Pinebridge Investments L.P. cut its stake in Equinix Inc (NASDAQ:EQIX) by 32.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,040 shares of the financial services provider’s stock after selling 510 shares during the quarter. Pinebridge Investments L.P.’s holdings in Equinix were worth $447,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of EQIX. We Are One Seven LLC lifted its stake in Equinix by 143.9% in the 1st quarter. We Are One Seven LLC now owns 361 shares of the financial services provider’s stock valued at $151,000 after buying an additional 213 shares in the last quarter. First Allied Advisory Services Inc. purchased a new position in Equinix in the 2nd quarter valued at about $206,000. Fieldpoint Private Securities LLC purchased a new position in Equinix in the 1st quarter valued at about $209,000. LexAurum Advisors LLC purchased a new position in Equinix in the 1st quarter valued at about $214,000. Finally, Park Avenue Securities LLC purchased a new position in Equinix in the 2nd quarter valued at about $214,000. 97.35% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on EQIX. Citigroup raised their price target on shares of Equinix from $494.00 to $506.00 and gave the company a “buy” rating in a research note on Thursday, August 9th. BMO Capital Markets cut their price objective on shares of Equinix from $526.00 to $521.00 and set a “buy” rating for the company in a report on Thursday, August 9th. Credit Suisse Group set a $520.00 price objective on shares of Equinix and gave the company a “buy” rating in a report on Thursday, August 9th. Mitsubishi UFJ Financial Group increased their price objective on shares of Equinix to $483.00 and gave the company an “overweight” rating in a report on Friday, August 17th. Finally, Zacks Investment Research downgraded shares of Equinix from a “buy” rating to a “hold” rating in a report on Monday, July 9th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and eighteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $507.10.
EQIX stock opened at $428.39 on Wednesday. The stock has a market capitalization of $34.68 billion, a price-to-earnings ratio of 23.12, a price-to-earnings-growth ratio of 1.48 and a beta of 0.47. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.29 and a quick ratio of 1.29. Equinix Inc has a 12 month low of $370.79 and a 12 month high of $495.35.
Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, August 8th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.93 by ($0.08). The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.26 billion. Equinix had a return on equity of 7.22% and a net margin of 5.71%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.80 EPS. sell-side analysts expect that Equinix Inc will post 18.66 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 19th. Stockholders of record on Wednesday, August 22nd will be issued a dividend of $2.28 per share. The ex-dividend date of this dividend is Tuesday, August 21st. This represents a $9.12 dividend on an annualized basis and a dividend yield of 2.13%. Equinix’s dividend payout ratio is currently 49.22%.
In other news, insider Michael Earl Campbell sold 500 shares of the firm’s stock in a transaction that occurred on Thursday, June 21st. The shares were sold at an average price of $420.00, for a total transaction of $210,000.00. Following the completion of the sale, the insider now owns 1,927 shares in the company, valued at approximately $809,340. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charles J. Meyers sold 400 shares of the firm’s stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $397.49, for a total transaction of $158,996.00. Following the sale, the insider now owns 4,116 shares of the company’s stock, valued at approximately $1,636,068.84. The disclosure for this sale can be found here. Insiders have sold a total of 6,400 shares of company stock valued at $2,758,716 in the last 90 days. Insiders own 0.51% of the company’s stock.
Equinix Company Profile
Equinix, Inc (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. In 52 markets across five continents, Equinix is where companies come together to realize new opportunities and accelerate their business, IT and cloud strategies.
Further Reading: Leveraged Buyout (LBO) Explained
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