Cornerstone Advisors LLC Sells 1,400 Shares of Equinix, Inc. $EQIX

Cornerstone Advisors LLC lessened its position in Equinix, Inc. (NASDAQ:EQIX) by 36.8% in the third quarter, Holdings Channel.com reports. The firm owned 2,400 shares of the financial services provider’s stock after selling 1,400 shares during the quarter. Cornerstone Advisors LLC’s holdings in Equinix were worth $1,880,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Quent Capital LLC increased its stake in shares of Equinix by 4.2% in the third quarter. Quent Capital LLC now owns 298 shares of the financial services provider’s stock valued at $233,000 after buying an additional 12 shares during the period. Whittier Trust Co. increased its position in Equinix by 1.3% in the 2nd quarter. Whittier Trust Co. now owns 1,040 shares of the financial services provider’s stock valued at $827,000 after acquiring an additional 13 shares during the period. CVA Family Office LLC raised its stake in shares of Equinix by 10.9% during the second quarter. CVA Family Office LLC now owns 132 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 13 shares during the last quarter. Flputnam Investment Management Co. lifted its holdings in shares of Equinix by 1.0% during the third quarter. Flputnam Investment Management Co. now owns 1,295 shares of the financial services provider’s stock worth $1,014,000 after purchasing an additional 13 shares during the period. Finally, Paragon Private Wealth Management LLC lifted its holdings in shares of Equinix by 2.7% during the third quarter. Paragon Private Wealth Management LLC now owns 495 shares of the financial services provider’s stock worth $388,000 after purchasing an additional 13 shares during the period. 94.94% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Keith D. Taylor sold 2,051 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $804.17, for a total transaction of $1,649,352.67. Following the transaction, the chief financial officer directly owned 26,373 shares of the company’s stock, valued at approximately $21,208,375.41. This represents a 7.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brandi Galvin Morandi sold 1,333 shares of the firm’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $804.25, for a total value of $1,072,065.25. Following the completion of the sale, the insider directly owned 9,551 shares of the company’s stock, valued at $7,681,391.75. This trade represents a 12.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 14,353 shares of company stock valued at $11,283,043. Corporate insiders own 0.27% of the company’s stock.

Equinix Trading Down 2.9%

Shares of EQIX stock opened at $924.24 on Thursday. Equinix, Inc. has a fifty-two week low of $701.41 and a fifty-two week high of $992.90. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a 50 day simple moving average of $805.03 and a two-hundred day simple moving average of $792.85. The company has a market cap of $90.81 billion, a P/E ratio of 67.22, a PEG ratio of 1.59 and a beta of 1.06.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.46 billion. Equinix had a return on equity of 9.60% and a net margin of 14.65%.Equinix’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $7.92 earnings per share. Research analysts forecast that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 25th will be paid a $5.16 dividend. This represents a $20.64 annualized dividend and a yield of 2.2%. This is an increase from Equinix’s previous quarterly dividend of $4.69. The ex-dividend date of this dividend is Wednesday, February 25th. Equinix’s payout ratio is presently 136.44%.

Analysts Set New Price Targets

EQIX has been the subject of several analyst reports. Guggenheim raised their target price on Equinix from $933.00 to $985.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Barclays reissued a “positive” rating and issued a $870.00 price target on shares of Equinix in a research note on Tuesday, January 13th. Stifel Nicolaus set a $1,075.00 price objective on Equinix in a research note on Thursday, February 12th. Deutsche Bank Aktiengesellschaft set a $915.00 target price on shares of Equinix in a research report on Tuesday, January 6th. Finally, Truist Financial boosted their price target on shares of Equinix from $973.00 to $1,087.00 and gave the stock a “buy” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,001.41.

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.