Adelante Capital Management LLC Has $128.61 Million Stock Holdings in Equinix, Inc. $EQIX

Key Points

• Adelante Capital Management increased its Equinix stake by 2.7% to 131,207 shares, valued at approximately $128.6 million. Equinix now represents 8.4% of the fund’s portfolio, while institutional investors collectively own 94.94% of the company.
• Analysts maintain a generally positive outlook, with Equinix receiving a “Moderate Buy” consensus rating and an average price target of $1,153.79. Wells Fargo and Morgan Stanley recently raised their targets to $1,200 and $1,250, respectively, although some firms downgraded the stock to “Hold.”
• Equinix shares opened at $1,034.86 after declining 1.1%; the company recently reported $10.79 in quarterly EPS, well above the $4.30 consensus estimate, while revenue increased 9.8% year over year to $2.44 billion.

Adelante Capital Management LLC raised its holdings in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 2.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 131,207 shares of the financial services provider's stock after acquiring an additional 3,434 shares during the period. Equinix comprises 8.4% of Adelante Capital Management LLC's holdings, making the stock its 3rd biggest holding. Adelante Capital Management LLC owned approximately 0.13% of Equinix worth $128,614,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in Equinix by 53.3% in the first quarter. EverSource Wealth Advisors LLC now owns 797 shares of the financial services provider's stock valued at $781,000 after buying an additional 277 shares in the last quarter. Empire Financial Management Company LLC acquired a new position in shares of Equinix during the first quarter worth $208,000. Resolution Capital Ltd lifted its stake in shares of Equinix by 15.3% in the 1st quarter. Resolution Capital Ltd now owns 647,648 shares of the financial services provider's stock valued at $634,850,000 after acquiring an additional 85,847 shares during the last quarter. Glen Eagle Advisors LLC lifted its stake in shares of Equinix by 20.5% in the 1st quarter. Glen Eagle Advisors LLC now owns 94 shares of the financial services provider's stock valued at $92,000 after acquiring an additional 16 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of Equinix by 56.5% during the 1st quarter. Quantinno Capital Management LP now owns 33,232 shares of the financial services provider's stock valued at $32,576,000 after acquiring an additional 12,002 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on EQIX. Wells Fargo & Company upped their target price on Equinix from $975.00 to $1,200.00 and gave the stock an "overweight" rating in a report on Tuesday, April 21st. Zacks Research lowered Equinix from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Morgan Stanley boosted their price target on Equinix from $1,075.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Monday, April 13th. Weiss Ratings lowered shares of Equinix from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 23rd. Finally, Cantor Fitzgerald lifted their target price on shares of Equinix from $1,173.00 to $1,186.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $1,153.79.

Insider Activity

In related news, insider Brandi Galvin Morandi sold 3,726 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $1,076.36, for a total value of $4,010,517.36. Following the transaction, the insider owned 6,132 shares in the company, valued at $6,600,239.52. The trade was a 37.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Charles J. Meyers sold 5,224 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $1,085.23, for a total value of $5,669,241.52. Following the sale, the chairman owned 7,370 shares of the company's stock, valued at approximately $7,998,145.10. The trade was a 41.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,115 shares of company stock worth $12,022,574 in the last three months. Corporate insiders own 0.27% of the company's stock.

Equinix Trading Down 1.1%

Shares of EQIX stock opened at $1,034.86 on Wednesday. Equinix, Inc. has a 1-year low of $720.62 and a 1-year high of $1,128.68. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.39. The stock has a market cap of $102.06 billion, a price-to-earnings ratio of 71.62, a PEG ratio of 1.94 and a beta of 0.98. The stock has a 50-day moving average of $1,056.26 and a 200-day moving average of $991.49.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $10.79 EPS for the quarter, topping analysts' consensus estimates of $4.30 by $6.49. Equinix had a return on equity of 10.03% and a net margin of 15.07%.The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the firm earned $9.67 earnings per share. The firm's quarterly revenue was up 9.8% on a year-over-year basis. On average, equities research analysts forecast that Equinix, Inc. will post 38.25 earnings per share for the current year.

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.

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