Covea Finance Has $9.29 Million Stake in Equinix, Inc. (NASDAQ:EQIX)

Covea Finance reduced its position in shares of Equinix, Inc. (NASDAQ:EQIX - Free Report) by 9.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,391 shares of the financial services provider's stock after selling 1,217 shares during the period. Covea Finance's holdings in Equinix were worth $9,288,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of EQIX. Oppenheimer & Co. Inc. grew its position in Equinix by 61.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 8,427 shares of the financial services provider's stock worth $7,946,000 after buying an additional 3,212 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Equinix by 0.4% during the 4th quarter. Bank of New York Mellon Corp now owns 628,059 shares of the financial services provider's stock worth $592,191,000 after acquiring an additional 2,560 shares in the last quarter. National Pension Service grew its holdings in shares of Equinix by 1.3% in the 4th quarter. National Pension Service now owns 243,149 shares of the financial services provider's stock worth $229,263,000 after acquiring an additional 3,164 shares during the last quarter. First United Bank & Trust acquired a new position in shares of Equinix in the 1st quarter worth $451,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Equinix by 20.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 99,489 shares of the financial services provider's stock worth $93,807,000 after purchasing an additional 17,084 shares during the period. 94.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Equinix news, CEO Adaire Fox-Martin sold 2,949 shares of the business'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 sale, the chief executive officer now owns 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christopher B. Paisley sold 100 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $869.41, for a total value of $86,941.00. Following the transaction, the director now directly owns 17,569 shares in the company, valued at approximately $15,274,664.29. This represents a 0.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,176 shares of company stock valued at $2,808,008 over the last ninety days. Corporate insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

EQIX has been the subject of a number of recent analyst reports. Cfra Research upgraded Equinix from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 28th. Mizuho reduced their price objective on shares of Equinix from $1,094.00 to $1,053.00 and set an "outperform" rating for the company in a research note on Friday, March 28th. Scotiabank dropped their target price on shares of Equinix from $1,040.00 to $1,030.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, April 22nd. BNP Paribas upgraded shares of Equinix to a "strong-buy" rating in a report on Thursday, May 1st. Finally, Citigroup upped their price target on shares of Equinix from $970.00 to $990.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and six have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Equinix has a consensus rating of "Buy" and an average target price of $1,004.80.

Equinix Stock Down 0.4%

EQIX traded down $3.97 during trading on Friday, reaching $882.88. 788,142 shares of the stock traded hands, compared to its average volume of 529,118. The stock's 50-day simple moving average is $862.84 and its two-hundred day simple moving average is $885.49. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.65 and a quick ratio of 1.65. Equinix, Inc. has a fifty-two week low of $701.41 and a fifty-two week high of $994.03. The stock has a market cap of $86.36 billion, a price-to-earnings ratio of 91.78, a price-to-earnings-growth ratio of 1.15 and a beta of 0.97.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share for the quarter, topping analysts' consensus estimates of $9.01 by $0.66. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.23 billion. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The business's quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the business earned $8.86 EPS. As a group, equities research analysts expect that Equinix, Inc. will post 33.1 EPS for the current year.

Equinix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were given a $4.69 dividend. This represents a $18.76 annualized dividend and a yield of 2.12%. The ex-dividend date was Wednesday, May 21st. Equinix's dividend payout ratio is 195.01%.

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.