Gulf International Bank UK Ltd Cuts Stock Position in Equinix, Inc. (NASDAQ:EQIX)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Equinix, Inc. by 22.6% during the first quarter, now holding 5,591 shares valued at $4.56 million.
• Equinix announced a quarterly dividend of $4.69 per share, representing an annualized yield of 2.4%, with a payout ratio of 183.74% as of its last filing.
• Equinix reported earnings of $9.91 per share, significantly exceeding analysts' expectations, with revenue of $2.26 billion for the quarter, marking a 4.5% year-over-year increase.

Gulf International Bank UK Ltd decreased its position in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 22.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,591 shares of the financial services provider's stock after selling 1,634 shares during the period. Gulf International Bank UK Ltd's holdings in Equinix were worth $4,558,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in EQIX. Pinney & Scofield Inc. purchased a new stake in Equinix during the fourth quarter worth about $28,000. GKV Capital Management Co. Inc. purchased a new stake in Equinix during the first quarter worth about $30,000. Pacific Center for Financial Services boosted its holdings in 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 buying an additional 15 shares in the last quarter. Whipplewood Advisors LLC boosted its holdings 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 buying an additional 23 shares in the last quarter. Finally, Cornerstone Planning Group LLC raised its position 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 acquiring an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.

Wall Street Analysts Forecast Growth

EQIX has been the subject of a number of analyst reports. JMP Securities reissued a "market outperform" rating and issued a $1,200.00 price objective on shares of Equinix in a research report on Tuesday, July 22nd. Wall Street Zen lowered shares of Equinix from a "hold" rating to a "sell" rating in a research report on Saturday. The Goldman Sachs Group cut their price objective on shares of Equinix from $1,020.00 to $880.00 and set a "buy" rating for the company in a research report on Wednesday, July 2nd. Dbs Bank raised shares of Equinix to a "moderate buy" rating in a research report on Wednesday, August 6th. Finally, Citigroup boosted their price objective on shares of Equinix from $970.00 to $990.00 and gave the company a "buy" rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating, nineteen have issued a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat.com, Equinix presently has an average rating of "Moderate Buy" and a consensus target price of $962.24.

Insider Buying and Selling

In other Equinix news, CEO Adaire Fox-Martin sold 2,949 shares of the 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 transaction, the chief executive officer directly owned 9,615 shares in the company, valued at $8,508,409.65. This represents a 23.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.27% of the stock is owned by company insiders.

Equinix Stock Up 0.8%

Shares of EQIX stock traded up $5.94 on Friday, hitting $781.31. The stock had a trading volume of 545,026 shares, compared to its average volume of 507,262. Equinix, Inc. has a 52-week low of $701.41 and a 52-week high of $994.03. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.54 and a current ratio of 1.54. The firm has a market capitalization of $76.46 billion, a price-to-earnings ratio of 76.52, a P/E/G ratio of 1.40 and a beta of 0.90. The stock's 50 day moving average is $808.63 and its 200-day moving average is $844.01.

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

Equinix Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders 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 yield of 2.4%. The ex-dividend date is Wednesday, August 20th. Equinix's dividend payout ratio is 183.74%.

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.