Vestcor Inc Sells 1,212 Shares of Equinix, Inc. $EQIX

Vestcor Inc decreased its holdings in shares of Equinix, Inc. (NASDAQ:EQIX) by 7.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,560 shares of the financial services provider’s stock after selling 1,212 shares during the period. Vestcor Inc’s holdings in Equinix were worth $12,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of EQIX. Ameriflex Group Inc. lifted its position in Equinix by 433.3% during the third quarter. Ameriflex Group Inc. now owns 32 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 26 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Equinix in the second quarter worth about $26,000. Abound Wealth Management raised its stake in shares of Equinix by 209.1% in the third quarter. Abound Wealth Management now owns 34 shares of the financial services provider’s stock worth $27,000 after buying an additional 23 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Equinix in the second quarter worth about $28,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of Equinix by 40.6% during the 3rd quarter. Cornerstone Planning Group LLC now owns 45 shares of the financial services provider’s stock valued at $37,000 after buying an additional 13 shares in the last quarter. 94.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

EQIX has been the subject of a number of recent research reports. Wall Street Zen downgraded Equinix from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. The Goldman Sachs Group lifted their price target on shares of Equinix from $785.00 to $894.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. UBS Group upped their price target on shares of Equinix from $950.00 to $1,010.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. TD Cowen reissued a “buy” rating on shares of Equinix in a research note on Thursday, February 12th. Finally, Scotiabank restated an “outperform” rating on shares of Equinix in a research report on Thursday, February 12th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,006.91.

Equinix Stock Performance

NASDAQ:EQIX opened at $936.90 on Monday. The stock has a 50-day moving average price of $852.09 and a 200 day moving average price of $807.69. The stock has a market capitalization of $92.05 billion, a P/E ratio of 68.14, a P/E/G ratio of 2.41 and a beta of 1.04. Equinix, Inc. has a 12-month low of $701.41 and a 12-month high of $992.90. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.40.

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

Equinix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Wednesday, February 25th will be issued a $5.16 dividend. This represents a $20.64 annualized dividend and a dividend yield of 2.2%. This is a boost 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 150.11%.

Insider Transactions at Equinix

In related news, Chairman Charles J. Meyers sold 2,716 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $965.15, for a total transaction of $2,621,347.40. Following the completion of the transaction, the chairman owned 12,594 shares in the company, valued at approximately $12,155,099.10. This represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith D. Taylor sold 2,051 shares of the firm’s stock in a transaction on Friday, January 16th. The shares were 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 $21,208,375.41. The trade was a 7.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,602 shares of company stock valued at $11,369,645. 0.27% of the stock is owned by corporate insiders.

Equinix Profile

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.