Connor Clark & Lunn Investment Management Ltd. Grows Position in Equinix, Inc. (NASDAQ:EQIX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Equinix, Inc. by 170.1% in Q1, bringing its total holdings to approximately $26.09 million.
• Equinix reported $9.91 EPS for the last quarter, significantly exceeding the consensus estimate of $3.49, reflecting a year-over-year revenue growth of 4.5%.
• The company declared a quarterly dividend of $4.69 per share to be paid on September 17, indicating an annual yield of 2.4%.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 170.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 31,992 shares of the financial services provider's stock after purchasing an additional 20,149 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Equinix were worth $26,085,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Pinney & Scofield Inc. acquired a new position in shares of Equinix in the 4th quarter valued at approximately $28,000. Whipplewood Advisors LLC raised its stake in shares of Equinix by 127.8% during the 1st quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider's stock worth $33,000 after purchasing an additional 23 shares in the last quarter. Cornerstone Planning Group LLC raised its stake in shares of 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 purchasing an additional 12 shares in the last quarter. Pacific Center for Financial Services raised its stake in shares of Equinix by 65.2% during the 4th quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider's stock worth $36,000 after purchasing an additional 15 shares in the last quarter. Finally, Tidemark LLC raised its stake in Equinix by 57.1% in the 1st quarter. Tidemark LLC now owns 44 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 16 shares during the period. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EQIX has been the topic of a number of research analyst reports. The Goldman Sachs Group dropped their price target on Equinix from $1,020.00 to $880.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. UBS Group reduced their target price on Equinix from $1,035.00 to $950.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Cfra Research lowered Equinix from a "moderate buy" rating to a "hold" rating in a research note on Thursday, July 31st. Wells Fargo & Company reduced their price objective on Equinix from $1,065.00 to $925.00 and set an "overweight" rating on the stock in a research note on Thursday, June 26th. Finally, Bank of America dropped their target price on Equinix from $1,000.00 to $950.00 and set a "buy" rating for the company in a research report on Thursday, June 26th. Five analysts have rated the stock with a hold rating, twenty have issued a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $959.86.

Insider Activity

In other news, Director Christopher B. Paisley sold 100 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $869.41, for a total value of $86,941.00. Following the completion of the transaction, the director directly owned 17,569 shares in the company, valued at approximately $15,274,664.29. This represents a 0.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adaire Fox-Martin sold 2,949 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $884.91, for a total value of $2,609,599.59. Following the completion of the transaction, the chief executive officer owned 9,615 shares of the company's stock, valued at $8,508,409.65. The trade was a 23.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Equinix Stock Performance

Equinix stock traded down $3.09 during mid-day trading on Wednesday, reaching $784.23. 254,235 shares of the company's stock were exchanged, compared to its average volume of 629,221. The business's fifty day simple moving average is $816.55 and its 200 day simple moving average is $846.16. The firm has a market capitalization of $76.74 billion, a PE ratio of 76.81, a P/E/G ratio of 1.40 and a beta of 0.90. Equinix, Inc. has a one year low of $701.41 and a one year high of $994.03. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 1.29.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its earnings results on Wednesday, July 30th. The financial services provider reported $9.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.49 by $6.42. Equinix had a return on equity of 7.22% and a net margin of 11.11%. The firm had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the company posted $9.22 earnings per share. The business's revenue was up 4.5% on a year-over-year basis. On average, sell-side analysts expect that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Announces Dividend

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

Equinix 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.