Miracle Mile Advisors LLC Decreases Holdings in Equinix, Inc. (NASDAQ:EQIX)

Miracle Mile Advisors LLC trimmed its stake in shares of Equinix, Inc. (NASDAQ:EQIX) by 1.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,370 shares of the financial services provider’s stock after selling 205 shares during the period. Miracle Mile Advisors LLC’s holdings in Equinix were worth $10,086,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EQIX. Pinney & Scofield Inc. purchased a new position in Equinix during the fourth quarter valued at $28,000. Kestra Investment Management LLC acquired a new stake in shares of Equinix in the fourth quarter valued at about $31,000. Whipplewood Advisors LLC raised its position in shares of Equinix by 127.8% in the first quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider’s stock valued at $33,000 after buying an additional 23 shares during the last quarter. Pacific Center for Financial Services raised its position in shares of Equinix by 65.2% in the fourth quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider’s stock valued at $36,000 after buying an additional 15 shares during the last quarter. Finally, J.Safra Asset Management Corp acquired a new stake in shares of Equinix in the fourth quarter valued at about $39,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

EQIX has been the subject of a number of recent research reports. Scotiabank reduced their target price on shares of Equinix from $1,040.00 to $1,030.00 and set a “sector outperform” rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company reduced their target price on shares of Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating for the company in a research report on Thursday, February 13th. JMP Securities reiterated a “market outperform” rating and issued a $1,200.00 target price on shares of Equinix in a research report on Friday, May 23rd. Truist Financial reduced their target price on shares of Equinix from $990.00 to $986.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Finally, Bank of America initiated coverage on shares of Equinix in a research report on Monday, May 19th. They issued a “buy” rating and a $1,000.00 target price for the company. Two research analysts have rated the stock with a hold rating, twenty have issued a buy rating and six have given a strong buy rating to the company. Based on data from MarketBeat.com, Equinix has an average rating of “Buy” and an average price target of $1,004.80.

Insider Activity at Equinix

In related news, CEO Adaire Fox-Martin sold 2,949 shares of Equinix stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total value of $2,609,599.59. Following the completion of the transaction, the chief executive officer now owns 9,615 shares in the company, valued at approximately $8,508,409.65. The trade was a 23.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kurt Pletcher sold 127 shares of Equinix stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the transaction, the insider now owns 1,842 shares of the company’s stock, valued at $1,616,723.40. This trade represents a 6.45% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,176 shares of company stock worth $2,808,008. Corporate insiders own 0.27% of the company’s stock.

Equinix Trading Up 0.5%

Shares of EQIX stock opened at $914.43 on Friday. 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 firm has a market cap of $89.45 billion, a PE ratio of 106.95, a price-to-earnings-growth ratio of 1.78 and a beta of 0.97. The company has a 50-day moving average of $839.65 and a two-hundred day moving average of $890.49. Equinix, Inc. has a 1-year low of $701.41 and a 1-year high of $994.03.

Equinix (NASDAQ:EQIX) last announced its earnings results 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. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. Equinix had a net margin of 9.32% and a return on equity of 6.31%. Equinix’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm posted $8.86 earnings per share. On average, analysts predict that Equinix, Inc. will post 33.1 EPS for the current year.

Equinix Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, May 21st will be issued a $4.69 dividend. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Wednesday, May 21st. Equinix’s dividend payout ratio (DPR) is currently 195.01%.

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.