Equinix, Inc. (NASDAQ:EQIX) Shares Purchased by American Assets Investment Management LLC

Key Points

• American Assets Investment Management LLC significantly increased its position in Equinix by 1,641.1%, acquiring 17,359 shares valued at approximately $14.15 million.
• Equinix reported earnings of $9.91 per share for the most recent quarter, surpassing analyst expectations and demonstrating a 4.5% year-over-year revenue growth.
• The company announced a quarterly dividend of $4.69 per share, with an annualized dividend yield of 2.4% and a high payout ratio of 183.74%.

American Assets Investment Management LLC boosted its stake in shares of Equinix, Inc. (NASDAQ:EQIX - Free Report) by 1,641.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,359 shares of the financial services provider's stock after purchasing an additional 16,362 shares during the quarter. Equinix comprises 1.1% of American Assets Investment Management LLC's holdings, making the stock its 22nd largest holding. American Assets Investment Management LLC's holdings in Equinix were worth $14,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Cary Street Partners Financial LLC increased its position in shares of Equinix by 129.1% in the first quarter. Cary Street Partners Financial LLC now owns 126 shares of the financial services provider's stock valued at $103,000 after buying an additional 71 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Equinix in the first quarter worth approximately $6,202,000. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in shares of Equinix by 1.8% in the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 1,894 shares of the financial services provider's stock worth $1,544,000 after acquiring an additional 33 shares during the last quarter. Avalon Trust Co boosted its stake in shares of Equinix by 3,400.0% in the first quarter. Avalon Trust Co now owns 175 shares of the financial services provider's stock worth $143,000 after acquiring an additional 170 shares during the last quarter. Finally, Malaga Cove Capital LLC acquired a new stake in shares of Equinix in the first quarter worth approximately $334,000. Institutional investors and hedge funds own 94.94% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on EQIX. BMO Capital Markets lowered Equinix from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $1,045.00 to $850.00 in a research note on Thursday, June 26th. BNP Paribas raised Equinix to a "strong-buy" rating in a research note on Thursday, May 1st. Guggenheim began coverage on Equinix in a research note on Thursday, July 10th. They set a "buy" rating and a $933.00 price objective on the stock. The Goldman Sachs Group lowered their price objective on Equinix from $1,020.00 to $880.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. Finally, Bank of America decreased their price target on Equinix from $1,000.00 to $950.00 and set a "buy" rating on the stock in a research note on Thursday, June 26th. Five analysts have rated the stock with a hold rating, twenty have given a buy rating and five have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Equinix has an average rating of "Buy" and an average price target of $959.86.

Equinix Stock Up 0.8%

Shares of NASDAQ EQIX traded up $6.34 during mid-day trading on Thursday, reaching $779.34. 324,947 shares of the company's stock traded hands, compared to its average volume of 561,025. Equinix, Inc. has a 1-year low of $701.41 and a 1-year high of $994.03. The stock has a market cap of $76.27 billion, a P/E ratio of 76.33, a PEG ratio of 1.25 and a beta of 0.90. The business has a 50-day simple moving average of $823.23 and a 200 day simple moving average of $849.99. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.54 and a quick ratio of 1.54.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its earnings results on Wednesday, July 30th. The financial services provider reported $9.91 earnings per share for the quarter, topping analysts' consensus estimates of $3.49 by $6.42. Equinix had a net margin of 11.11% and a return on equity of 7.22%. The business had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the prior year, the firm posted $9.22 EPS. Equinix's revenue was up 4.5% on a year-over-year basis. On average, analysts expect that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, August 20th will be given a dividend of $4.69 per share. The ex-dividend date is Wednesday, August 20th. This represents a $18.76 annualized dividend and a yield of 2.4%. Equinix's payout ratio is 183.74%.

Insider Buying and Selling at Equinix

In other Equinix news, Director Christopher B. Paisley sold 100 shares of Equinix stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $869.41, for a total transaction of $86,941.00. Following the transaction, the director owned 17,569 shares of the company's stock, valued at $15,274,664.29. The trade was a 0.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adaire Fox-Martin sold 2,949 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the completion of the sale, the chief executive officer owned 9,615 shares in the company, valued at $8,508,409.65. This represents a 23.47% decrease in their position. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by insiders.

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.