Pacer Advisors Inc. Sells 20,978 Shares of Equinix, Inc. $EQIX

Key Points

• Pacer Advisors cut its Equinix stake by 25.6% in the first quarter, selling 20,978 shares and retaining 60,861 shares worth approximately $59.7 million. Institutional investors own 94.94% of the company.
• Equinix insiders sold 15,115 shares valued at roughly $16.1 million over the past three months, while the company announced a quarterly dividend of $5.16 per share, representing a 2.0% yield.
• EQIX shares opened at $1,031.44, and analysts maintain a “Moderate Buy” consensus with an average price target of $1,195, despite mixed recent rating changes.

Pacer Advisors Inc. reduced its holdings in shares of Equinix, Inc. (NASDAQ:EQIX - Free Report) by 25.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,861 shares of the financial services provider's stock after selling 20,978 shares during the period. Pacer Advisors Inc. owned about 0.06% of Equinix worth $59,658,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Avion Wealth grew its position in shares of Equinix by 73.3% during the 1st quarter. Avion Wealth now owns 26 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 11 shares during the period. Kemnay Advisory Services Inc. purchased a new position in Equinix during the fourth quarter valued at $30,000. Princeton Global Asset Management LLC lifted its position in Equinix by 200.0% during the fourth quarter. Princeton Global Asset Management LLC now owns 42 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 28 shares in the last quarter. Physician Wealth Advisors Inc. grew its holdings in Equinix by 266.7% during the first quarter. Physician Wealth Advisors Inc. now owns 33 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 24 shares during the period. Finally, WPG Advisers LLC grew its holdings in Equinix by 51.7% during the fourth quarter. WPG Advisers LLC now owns 44 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 15 shares during the period. 94.94% of the stock is currently owned by institutional investors.

Insider Activity at Equinix

In related news, Director Christopher B. Paisley sold 4,000 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $1,019.28, for a total transaction of $4,077,120.00. Following the completion of the transaction, the director owned 13,859 shares in the company, valued at approximately $14,126,201.52. This represents a 22.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Raouf Abdel sold 2,040 shares of the firm's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $1,083.47, for a total transaction of $2,210,278.80. Following the transaction, the executive vice president directly owned 5,728 shares of the company's stock, valued at $6,206,116.16. The trade was a 26.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,115 shares of company stock worth $16,099,694 in the last three months. Insiders own 0.27% of the company's stock.

Equinix Trading Up 1.2%

EQIX stock opened at $1,031.44 on Tuesday. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.13 and a quick ratio of 1.13. Equinix, Inc. has a 1-year low of $720.62 and a 1-year high of $1,128.68. The business has a 50 day simple moving average of $1,052.32 and a two-hundred day simple moving average of $998.10. The company has a market capitalization of $101.77 billion, a price-to-earnings ratio of 66.42, a PEG ratio of 2.00 and a beta of 0.98.

Equinix Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, August 19th will be issued a $5.16 dividend. This represents a $20.64 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, August 19th. Equinix's payout ratio is 132.90%.

Analyst Ratings Changes

Several research analysts have recently commented on EQIX shares. JPMorgan Chase & Co. raised their price objective on Equinix from $1,100.00 to $1,200.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Weiss Ratings downgraded Equinix from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 23rd. Guggenheim reissued a "buy" rating and issued a $1,235.00 target price on shares of Equinix in a report on Wednesday, May 20th. Wall Street Zen upgraded shares of Equinix from a "sell" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $1,208.00 price target on shares of Equinix in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $1,195.00.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix's offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.

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