Allstate Corp Sells 6,218 Shares of Equinix, Inc. $EQIX

Key Points

• Allstate Corp has reduced its stock position in Equinix, Inc. by 46.7%, bringing its holdings to $5.8 million after selling 6,218 shares in the first quarter.
• Equinix has received various ratings from analysts, with a consensus target price of $962.52; five analysts rated it as a Strong Buy, while others have given it ratings from Hold to Buy.
• The company posted quarterly earnings of $9.91 per share, significantly exceeding analysts' expectations of $3.49, and has also announced a quarterly dividend of $4.69 per share.

Allstate Corp lessened its position in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 46.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,109 shares of the financial services provider's stock after selling 6,218 shares during the period. Allstate Corp's holdings in Equinix were worth $5,796,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pinney & Scofield Inc. acquired a new stake in shares of Equinix in the fourth quarter worth $28,000. GKV Capital Management Co. Inc. bought a new position in Equinix during the 1st quarter worth $30,000. Whipplewood Advisors LLC grew its holdings in shares of Equinix by 127.8% during the first quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider's stock worth $33,000 after purchasing an additional 23 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in Equinix by 40.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 42 shares of the financial services provider's stock worth $34,000 after acquiring an additional 12 shares during the period. Finally, Pacific Center for Financial Services increased its holdings in shares of Equinix by 65.2% during the fourth quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 15 shares in the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Equinix

In other news, Director Christopher B. Paisley sold 75 shares of Equinix stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $781.50, for a total value of $58,612.50. Following the transaction, the director owned 17,832 shares of the company's stock, valued at $13,935,708. The trade was a 0.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Adaire Fox-Martin sold 2,949 shares of Equinix stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the sale, the chief executive officer directly owned 9,615 shares of the company's stock, valued at $8,508,409.65. This trade represents a 23.47% decrease in their position. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Equinix Stock Performance

Shares of NASDAQ EQIX traded down $4.09 during mid-day trading on Monday, hitting $782.38. 348,945 shares of the company were exchanged, compared to its average volume of 619,613. The stock has a 50 day simple moving average of $796.24 and a 200-day simple moving average of $837.77. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 1.29. The firm has a market cap of $76.56 billion, a price-to-earnings ratio of 76.63, a price-to-earnings-growth ratio of 1.42 and a beta of 0.90. Equinix, Inc. has a 1-year low of $701.41 and a 1-year high of $994.03.

Equinix (NASDAQ:EQIX - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $9.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.49 by $6.42. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. Equinix had a return on equity of 7.22% and a net margin of 11.11%.The business's revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $9.22 EPS. Equinix has set its Q3 2025 guidance at EPS. FY 2025 guidance at 37.670-38.480 EPS. On average, sell-side analysts forecast that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, August 20th will be issued a dividend of $4.69 per share. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $18.76 annualized dividend and a dividend yield of 2.4%. Equinix's payout ratio is 183.74%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EQIX. Barclays upped their target price on shares of Equinix from $798.00 to $804.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 20th. Truist Financial boosted their price objective on Equinix from $904.00 to $961.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. TD Securities lifted their price objective on shares of Equinix from $978.00 to $1,018.00 and gave the company a "buy" rating in a report on Thursday, May 1st. BMO Capital Markets cut shares of Equinix from an "outperform" rating to a "market perform" rating and lowered their target price for the stock from $1,045.00 to $850.00 in a research note on Thursday, June 26th. Finally, Stifel Nicolaus reduced their price objective on Equinix from $1,050.00 to $1,010.00 and set a "buy" rating for the company in a research note on Thursday, June 26th. Five analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $962.52.

Equinix Company Profile

Equinix Nasdaq: EQIX is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.