and a beta of 0.93. 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, Inc. has a 12-month low of $701.41 and a 12-month high of $994.03. The business’s 50 day moving average is $862.87 and its 200 day moving average is $872.71.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share for the quarter, topping the consensus estimate of $9.01 by $0.66. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the previous year, the firm earned $8.86 earnings per share. The business’s revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts forecast that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were paid 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 yield of 2.44%. Equinix’s dividend payout ratio is currently 195.01%.

Insiders Place Their Bets

In other news, insider Kurt Pletcher sold 127 shares of the stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total transaction of $111,467.90. Following the transaction, the insider directly owned 1,842 shares in the company, valued at approximately $1,616,723.40. This represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher B. Paisley sold 100 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $869.41, for a total value of $86,941.00. Following the completion of the transaction, the director owned 17,569 shares of the company’s stock, 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. Insiders have sold 3,176 shares of company stock worth $2,808,008 in the last ninety days. 0.27% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

EQIX has been the subject of a number of recent analyst reports. Cowen restated a “buy” rating on shares of Equinix in a report on Thursday, July 3rd. New Street Research raised shares of Equinix to a “strong-buy” rating in a report on Monday, April 28th. Scotiabank dropped their target price on shares of Equinix from $1,030.00 to $965.00 and set a “sector outperform” rating on the stock in a report on Thursday, June 26th. Truist Financial lowered their price target on shares of Equinix from $986.00 to $904.00 and set a “buy” rating for the company in a research report on Tuesday, July 1st. Finally, Stifel Nicolaus decreased their target price 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, June 26th. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and five have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $960.55.

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.