Pitcairn Co. Reduces Stake in Equinix, Inc. (NASDAQ:EQIX)

Pitcairn Co. lessened its stake in shares of Equinix, Inc. (NASDAQ:EQIX) by 12.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 310 shares of the financial services provider’s stock after selling 44 shares during the quarter. Pitcairn Co.’s holdings in Equinix were worth $292,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of EQIX. Kestra Investment Management LLC bought a new stake in Equinix during the 4th quarter worth approximately $31,000. J.Safra Asset Management Corp purchased a new position in shares of Equinix during the 4th quarter valued at $39,000. Sierra Ocean LLC purchased a new position in shares of Equinix during the 4th quarter valued at $42,000. Dunhill Financial LLC raised its position in shares of Equinix by 108.7% in the third quarter. Dunhill Financial LLC now owns 48 shares of the financial services provider’s stock worth $43,000 after buying an additional 25 shares in the last quarter. Finally, Thompson Investment Management Inc. purchased a new stake in shares of Equinix in the fourth quarter worth $47,000. 94.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

EQIX has been the topic of a number of research analyst reports. Barclays upped their target price on Equinix from $822.00 to $834.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Scotiabank upped their price objective on shares of Equinix from $1,033.00 to $1,040.00 and gave the stock a “sector outperform” rating in a research report on Monday, March 3rd. Cfra Research upgraded shares of Equinix from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. Royal Bank of Canada increased their price target on shares of Equinix from $936.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Finally, Citizens Jmp raised shares of Equinix to a “strong-buy” rating in a report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $1,007.59.

Equinix Trading Down 4.4 %

Shares of EQIX stock opened at $766.21 on Monday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.63 and a quick ratio of 1.63. The business has a 50-day moving average of $883.46 and a 200 day moving average of $906.83. The stock has a market capitalization of $74.58 billion, a PE ratio of 89.62, a P/E/G ratio of 1.78 and a beta of 0.95. Equinix, Inc. has a 1-year low of $684.14 and a 1-year high of $994.03.

Equinix (NASDAQ:EQIX) last issued its earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $5.17. Equinix had a net margin of 9.32% and a return on equity of 6.31%. As a group, sell-side analysts anticipate that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, February 26th were issued a dividend of $4.69 per share. This is a positive change from Equinix’s previous quarterly dividend of $4.26. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Wednesday, February 26th. Equinix’s dividend payout ratio is currently 219.42%.

Insider Buying and Selling

In other news, insider Brandi Galvin Morandi sold 684 shares of Equinix stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $940.51, for a total value of $643,308.84. Following the sale, the insider now directly owns 8,377 shares in the company, valued at approximately $7,878,652.27. This trade represents a 7.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adaire Fox-Martin sold 1,370 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $909.51, for a total value of $1,246,028.70. Following the transaction, the chief executive officer now owns 4,329 shares of the company’s stock, valued at approximately $3,937,268.79. This represents a 24.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,054 shares of company stock valued at $17,466,950 over the last ninety days. 0.27% of the stock is owned by insiders.

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.