Panagora Asset Management Inc. reduced its holdings in Equinix, Inc. (REIT) (NASDAQ:EQIX) by 62.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 7,985 shares of the financial services provider’s stock after selling 13,322 shares during the quarter. Panagora Asset Management Inc.’s holdings in Equinix were worth $5,427,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Insight Wealth Strategies LLC lifted its holdings in Equinix by 73.1% in the first quarter. Insight Wealth Strategies LLC now owns 2,808 shares of the financial services provider’s stock valued at $1,908,000 after buying an additional 1,186 shares during the period. E Fund Management Co. Ltd. acquired a new position in Equinix in the first quarter valued at approximately $106,000. Norinchukin Bank The lifted its holdings in Equinix by 0.4% in the first quarter. Norinchukin Bank The now owns 8,892 shares of the financial services provider’s stock valued at $6,043,000 after buying an additional 37 shares during the period. Brinker Capital Investments LLC lifted its holdings in Equinix by 2,230.2% in the first quarter. Brinker Capital Investments LLC now owns 22,323 shares of the financial services provider’s stock valued at $15,171,000 after buying an additional 21,365 shares during the period. Finally, RMB Capital Management LLC acquired a new position in Equinix in the first quarter valued at approximately $18,314,000. Institutional investors and hedge funds own 91.43% of the company’s stock.
In related news, Director Gary Hromadko sold 10,000 shares of the firm’s stock in a transaction on Monday, June 7th. The shares were sold at an average price of $796.00, for a total value of $7,960,000.00. Following the completion of the transaction, the director now owns 158,261 shares of the company’s stock, valued at $125,975,756. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Sara Baack sold 250 shares of the firm’s stock in a transaction on Wednesday, June 2nd. The shares were sold at an average price of $750.00, for a total transaction of $187,500.00. Following the completion of the transaction, the insider now directly owns 13,517 shares of the company’s stock, valued at approximately $10,137,750. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,501 shares of company stock valued at $13,019,508. 13.20% of the stock is owned by insiders.
Several equities analysts recently weighed in on EQIX shares. Evercore ISI initiated coverage on shares of Equinix in a report on Thursday, March 11th. They issued an “outperform” rating and a $820.00 price objective on the stock. Wolfe Research initiated coverage on shares of Equinix in a report on Thursday, March 18th. They issued an “outperform” rating on the stock. Barclays increased their target price on shares of Equinix from $861.00 to $867.00 and gave the stock an “overweight” rating in a report on Monday, May 3rd. Credit Suisse Group cut their target price on shares of Equinix from $936.00 to $932.00 and set an “outperform” rating on the stock in a report on Wednesday, April 28th. Finally, TheStreet upgraded shares of Equinix from a “c+” rating to a “b-” rating in a report on Wednesday, April 28th. Two analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $835.94.
Shares of EQIX stock opened at $809.00 on Wednesday. The stock’s fifty day moving average is $732.18. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.55 and a quick ratio of 1.55. Equinix, Inc. has a 12-month low of $586.73 and a 12-month high of $839.77. The company has a market capitalization of $72.47 billion, a P/E ratio of 177.02, a price-to-earnings-growth ratio of 2.03 and a beta of 0.28.
Equinix (NASDAQ:EQIX) last released its earnings results on Wednesday, April 28th. The financial services provider reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $6.03 by ($4.29). The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. Equinix had a net margin of 6.62% and a return on equity of 5.85%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period last year, the business posted $6.21 EPS. As a group, sell-side analysts predict that Equinix, Inc. will post 24.41 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 16th. Investors of record on Wednesday, May 19th will be given a $2.87 dividend. This represents a $11.48 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date is Tuesday, May 18th. Equinix’s dividend payout ratio (DPR) is currently 46.37%.
About Equinix
Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today's businesses to access all the right places, partners and possibilities they need to accelerate advantage.
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