Royal Bank of Canada Sells 1,526 Shares of Equinix, Inc. (NASDAQ:EQIX)

Royal Bank of Canada reduced its stake in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 203,469 shares of the financial services provider's stock after selling 1,526 shares during the period. Royal Bank of Canada owned about 0.21% of Equinix worth $191,850,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Equinix in the fourth quarter worth $1,067,270,000. Northern Trust Corp increased its position in shares of Equinix by 65.3% in the fourth quarter. Northern Trust Corp now owns 1,483,781 shares of the financial services provider's stock valued at $1,399,042,000 after acquiring an additional 586,034 shares during the period. Wellington Management Group LLP raised its stake in shares of Equinix by 28.7% during the fourth quarter. Wellington Management Group LLP now owns 1,804,227 shares of the financial services provider's stock valued at $1,701,188,000 after acquiring an additional 401,991 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Equinix in the fourth quarter worth about $328,899,000. Finally, Proficio Capital Partners LLC bought a new stake in shares of Equinix in the fourth quarter worth about $246,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Equinix

In other news, insider Brandi Galvin Morandi sold 684 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $940.51, for a total value of $643,308.84. Following the completion of the sale, the insider now directly owns 8,377 shares in the company, valued at $7,878,652.27. This represents a 7.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kurt Pletcher sold 127 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total value of $111,467.90. Following the completion of the sale, the insider now owns 1,842 shares of the company's stock, valued at approximately $1,616,723.40. The trade was a 6.45% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 911 shares of company stock worth $841,718. 0.27% of the stock is owned by insiders.

Equinix Stock Down 1.9%

Shares of Equinix stock traded down $16.75 on Wednesday, reaching $859.14. The company's stock had a trading volume of 793,742 shares, compared to its average volume of 525,191. Equinix, Inc. has a 52 week low of $701.41 and a 52 week high of $994.03. The firm's fifty day simple moving average is $826.75 and its two-hundred day simple moving average is $892.44. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $84.04 billion, a price-to-earnings ratio of 100.48, a P/E/G ratio of 1.78 and a beta of 0.97.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share for the quarter, beating analysts' consensus estimates of $9.01 by $0.66. Equinix had a net margin of 9.32% and a return on equity of 6.31%. The company had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.23 billion. During the same quarter in the prior year, the firm earned $8.86 earnings per share. The firm's revenue for the quarter was up 4.1% compared to the same quarter last year. Equities analysts anticipate that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, May 21st will be issued a $4.69 dividend. This represents a $18.76 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Wednesday, May 21st. Equinix's payout ratio is currently 195.01%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on EQIX. Wells Fargo & Company cut their price objective on Equinix from $1,075.00 to $1,065.00 and set an "overweight" rating on the stock in a research report on Thursday, February 13th. Scotiabank dropped their price target on Equinix from $1,040.00 to $1,030.00 and set a "sector outperform" rating for the company in a research note on Tuesday, April 22nd. Cowen reiterated a "buy" rating on shares of Equinix in a report on Thursday, May 1st. Wolfe Research upgraded shares of Equinix from a "peer perform" rating to an "outperform" rating and set a $978.00 price objective for the company in a report on Thursday, March 27th. Finally, Bank of America started coverage on shares of Equinix in a research report on Monday. They issued a "buy" rating and a $1,000.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and six have issued a strong buy rating to the stock. According to data from MarketBeat, Equinix currently has a consensus rating of "Buy" and an average target price of $1,004.65.

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.