Equinix, Inc. $EQIX Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group cut its Equinix stake by 7% in the fourth quarter, selling 979 shares and leaving it with 13,098 shares valued at about $10.0 million.
• Equinix reported Q1 earnings of $10.79 per share, well above analyst estimates, while revenue came in at $2.44 billion, slightly below expectations but still up 9.8% year over year.
• The company announced a quarterly dividend of $5.16 per share, equivalent to an annualized yield of about 1.9%, while analysts remain broadly positive with a Moderate Buy consensus and a target price around $1,143.60.

PNC Financial Services Group Inc. decreased its stake in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,098 shares of the financial services provider's stock after selling 979 shares during the period. PNC Financial Services Group Inc.'s holdings in Equinix were worth $10,035,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Tredje AP fonden boosted its holdings in shares of Equinix by 4.6% in the 4th quarter. Tredje AP fonden now owns 25,460 shares of the financial services provider's stock valued at $19,506,000 after buying an additional 1,126 shares in the last quarter. Larson Financial Group LLC boosted its stake in Equinix by 13.9% during the 4th quarter. Larson Financial Group LLC now owns 229 shares of the financial services provider's stock worth $175,000 after purchasing an additional 28 shares during the period. Profund Advisors LLC boosted its stake in Equinix by 12.3% during the 4th quarter. Profund Advisors LLC now owns 1,341 shares of the financial services provider's stock worth $1,027,000 after purchasing an additional 147 shares during the period. ProShare Advisors LLC boosted its stake in Equinix by 5.3% during the 4th quarter. ProShare Advisors LLC now owns 22,793 shares of the financial services provider's stock worth $17,463,000 after purchasing an additional 1,147 shares during the period. Finally, HighTower Advisors LLC boosted its stake in Equinix by 1.9% during the 4th quarter. HighTower Advisors LLC now owns 24,009 shares of the financial services provider's stock worth $18,395,000 after purchasing an additional 450 shares during the period. Institutional investors and hedge funds own 94.94% of the company's stock.

Equinix Stock Up 0.1%

EQIX stock opened at $1,079.79 on Friday. Equinix, Inc. has a one year low of $710.52 and a one year high of $1,128.68. The stock has a market capitalization of $106.49 billion, a PE ratio of 74.73, a price-to-earnings-growth ratio of 2.03 and a beta of 1.01. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.18 and a current ratio of 1.18. The company has a fifty day moving average of $1,037.82 and a 200-day moving average of $895.60.

Equinix (NASDAQ:EQIX - Get Free Report) last released its earnings results on Wednesday, April 29th. The financial services provider reported $10.79 EPS for the quarter, topping the consensus estimate of $4.30 by $6.49. Equinix had a net margin of 15.07% and a return on equity of 10.03%. The company had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter last year, the business earned $9.67 EPS. The business's revenue was up 9.8% on a year-over-year basis. Equinix has set its FY 2026 guidance at 42.310-43.110 EPS. As a group, analysts expect that Equinix, Inc. will post 37.72 EPS for the current year.

Equinix Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 20th will be paid a $5.16 dividend. This represents a $20.64 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Wednesday, May 20th. Equinix's dividend payout ratio (DPR) is 142.84%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on EQIX shares. Morgan Stanley increased 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. Mizuho increased their price target on shares of Equinix from $1,165.00 to $1,200.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. Wells Fargo & Company increased their price target on shares of Equinix from $975.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 21st. UBS Group increased their price target on shares of Equinix from $950.00 to $1,010.00 and gave the stock a "buy" rating in a research note on Thursday, February 12th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $1,207.00 price target on shares of Equinix in a research note on Tuesday, May 5th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,143.60.

Insider Buying and Selling

In other news, EVP Raouf Abdel sold 584 shares of the firm's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $965.69, for a total value of $563,962.96. Following the completion of the sale, the executive vice president owned 7,768 shares in the company, valued at approximately $7,501,479.92. This trade represents a 6.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adaire Fox-Martin sold 1,086 shares of the firm's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $966.20, for a total transaction of $1,049,293.20. Following the completion of the sale, the chief executive officer owned 19,574 shares of the company's stock, valued at $18,912,398.80. This trade represents a 5.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 11,729 shares of company stock worth $11,980,800. 0.27% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.