O Shaughnessy Asset Management LLC Increases Stock Position in Equinix, Inc. (NASDAQ:EQIX)

Posted by Shane Hupp on May 26th, 2023

O Shaughnessy Asset Management LLC increased its position in Equinix, Inc. (NASDAQ:EQIX – Get Rating) by 59.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,859 shares of the financial services provider’s stock after acquiring an additional 1,066 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Equinix were worth $1,873,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC raised its holdings in Equinix by 17.5% in the 3rd quarter. Belpointe Asset Management LLC now owns 673 shares of the financial services provider’s stock worth $382,000 after acquiring an additional 100 shares during the last quarter. Two Sigma Advisers LP raised its stake in Equinix by 74.7% during the 3rd quarter. Two Sigma Advisers LP now owns 29,000 shares of the financial services provider’s stock valued at $16,496,000 after buying an additional 12,400 shares during the last quarter. Bank of Nova Scotia raised its stake in Equinix by 1.4% during the 4th quarter. Bank of Nova Scotia now owns 7,875 shares of the financial services provider’s stock valued at $5,158,000 after buying an additional 105 shares during the last quarter. New York State Common Retirement Fund raised its stake in Equinix by 7.3% during the 4th quarter. New York State Common Retirement Fund now owns 203,298 shares of the financial services provider’s stock valued at $133,166,000 after buying an additional 13,778 shares during the last quarter. Finally, Gateway Investment Advisers LLC raised its stake in Equinix by 9.9% during the 4th quarter. Gateway Investment Advisers LLC now owns 844 shares of the financial services provider’s stock valued at $553,000 after buying an additional 76 shares during the last quarter. 92.80% of the stock is currently owned by hedge funds and other institutional investors.

Equinix Trading Up 4.8 %

Shares of Equinix stock opened at $707.26 on Friday. The company has a fifty day moving average of $709.53 and a 200 day moving average of $695.66. Equinix, Inc. has a fifty-two week low of $494.89 and a fifty-two week high of $762.51. The company has a market capitalization of $66.14 billion, a P/E ratio of 80.10, a P/E/G ratio of 2.15 and a beta of 0.63. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.28 and a current ratio of 2.28.

Equinix (NASDAQ:EQIX – Get Rating) last released its quarterly earnings data on Wednesday, May 3rd. The financial services provider reported $2.77 EPS for the quarter, missing the consensus estimate of $7.00 by ($4.23). Equinix had a net margin of 10.84% and a return on equity of 7.20%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the company earned $7.16 EPS. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that Equinix, Inc. will post 27.42 earnings per share for the current fiscal year.

Equinix Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Shareholders of record on Wednesday, May 24th will be issued a dividend of $3.41 per share. This represents a $13.64 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Tuesday, May 23rd. Equinix’s dividend payout ratio (DPR) is presently 154.47%.

Insider Buying and Selling at Equinix

In other Equinix news, insider Karl Strohmeyer sold 56 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $665.03, for a total transaction of $37,241.68. Following the completion of the transaction, the insider now owns 23,247 shares of the company’s stock, valued at approximately $15,459,952.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Simon Miller sold 380 shares of the company’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $671.43, for a total transaction of $255,143.40. Following the sale, the chief accounting officer now directly owns 5,078 shares in the company, valued at approximately $3,409,521.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karl Strohmeyer sold 56 shares of the company’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $665.03, for a total transaction of $37,241.68. Following the sale, the insider now owns 23,247 shares in the company, valued at $15,459,952.41. The disclosure for this sale can be found here. Insiders sold 19,899 shares of company stock valued at $14,268,740 in the last 90 days. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Oppenheimer boosted their target price on shares of Equinix from $750.00 to $760.00 and gave the company an “outperform” rating in a research note on Thursday, February 16th. StockNews.com assumed coverage on shares of Equinix in a research note on Thursday, May 18th. They set a “hold” rating for the company. Citigroup boosted their target price on shares of Equinix from $825.00 to $830.00 in a research note on Friday, May 5th. Morgan Stanley boosted their price objective on shares of Equinix from $702.00 to $714.00 and gave the company an “equal weight” rating in a research report on Thursday, April 20th. Finally, Stifel Nicolaus boosted their price objective on shares of Equinix from $820.00 to $835.00 in a research report on Thursday, May 4th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $781.11.

Equinix Profile

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Equinix, Inc engages in the provision of collocation space and develops data center solutions. The firm offers secure key management, consulting, network virtualization, customer support, and managed services. It operates through the following geographical segments: Americas, Europe, Middle East & Africa and Asia-Pacific.