Envestnet Portfolio Solutions Inc. Trims Stock Position in Equinix, Inc. (NASDAQ:EQIX)

Envestnet Portfolio Solutions Inc. trimmed its holdings in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 49.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,271 shares of the financial services provider's stock after selling 7,120 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Equinix were worth $5,928,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of EQIX. Pinney & Scofield Inc. acquired a new position in Equinix during the fourth quarter worth $28,000. Kestra Investment Management LLC purchased a new position in shares of Equinix during the 4th quarter worth $31,000. Whipplewood Advisors LLC raised its holdings 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 acquiring an additional 23 shares during the period. Pacific Center for Financial Services boosted its position 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 valued at $36,000 after acquiring an additional 15 shares during the last quarter. Finally, J.Safra Asset Management Corp purchased a new stake in shares of Equinix in the fourth quarter valued at about $39,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on EQIX. Truist Financial decreased their target price on shares of Equinix from $990.00 to $986.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Stifel Nicolaus upped their price objective on Equinix from $1,030.00 to $1,050.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Scotiabank lowered their price objective on Equinix from $1,040.00 to $1,030.00 and set a "sector outperform" rating for the company in a research report on Tuesday, April 22nd. Mizuho cut their target price on 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. Finally, Cowen reaffirmed a "buy" rating on shares of Equinix in a research note on Thursday, May 1st. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and six have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $1,004.80.

Equinix Stock Down 0.4%

Shares of NASDAQ EQIX traded down $3.97 during mid-day trading on Friday, hitting $882.88. The company had a trading volume of 788,142 shares, compared to its average volume of 529,118. The company has a market capitalization of $86.36 billion, a PE ratio of 91.78, a price-to-earnings-growth ratio of 1.15 and a beta of 0.97. The business's 50-day simple moving average is $862.84 and its 200 day simple moving average is $885.49. Equinix, Inc. has a 1-year low of $701.41 and a 1-year high of $994.03. 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 (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 (EPS) for the quarter, beating analysts' consensus estimates of $9.01 by $0.66. Equinix had a return on equity of 6.96% and a net margin of 10.48%. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same quarter last year, the company earned $8.86 EPS. Equinix's revenue for the quarter was up 4.1% compared to the same quarter last year. On average, analysts predict that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were issued a dividend of $4.69 per share. This represents a $18.76 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Wednesday, May 21st. Equinix's dividend payout ratio (DPR) is presently 195.01%.

Insider Buying and Selling at Equinix

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 transaction of $86,941.00. Following the completion of the transaction, the director now directly owns 17,569 shares of the company's stock, valued at approximately $15,274,664.29. This represents a 0.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Adaire Fox-Martin sold 2,949 shares of the firm'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 sale, the chief executive officer now directly owns 9,615 shares in the company, 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. In the last three months, insiders have sold 3,176 shares of company stock valued at $2,808,008. Insiders own 0.27% of the company's stock.

About Equinix

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.