Edgewood Management LLC Sells 5,086 Shares of Equinix, Inc. (NASDAQ:EQIX)

Edgewood Management LLC cut its holdings in Equinix, Inc. (NASDAQ:EQIX) by 14.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 29,381 shares of the financial services provider’s stock after selling 5,086 shares during the quarter. Equinix comprises 0.1% of Edgewood Management LLC’s portfolio, making the stock its 26th largest position. Edgewood Management LLC’s holdings in Equinix were worth $27,703,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Inspire Trust Co. N.A. boosted its position in shares of Equinix by 0.7% in the 3rd quarter. Inspire Trust Co. N.A. now owns 1,700 shares of the financial services provider’s stock worth $1,509,000 after purchasing an additional 11 shares during the last quarter. Rothschild Investment LLC lifted its stake in Equinix by 1.9% in the fourth quarter. Rothschild Investment LLC now owns 576 shares of the financial services provider’s stock valued at $543,000 after buying an additional 11 shares during the period. Ritholtz Wealth Management boosted its holdings in Equinix by 1.8% during the fourth quarter. Ritholtz Wealth Management now owns 671 shares of the financial services provider’s stock worth $633,000 after buying an additional 12 shares during the last quarter. Great Lakes Retirement Inc. grew its position in shares of Equinix by 1.2% during the 4th quarter. Great Lakes Retirement Inc. now owns 975 shares of the financial services provider’s stock worth $920,000 after buying an additional 12 shares during the period. Finally, Lake Street Advisors Group LLC increased its stake in shares of Equinix by 1.6% in the 4th quarter. Lake Street Advisors Group LLC now owns 756 shares of the financial services provider’s stock valued at $713,000 after acquiring an additional 12 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

Equinix Price Performance

Shares of EQIX opened at $766.21 on Friday. The company has a 50 day moving average of $883.46 and a 200-day moving average of $906.51. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $74.58 billion, a P/E ratio of 89.62, a P/E/G ratio of 1.78 and a beta of 0.74. Equinix, Inc. has a twelve month low of $684.14 and a twelve month high of $994.03.

Equinix (NASDAQ:EQIX) last released its earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share for the quarter, beating analysts’ consensus estimates 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, equities research analysts forecast that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Increases Dividend

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

Analysts Set New Price Targets

EQIX has been the topic of several recent analyst reports. Royal Bank of Canada lifted their price objective on shares of Equinix from $936.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. JMP Securities reissued a “market outperform” rating and set a $1,200.00 price target on shares of Equinix in a research report on Thursday, February 13th. Barclays boosted their price target on shares of Equinix from $822.00 to $834.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Truist Financial reduced their target price on Equinix from $1,028.00 to $990.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Finally, Citizens Jmp raised Equinix to a “strong-buy” rating in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $1,007.59.

Insider Activity at Equinix

In related news, EVP Raouf Abdel sold 1,331 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $903.71, for a total transaction of $1,202,838.01. Following the transaction, the executive vice president now directly owns 6,579 shares in the company, valued at approximately $5,945,508.09. The trade was a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kurt Pletcher sold 341 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $903.72, for a total transaction of $308,168.52. Following the completion of the sale, the insider now owns 1,430 shares of the company’s stock, valued at approximately $1,292,319.60. This represents a 19.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,054 shares of company stock valued at $17,466,950. Insiders own 0.27% of the company’s stock.

About Equinix

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.