Spirit of America Management Corp NY Decreases Stock Holdings in Equinix, Inc. $EQIX

Spirit of America Management Corp NY lowered its stake in shares of Equinix, Inc. (NASDAQ:EQIX) by 20.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,160 shares of the financial services provider’s stock after selling 1,350 shares during the quarter. Spirit of America Management Corp NY’s holdings in Equinix were worth $3,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ameriflex Group Inc. lifted its position in shares of 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 buying an additional 26 shares during the last quarter. Abound Wealth Management grew its position in shares of Equinix by 209.1% in the 3rd 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 last quarter. Salomon & Ludwin LLC purchased a new position in shares of Equinix in the 3rd quarter worth approximately $37,000. Cornerstone Planning Group LLC raised its stake 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 worth $37,000 after acquiring an additional 13 shares in the last quarter. Finally, Westside Investment Management Inc. lifted its position in Equinix by 65.6% during the third quarter. Westside Investment Management Inc. now owns 53 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on EQIX shares. Wells Fargo & Company upped their price target on Equinix from $925.00 to $975.00 and gave the stock an “overweight” rating in a research report on Thursday, February 12th. Sanford C. Bernstein began coverage on Equinix in a research report on Thursday, March 5th. They issued an “outperform” rating and a $1,128.00 price objective for the company. Truist Financial boosted their target price on Equinix from $973.00 to $1,087.00 and gave the stock a “buy” rating in a research note on Wednesday, February 18th. Scotiabank reaffirmed an “outperform” rating on shares of Equinix in a research report on Thursday, February 12th. Finally, JPMorgan Chase & Co. increased their price target on Equinix from $950.00 to $1,100.00 and gave the company an “overweight” rating in a research note on Thursday, February 12th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Equinix currently has a consensus rating of “Moderate Buy” and an average price target of $1,015.05.

Equinix Trading Up 0.1%

NASDAQ EQIX opened at $964.05 on Tuesday. Equinix, Inc. has a 12-month low of $701.41 and a 12-month high of $992.90. The company has a fifty day simple moving average of $910.75 and a two-hundred day simple moving average of $828.83. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.40. The stock has a market cap of $94.72 billion, a P/E ratio of 70.11, a P/E/G ratio of 2.48 and a beta of 1.04.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). Equinix had a net margin of 14.65% and a return on equity of 9.60%. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same period last year, the firm earned $7.92 earnings per share. Equinix’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, analysts forecast that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 25th were paid a dividend of $5.16 per share. This represents a $20.64 annualized dividend and a yield of 2.1%. The ex-dividend date was Wednesday, February 25th. This is a boost from Equinix’s previous quarterly dividend of $4.69. Equinix’s dividend payout ratio (DPR) is presently 150.11%.

Insiders Place Their Bets

In related news, EVP Raouf Abdel sold 927 shares of Equinix stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $801.78, for a total transaction of $743,250.06. Following the completion of the sale, the executive vice president owned 7,337 shares of the company’s stock, valued at $5,882,659.86. The trade was a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brandi Galvin Morandi sold 1,333 shares of the company’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 owned 9,551 shares in the company, valued at approximately $7,681,391.75. This 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 sold 16,842 shares of company stock valued at $14,494,840. Insiders own 0.27% of the company’s stock.

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.