Equinix, Inc. (NASDAQ:EQIX) Stock Position Lifted by Eastern Bank

Eastern Bank lifted its stake in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 31.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,120 shares of the financial services provider's stock after buying an additional 5,259 shares during the period. Eastern Bank's holdings in Equinix were worth $18,036,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of EQIX. Geode Capital Management LLC grew its stake in shares of Equinix by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 2,412,513 shares of the financial services provider's stock worth $2,269,037,000 after purchasing an additional 62,005 shares during the last quarter. FMR LLC grew its stake in shares of Equinix by 3.7% in the fourth quarter. FMR LLC now owns 2,264,958 shares of the financial services provider's stock worth $2,135,606,000 after purchasing an additional 81,144 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Equinix by 0.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,902,053 shares of the financial services provider's stock worth $1,793,429,000 after purchasing an additional 14,294 shares during the last quarter. Northern Trust Corp grew its stake 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 worth $1,399,042,000 after purchasing an additional 586,034 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Equinix by 6.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,147,559 shares of the financial services provider's stock worth $1,082,022,000 after purchasing an additional 65,104 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on EQIX. Cfra Research cut Equinix from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, June 26th. Guggenheim began coverage on Equinix in a research report on Thursday, July 10th. They set a "buy" rating and a $933.00 price objective on the stock. Bank of America cut their price objective on Equinix from $1,000.00 to $950.00 and set a "buy" rating on the stock in a research report on Thursday, June 26th. Wells Fargo & Company cut their price objective on Equinix from $1,065.00 to $925.00 and set an "overweight" rating on the stock in a research report on Thursday, June 26th. Finally, BMO Capital Markets cut Equinix from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $1,045.00 to $850.00 in a research report on Thursday, June 26th. Four equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and five have given a strong buy rating to the company's stock. According to MarketBeat, Equinix presently has an average rating of "Buy" and an average target price of $957.27.

Equinix Stock Performance

Shares of Equinix stock traded down $13.42 during trading hours on Friday, reaching $771.75. The company's stock had a trading volume of 500,622 shares, compared to its average volume of 645,087. The company's 50 day simple moving average is $833.04 and its 200 day simple moving average is $854.59. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.65 and a current ratio of 1.65. Equinix, Inc. has a one year low of $701.41 and a one year high of $994.03. The stock has a market cap of $75.49 billion, a P/E ratio of 75.59, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The financial services provider reported $9.91 earnings per share for the quarter, beating the consensus estimate of $3.49 by $6.42. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. Equinix had a net margin of 11.11% and a return on equity of 7.27%. Equinix's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the firm posted $9.22 EPS. As a group, analysts expect that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, August 20th will be given 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 payout ratio is 195.01%.

Insiders Place Their Bets

In other news, CEO Adaire Fox-Martin sold 2,949 shares of Equinix stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $884.91, for a total value of $2,609,599.59. Following the transaction, the chief executive officer owned 9,615 shares of the company's stock, valued at $8,508,409.65. The trade was a 23.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kurt Pletcher sold 127 shares of Equinix stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the transaction, the insider directly owned 1,842 shares in the company, valued at $1,616,723.40. This represents a 6.45% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,176 shares of company stock worth $2,808,008. 0.27% of the stock is owned by corporate insiders.

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.