Longfellow Investment Management Co. LLC Buys Shares of 494 Equinix, Inc. (NASDAQ:EQIX)

Key Points

• Longfellow Investment Management has invested $403,000 in Equinix, acquiring 494 shares of the company during the first quarter of 2023.
• Equinix reported a quarterly earnings of $9.91 per share, significantly exceeding analysts' expectations, with revenue of $2.26 billion that marked a 4.5% increase year-over-year.
• The company declared a $4.69 quarterly dividend, yielding 2.4%, with an annualized dividend of $18.76, reflecting a payout ratio of 183.74%.

Longfellow Investment Management Co. LLC purchased a new stake in shares of Equinix, Inc. (NASDAQ:EQIX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 494 shares of the financial services provider's stock, valued at approximately $403,000.

Several other hedge funds have also bought and sold shares of EQIX. Pinney & Scofield Inc. bought a new position in shares of Equinix in the fourth quarter worth about $28,000. Whipplewood Advisors LLC boosted its stake in shares of Equinix by 127.8% in the first quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider's stock worth $33,000 after acquiring an additional 23 shares during the period. Cornerstone Planning Group LLC boosted its stake in shares of Equinix by 40.0% in 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 period. Pacific Center for Financial Services boosted its stake in shares of Equinix by 65.2% in 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, Tidemark LLC boosted its stake in shares of Equinix by 57.1% in the first quarter. Tidemark LLC now owns 44 shares of the financial services provider's stock worth $36,000 after acquiring an additional 16 shares during the period. Institutional investors own 94.94% of the company's stock.

Equinix Trading Down 1.1%

Shares of NASDAQ EQIX traded down $8.63 during midday trading on Thursday, hitting $775.37. The company's stock had a trading volume of 506,893 shares, compared to its average volume of 629,897. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 1.29. The business's 50 day moving average is $813.98 and its two-hundred day moving average is $845.73. Equinix, Inc. has a 12-month low of $701.41 and a 12-month high of $994.03. The firm has a market cap of $75.88 billion, a P/E ratio of 75.94, a price-to-earnings-growth ratio of 1.42 and a beta of 0.90.

Equinix (NASDAQ:EQIX - Get Free Report) last released its quarterly earnings data 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 company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. Equinix had a return on equity of 7.22% and a net margin of 11.11%. Equinix's quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the business posted $9.22 EPS. As a group, equities research analysts expect that Equinix, Inc. will post 33.1 EPS for the current year.

Equinix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, August 20th will be issued a dividend of $4.69 per share. This represents a $18.76 annualized dividend and a yield of 2.4%. The ex-dividend date is Wednesday, August 20th. Equinix's dividend payout ratio (DPR) is presently 183.74%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wolfe Research downgraded Equinix from an "outperform" rating to a "peer perform" rating in a research report on Monday, June 9th. Citigroup upped their price objective on Equinix from $970.00 to $990.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Truist Financial set a $961.00 target price on Equinix and gave the company a "buy" rating in a research report on Thursday, August 7th. Cfra Research downgraded Equinix from a "moderate buy" rating to a "hold" rating in a research report on Thursday, July 31st. Finally, Cowen reiterated a "buy" rating on shares of Equinix in a research report on Thursday, July 3rd. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $962.24.

Insider Buying and Selling at Equinix

In other Equinix news, Director Christopher B. Paisley sold 100 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $869.41, for a total transaction of $86,941.00. Following the sale, the director owned 17,569 shares of the company's stock, valued at approximately $15,274,664.29. This trade represents a 0.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $2,609,599.59. Following the sale, the chief executive officer directly owned 9,615 shares in the company, 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. Company insiders own 0.27% of the company's stock.

Equinix Company 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.