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

Cornerstone Advisors LLC trimmed its stake in Equinix, Inc. (NASDAQ:EQIX) by 36.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 institutional investors have also recently made changes to their positions in the stock. Westside Investment Management Inc. raised its position in Equinix by 190.9% during the second quarter. Westside Investment Management Inc. now owns 32 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 21 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Equinix during the 2nd quarter worth about $26,000. Bank of Jackson Hole Trust raised its holdings in shares of Equinix by 70.0% in the 2nd quarter. Bank of Jackson Hole Trust now owns 34 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 14 shares during the period. Abound Wealth Management lifted its stake in Equinix by 209.1% in the 3rd quarter. Abound Wealth Management now owns 34 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 23 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd bought a new position in Equinix during the second quarter worth about $28,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

Analysts Set New Price Targets

EQIX has been the subject of a number of recent analyst reports. Citigroup reaffirmed a “buy” rating on shares of Equinix in a research report on Thursday, February 12th. Jefferies Financial Group lifted their price objective on shares of Equinix from $950.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Wall Street Zen lowered shares of Equinix from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. Zacks Research cut shares of Equinix from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Finally, The Goldman Sachs Group upped their price target on shares of Equinix from $785.00 to $894.00 and gave the company a “neutral” rating in a research note on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Equinix has an average rating of “Moderate Buy” and a consensus price target of $1,001.41.

Equinix Stock Down 2.9%

Shares of EQIX opened at $924.24 on Thursday. 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, Inc. has a 12 month low of $701.41 and a 12 month high of $992.90. The firm’s 50 day moving average is $805.03 and its 200-day moving average is $792.85. The stock has a market capitalization of $90.81 billion, a PE ratio of 67.22, a P/E/G ratio of 1.59 and a beta of 1.06.

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

Equinix Increases Dividend

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

Insider Activity at Equinix

In other Equinix news, insider Brandi Galvin Morandi sold 1,333 shares of the firm’s stock in a transaction on Friday, January 16th. The stock was sold at an average price of $804.25, for a total value of $1,072,065.25. Following the sale, the insider owned 9,551 shares of the company’s stock, valued at approximately $7,681,391.75. This trade represents a 12.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Raouf Abdel sold 927 shares of the company’s stock in a transaction on Friday, January 16th. The stock was sold at an average price of $801.78, for a total value of $743,250.06. Following the sale, the executive vice president owned 7,337 shares of the company’s stock, valued at approximately $5,882,659.86. This represents a 11.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 14,353 shares of company stock worth $11,283,043 in the last 90 days. Corporate insiders own 0.27% of the company’s stock.

Equinix Company 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.