Mediolanum International Funds Ltd Sells 3,846 Shares of Equinix, Inc. (NASDAQ:EQIX)

Key Points

• Mediolanum International Funds Ltd reduced its holdings in Equinix, Inc. by 31.8%, now owning 8,252 shares worth approximately $6.63 million as of the end of Q1.
• Equinix's most recent quarterly earnings report showed an EPS of $9.67, exceeding estimates of $9.01, with a revenue of $2.23 billion, matching analyst expectations.
• Brokerage ratings for Equinix include several affirming a "buy" rating, with an average target price set at $957.05, indicating positive market sentiment.

Mediolanum International Funds Ltd decreased its holdings in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 31.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,252 shares of the financial services provider's stock after selling 3,846 shares during the quarter. Mediolanum International Funds Ltd's holdings in Equinix were worth $6,626,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of EQIX. Brighton Jones LLC lifted its stake in Equinix by 28.9% in the 4th quarter. Brighton Jones LLC now owns 326 shares of the financial services provider's stock worth $307,000 after acquiring an additional 73 shares in the last quarter. Bank Pictet & Cie Europe AG purchased a new stake in Equinix in the 4th quarter worth about $2,027,000. LPL Financial LLC lifted its stake in Equinix by 5.7% in the 4th quarter. LPL Financial LLC now owns 33,554 shares of the financial services provider's stock worth $31,638,000 after acquiring an additional 1,823 shares in the last quarter. Loomis Sayles & Co. L P lifted its stake in Equinix by 17.5% in the 4th quarter. Loomis Sayles & Co. L P now owns 228 shares of the financial services provider's stock worth $215,000 after acquiring an additional 34 shares in the last quarter. Finally, Level Four Advisory Services LLC lifted its stake in Equinix by 4.0% in the 4th quarter. Level Four Advisory Services LLC now owns 524 shares of the financial services provider's stock worth $494,000 after acquiring an additional 20 shares in the last quarter. Institutional investors own 94.94% of the company's stock.

Equinix Stock Performance

Shares of NASDAQ:EQIX traded down $5.15 during trading on Wednesday, hitting $805.98. 97,206 shares of the stock were exchanged, compared to its average volume of 640,677. Equinix, Inc. has a 1-year low of $701.41 and a 1-year high of $994.03. The company has a market capitalization of $78.84 billion, a price-to-earnings ratio of 83.78, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. The company's fifty day simple moving average is $835.91 and its 200-day simple moving average is $855.79. 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 (NASDAQ:EQIX - Get Free Report) last posted its earnings results on Wednesday, April 30th. The financial services provider reported $9.67 EPS for the quarter, topping the consensus estimate of $9.01 by $0.66. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.23 billion. Equinix had a return on equity of 6.96% and a net margin of 10.48%. Equinix's revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $8.86 EPS. Sell-side analysts expect that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Kurt Pletcher sold 127 shares of the firm's 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 owned 1,842 shares in the company, valued at $1,616,723.40. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Adaire Fox-Martin sold 2,949 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was 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. This trade represents a 23.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,176 shares of company stock worth $2,808,008 in the last 90 days. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on EQIX shares. JPMorgan Chase & Co. reduced their price objective on Equinix from $975.00 to $935.00 and set an "overweight" rating for the company in a research note on Thursday, June 26th. Citigroup raised their price target on Equinix from $970.00 to $990.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Stifel Nicolaus cut their price target on Equinix from $1,050.00 to $1,010.00 and set a "buy" rating for the company in a research note on Thursday, June 26th. Bank of America cut their price target on Equinix from $1,000.00 to $950.00 and set a "buy" rating for the company in a research note on Thursday, June 26th. Finally, Guggenheim assumed coverage on Equinix in a research note on Thursday, July 10th. They set a "buy" rating and a $933.00 price target for the company. Four analysts have rated the stock with a hold rating, twenty have assigned a buy rating and five have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $957.05.

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.