Equinix, Inc. $EQIX Stock Position Cut by Russell Investments Group Ltd.

Key Points

• Russell Investments cut its Equinix stake by 9% in the third quarter, selling 44,188 shares; it retained 448,058 shares valued at about $453 million.
• Equinix reported quarterly EPS of $4.93, beating the $4.11 consensus, while revenue of $2.57 billion rose 11% year over year.
• Analysts’ average rating is Moderate Buy, with an average price target of $1,234.13. Equinix also announced a quarterly dividend of $5.16 per share, a 1.9% yield.

Russell Investments Group Ltd. decreased its holdings in shares of Equinix, Inc. (NASDAQ:EQIX - Free Report) by 9.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 448,058 shares of the financial services provider's stock after selling 44,188 shares during the quarter. Equinix accounts for approximately 0.4% of Russell Investments Group Ltd.'s investment portfolio, making the stock its 28th largest position. Russell Investments Group Ltd. owned 0.45% of Equinix worth $453,446,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. boosted its position in Equinix by 27.5% in the third quarter. Eurizon Capital SGR S.p.A. now owns 40,027 shares of the financial services provider's stock valued at $40,518,000 after buying an additional 8,623 shares in the last quarter. PBU The Pension Fund of Early Childhood & Youth Educators increased its holdings in shares of Equinix by 5.8% during the third quarter. PBU The Pension Fund of Early Childhood & Youth Educators now owns 25,930 shares of the financial services provider's stock worth $26,230,000 after buying an additional 1,427 shares in the last quarter. Van Strum & Towne Inc. acquired a new position in shares of Equinix during the third quarter worth $200,000. Fifth Third Bancorp lifted its stake in shares of Equinix by 4.3% in the 3rd quarter. Fifth Third Bancorp now owns 6,283 shares of the financial services provider's stock valued at $6,356,000 after acquiring an additional 261 shares during the last quarter. Finally, Aew Capital Management Inc. bought a new position in shares of Equinix in the 3rd quarter valued at $120,698,000. Institutional investors own 94.94% of the company's stock.

Equinix Price Performance

EQIX stock opened at $1,072.77 on Friday. The company has a market capitalization of $105.85 billion, a P/E ratio of 64.43, a PEG ratio of 1.50 and a beta of 0.98. The company has a fifty day moving average price of $1,018.86 and a 200-day moving average price of $1,018.62. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.29 and a current ratio of 1.29. Equinix, Inc. has a 52-week low of $720.62 and a 52-week high of $1,128.68.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $4.93 earnings per share for the quarter, topping the consensus estimate of $4.11 by $0.82. The company had revenue of $2.57 billion for the quarter, compared to analysts' expectations of $2.56 billion. Equinix had a net margin of 16.38% and a return on equity of 11.49%. Equinix's revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.83 earnings per share. As a group, equities analysts expect that Equinix, Inc. will post 39.01 EPS for the current year.

Equinix Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, November 18th will be issued a dividend of $5.16 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $20.64 annualized dividend and a yield of 1.9%. Equinix's payout ratio is presently 123.96%.

Insider Buying and Selling at Equinix

In other news, insider Kurt Pletcher sold 198 shares of the firm's stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $1,014.18, for a total transaction of $200,807.64. Following the completion of the transaction, the insider directly owned 3,879 shares in the company, valued at $3,934,004.22. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher B. Paisley sold 125 shares of Equinix stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $1,103.58, for a total value of $137,947.50. Following the completion of the transaction, the director directly owned 13,734 shares in the company, valued at approximately $15,156,567.72. This represents a 0.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 968 shares of company stock worth $1,007,885. Insiders own 0.27% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on EQIX shares. Cantor Fitzgerald restated an "overweight" rating and set a $1,211.00 price objective on shares of Equinix in a research report on Thursday, October 29th. UBS Group increased their target price on Equinix from $1,210.00 to $1,265.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Jefferies Financial Group reissued a "buy" rating and set a $1,340.00 price target (up from $1,300.00) on shares of Equinix in a research note on Thursday, July 30th. Evercore restated an "outperform" rating and set a $1,270.00 price target (up from $1,240.00) on shares of Equinix in a report on Tuesday, August 18th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $1,235.00 price objective on shares of Equinix in a research note on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,234.13.

Equinix Company Profile

Equinix, Inc. is a global digital infrastructure company that operates data centers where businesses can house their computing and networking equipment. Its colocation services support organizations seeking secure, reliable facilities for their IT systems. The company also provides interconnection services that enable customers to connect with cloud providers, networks, business partners and one another. Its Equinix Fabric platform offers software-defined connectivity, while its xScale facilities are designed to serve large-scale cloud and technology companies.

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