Bank of Nova Scotia Increases Stock Position in Equinix, Inc. $EQIX

Key Points

• Bank of Nova Scotia boosted its stake in Equinix by 26.4% in the first quarter, buying 5,901 additional shares and bringing its total holding to 28,212 shares worth about $27.7 million.
• Equinix reported strong quarterly earnings on April 29, posting $10.79 EPS versus the $4.30 consensus estimate, while revenue rose 9.8% year over year to $2.44 billion.
• Wall Street remains bullish on the stock, with several firms raising price targets and the consensus rating sitting at Moderate Buy with an average target of $1,153.79.

Bank of Nova Scotia raised its stake in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 26.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,212 shares of the financial services provider's stock after purchasing an additional 5,901 shares during the quarter. Bank of Nova Scotia's holdings in Equinix were worth $27,655,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Norges Bank bought a new stake in shares of Equinix in the 4th quarter valued at approximately $984,355,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Equinix by 408.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,186,497 shares of the financial services provider's stock valued at $929,312,000 after buying an additional 953,001 shares during the period. Cohen & Steers Inc. grew its position in shares of Equinix by 23.3% during the 4th quarter. Cohen & Steers Inc. now owns 2,609,011 shares of the financial services provider's stock valued at $1,998,978,000 after buying an additional 493,141 shares during the last quarter. Deutsche Bank AG grew its position in shares of Equinix by 30.0% during the 4th quarter. Deutsche Bank AG now owns 1,094,808 shares of the financial services provider's stock valued at $838,798,000 after buying an additional 252,964 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in Equinix by 709.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 286,288 shares of the financial services provider's stock worth $219,342,000 after acquiring an additional 250,914 shares during the period. Institutional investors and hedge funds own 94.94% of the company's stock.

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Equinix Price Performance

NASDAQ EQIX opened at $1,084.24 on Friday. Equinix, Inc. has a 12-month low of $720.62 and a 12-month high of $1,128.68. The company has a market capitalization of $106.93 billion, a PE ratio of 75.03, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The firm's 50 day moving average is $1,056.85 and its 200-day moving average is $986.34. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.39.

Equinix (NASDAQ:EQIX - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.52 billion. Equinix had a net margin of 15.07% and a return on equity of 10.03%. Equinix's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $9.67 earnings per share. Equinix has set its FY 2026 guidance at 42.310-43.110 EPS. Equities research analysts anticipate that Equinix, Inc. will post 38.25 earnings per share for the current fiscal year.

Equinix Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, May 20th were paid a $5.16 dividend. This represents a $20.64 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Wednesday, May 20th. Equinix's dividend payout ratio is presently 142.84%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on EQIX. Mizuho lifted their target price on Equinix from $1,165.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Thursday, May 7th. HSBC raised their price target on Equinix from $1,100.00 to $1,250.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Truist Financial set a $1,215.00 price objective on Equinix in a research note on Friday, May 1st. Oppenheimer reiterated an "outperform" rating and set a $1,200.00 price target on shares of Equinix in a research report on Thursday, April 30th. Finally, Morgan Stanley upped their price target on shares of Equinix from $1,075.00 to $1,250.00 and gave the stock an "overweight" rating in a research note on Monday, April 13th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $1,153.79.

Insiders Place Their Bets

In other Equinix news, Director Christopher B. Paisley sold 125 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $1,060.29, for a total transaction of $132,536.25. Following the completion of the sale, the director directly owned 17,557 shares of the company's stock, valued at $18,615,511.53. This trade represents a 0.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Charles J. Meyers sold 5,224 shares of Equinix stock in a transaction that occurred on 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 completion of the transaction, the chairman owned 7,370 shares of the company's stock, valued at approximately $7,998,145.10. This trade represents a 41.48% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 11,115 shares of company stock worth $12,022,574 over the last quarter. Company insiders own 0.27% of the company's stock.

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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