Equinix, Inc. $EQIX Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its position in shares of Equinix, Inc. (NASDAQ:EQIX) by 14.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,988 shares of the financial services provider’s stock after purchasing an additional 1,890 shares during the period. PNC Financial Services Group Inc.’s holdings in Equinix were worth $14,692,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in Equinix by 28.9% in the fourth quarter. Brighton Jones LLC now owns 326 shares of the financial services provider’s stock valued at $307,000 after buying an additional 73 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in shares of Equinix by 11.5% during the first quarter. Integrated Wealth Concepts LLC now owns 522 shares of the financial services provider’s stock worth $425,000 after acquiring an additional 54 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Equinix by 21.8% in the 1st quarter. Empowered Funds LLC now owns 3,050 shares of the financial services provider’s stock valued at $2,487,000 after acquiring an additional 546 shares during the period. Schnieders Capital Management LLC. acquired a new position in shares of Equinix in the 2nd quarter valued at $231,000. Finally, Brown Advisory Inc. raised its position in Equinix by 2.8% in the 2nd quarter. Brown Advisory Inc. now owns 1,074 shares of the financial services provider’s stock valued at $854,000 after purchasing an additional 29 shares during the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on EQIX. The Goldman Sachs Group raised their price objective on shares of Equinix from $894.00 to $1,015.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Citigroup upped their target price on shares of Equinix from $1,240.00 to $1,260.00 and gave the company a “buy” rating in a report on Monday, June 29th. Evercore reiterated an “outperform” rating and set a $1,240.00 target price on shares of Equinix in a research note on Tuesday, April 28th. JPMorgan Chase & Co. raised their price target on Equinix from $1,100.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, Wall Street Zen raised Equinix from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,153.79.

Insiders Place Their Bets

In other Equinix news, insider Brandi Galvin Morandi sold 3,726 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $1,076.36, for a total transaction of $4,010,517.36. Following the transaction, the insider owned 6,132 shares in the company, valued at approximately $6,600,239.52. The trade was a 37.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Raouf Abdel sold 2,040 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $1,083.47, for a total value of $2,210,278.80. Following the transaction, the executive vice president directly owned 5,728 shares of the company’s stock, valued at approximately $6,206,116.16. This trade represents a 26.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 11,115 shares of company stock worth $12,022,574. Company insiders own 0.27% of the company’s stock.

Equinix Stock Up 4.9%

Shares of Equinix stock opened at $1,084.24 on Friday. Equinix, Inc. has a one year low of $720.62 and a one year high of $1,128.68. The company has a market cap of $106.93 billion, a P/E ratio of 75.03, a PEG ratio of 2.01 and a beta of 0.98. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a fifty day moving average of $1,056.85 and a two-hundred day moving average of $986.34.

Equinix (NASDAQ:EQIX) last issued its earnings results on Wednesday, April 29th. The financial services provider reported $10.79 earnings per share for the quarter, beating the consensus estimate of $4.30 by $6.49. Equinix had a net margin of 15.07% and a return on equity of 10.03%. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the previous year, the firm earned $9.67 earnings per share. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. Equinix has set its FY 2026 guidance at 42.310-43.110 EPS. On average, analysts forecast that Equinix, Inc. will post 38.25 earnings per share for the current year.

Equinix Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, May 20th were issued a $5.16 dividend. This represents a $20.64 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Wednesday, May 20th. Equinix’s payout ratio is currently 142.84%.

About Equinix

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.