TIAA Trust National Association Trims Stake in Equinix, Inc. $EQIX

TIAA Trust National Association cut its position in shares of Equinix, Inc. (NASDAQ:EQIX) by 56.3% in the third quarter, HoldingsChannel reports. The firm owned 793 shares of the financial services provider’s stock after selling 1,023 shares during the period. TIAA Trust National Association’s holdings in Equinix were worth $621,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in EQIX. Brighton Jones LLC lifted its stake in Equinix by 28.9% in the fourth quarter. Brighton Jones LLC now owns 326 shares of the financial services provider’s stock worth $307,000 after acquiring an additional 73 shares during the period. Integrated Wealth Concepts LLC raised its holdings in shares of Equinix by 11.5% in the 1st quarter. Integrated Wealth Concepts LLC now owns 522 shares of the financial services provider’s stock valued at $425,000 after purchasing an additional 54 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Equinix by 21.8% in the 1st quarter. Empowered Funds LLC now owns 3,050 shares of the financial services provider’s stock worth $2,487,000 after purchasing an additional 546 shares during the period. Schnieders Capital Management LLC. purchased a new stake in shares of Equinix in the 2nd quarter worth approximately $231,000. Finally, Arkadios Wealth Advisors boosted its stake in shares of Equinix by 39.7% during the second quarter. Arkadios Wealth Advisors now owns 429 shares of the financial services provider’s stock valued at $342,000 after purchasing an additional 122 shares in the last quarter. Institutional investors own 94.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on EQIX shares. Stifel Nicolaus set a $1,075.00 target price on Equinix in a report on Thursday, February 12th. Morgan Stanley reissued an “overweight” rating and issued a $1,075.00 price target on shares of Equinix in a research report on Friday, February 13th. Citigroup reaffirmed a “buy” rating on shares of Equinix in a research report on Thursday, February 12th. Scotiabank reiterated an “outperform” rating on shares of Equinix in a research note on Thursday, February 12th. Finally, TD Cowen reissued a “buy” rating on shares of Equinix in a research report on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,001.41.

Equinix Stock Up 2.8%

Shares of EQIX stock opened at $974.26 on Monday. The stock’s fifty day moving average price is $832.07 and its 200 day moving average price is $801.20. Equinix, Inc. has a 1-year low of $701.41 and a 1-year high of $992.90. The company has a market cap of $95.72 billion, a price-to-earnings ratio of 70.86, a price-to-earnings-growth ratio of 2.50 and a beta of 1.04. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.32 and a quick ratio of 1.32.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $2.46 billion. During the same period in the prior year, the business posted $7.92 EPS. Equinix’s revenue was up 7.0% compared to the same quarter last year. On average, research analysts expect that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 25th will be given a dividend of $5.16 per share. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $20.64 annualized dividend and a yield of 2.1%. This is a boost from Equinix’s previous quarterly dividend of $4.69. Equinix’s payout ratio is presently 150.11%.

Insider Buying and Selling at Equinix

In other news, EVP Raouf Abdel sold 927 shares of the firm’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $801.78, for a total value of $743,250.06. Following the completion of the transaction, the executive vice president directly owned 7,337 shares in the company, valued at $5,882,659.86. This trade represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Charles J. Meyers sold 2,094 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $804.14, for a total value of $1,683,869.16. Following the completion of the sale, the chairman owned 13,253 shares in the company, valued at approximately $10,657,267.42. This represents a 13.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 14,353 shares of company stock worth $11,283,043 in the last three months. 0.27% of the stock is owned by company insiders.

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.