Davis R M Inc. Sells 538 Shares of Equinix, Inc. (NASDAQ:EQIX)

Key Points

• Davis R M Inc. reduced its stake in Equinix, Inc. by 1.6%, selling 538 shares and now holding a total of 34,094 shares worth $27,799,000.
• Equinix recently announced a quarterly dividend of $4.69, representing an annualized dividend of $18.76 with a yield of 2.35%, although the payout ratio stands at 195.01%.
• The stock's performance has been rated by analysts with a consensus rating of "Buy" and a target price of $957.05, despite recent adjustments to price objectives by several firms.

Davis R M Inc. lowered its stake in shares of Equinix, Inc. (NASDAQ:EQIX - Free Report) by 1.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 34,094 shares of the financial services provider's stock after selling 538 shares during the period. Davis R M Inc.'s holdings in Equinix were worth $27,799,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pinney & Scofield Inc. purchased a new stake in Equinix during the 4th quarter worth approximately $28,000. Whipplewood Advisors LLC lifted its stake in Equinix by 127.8% during the first quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider's stock worth $33,000 after purchasing an additional 23 shares in the last quarter. Cornerstone Planning Group LLC lifted its stake in Equinix by 40.0% during the first quarter. Cornerstone Planning Group LLC now owns 42 shares of the financial services provider's stock worth $34,000 after purchasing an additional 12 shares in the last quarter. Pacific Center for Financial Services increased its position in shares of Equinix by 65.2% during the fourth quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider's stock worth $36,000 after acquiring an additional 15 shares during the period. Finally, Park Square Financial Group LLC purchased a new stake in shares of Equinix during the fourth quarter worth $49,000. Hedge funds and other institutional investors own 94.94% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on EQIX. Scotiabank cut their price objective on Equinix from $1,030.00 to $965.00 and set a "sector outperform" rating on the stock in a research report on Thursday, June 26th. Truist Financial dropped their price target on Equinix from $986.00 to $904.00 and set a "buy" rating on the stock in a research report on Tuesday, July 1st. UBS Group cut their target price on Equinix from $1,035.00 to $950.00 and set a "buy" rating for the company in a research note on Friday, July 11th. The Goldman Sachs Group decreased their price target 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, Cowen reaffirmed a "buy" rating on shares of Equinix in a research note on Thursday, July 3rd. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat.com, Equinix has an average rating of "Buy" and a consensus target price of $957.27.

Equinix Stock Down 1.7%

NASDAQ:EQIX traded down $13.42 on Friday, reaching $771.75. The stock had a trading volume of 500,622 shares, compared to its average volume of 565,603. The company has a current ratio of 1.54, a quick ratio of 1.65 and a debt-to-equity ratio of 1.29. The company has a 50-day moving average of $831.20 and a 200 day moving average of $853.72. The stock has a market cap of $75.49 billion, a P/E ratio of 75.59, a price-to-earnings-growth ratio of 1.45 and a beta of 0.90. Equinix, Inc. has a 12-month low of $701.41 and a 12-month high of $994.03.

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

Equinix Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, August 20th will be paid a dividend of $4.69 per share. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Wednesday, August 20th. Equinix's dividend payout ratio (DPR) is currently 195.01%.

Insider Activity at Equinix

In other Equinix news, insider Kurt Pletcher sold 127 shares of Equinix stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the sale, the insider owned 1,842 shares of the company's stock, valued at $1,616,723.40. This trade represents a 6.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Adaire Fox-Martin sold 2,949 shares of Equinix stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the sale, the chief executive officer directly owned 9,615 shares of the company's stock, 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. Insiders have sold 3,176 shares of company stock worth $2,808,008 over the last quarter. 0.27% of the stock is currently owned by company 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.