Pitcairn Co. Sells 44 Shares of Equinix, Inc. (NASDAQ:EQIX)

Pitcairn Co. reduced its holdings in shares of Equinix, Inc. (NASDAQ:EQIX) by 12.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 310 shares of the financial services provider’s stock after selling 44 shares during the period. Pitcairn Co.’s holdings in Equinix were worth $292,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Equinix in the fourth quarter worth approximately $1,067,270,000. Wellington Management Group LLP grew its position in shares of Equinix by 28.7% during the 4th quarter. Wellington Management Group LLP now owns 1,804,227 shares of the financial services provider’s stock worth $1,701,188,000 after buying an additional 401,991 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Equinix in the 4th quarter valued at $328,899,000. Proficio Capital Partners LLC acquired a new position in shares of Equinix during the 4th quarter valued at $246,000. Finally, JPMorgan Chase & Co. boosted its stake in Equinix by 17.9% during the third quarter. JPMorgan Chase & Co. now owns 1,338,597 shares of the financial services provider’s stock worth $1,188,180,000 after acquiring an additional 203,656 shares in the last quarter. 94.94% of the stock is owned by institutional investors.

Equinix Trading Down 4.4 %

Shares of EQIX stock opened at $766.21 on Monday. Equinix, Inc. has a 52-week low of $684.14 and a 52-week high of $994.03. The company has a 50-day simple moving average of $883.46 and a two-hundred day simple moving average of $906.83. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market capitalization of $74.58 billion, a price-to-earnings ratio of 89.62, a PEG ratio of 1.78 and a beta of 0.95.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $7.92 EPS for the quarter, beating analysts’ consensus estimates of $2.75 by $5.17. Equinix had a return on equity of 6.31% and a net margin of 9.32%. Research analysts anticipate that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, February 26th were issued a $4.69 dividend. This is an increase 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 payout ratio is 219.42%.

Analyst Ratings Changes

Several equities research analysts have weighed in on EQIX shares. Royal Bank of Canada lifted their price target on shares of Equinix from $936.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. JMP Securities reaffirmed a “market outperform” rating and issued a $1,200.00 target price on shares of Equinix in a research report on Thursday, February 13th. Cfra Research upgraded Equinix from a “hold” rating to a “strong-buy” rating in a report on Friday, March 28th. Truist Financial decreased their price objective on Equinix from $1,028.00 to $990.00 and set a “buy” rating for the company in a report on Monday, March 10th. Finally, Wolfe Research upgraded Equinix from a “peer perform” rating to an “outperform” rating and set a $978.00 target price on the stock in a report on Thursday, March 27th. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $1,007.59.

Insider Activity at Equinix

In other news, CEO Adaire Fox-Martin sold 1,370 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $909.51, for a total transaction of $1,246,028.70. Following the transaction, the chief executive officer now owns 4,329 shares of the company’s stock, valued at $3,937,268.79. This represents a 24.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brandi Galvin Morandi sold 684 shares of Equinix stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $940.51, for a total value of $643,308.84. Following the completion of the sale, the insider now directly owns 8,377 shares of the company’s stock, valued at approximately $7,878,652.27. This trade represents a 7.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,054 shares of company stock worth $17,466,950. 0.27% of the stock is owned by company 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.