Pictet Asset Management Holding SA Sells 312,932 Shares of Equinix, Inc. $EQIX

Key Points

• Pictet Asset Management cut its Equinix stake by 41%, selling 312,932 shares in Q4 and now holds 450,183 shares (about 0.46%) valued at roughly $344.9 million.
• Equinix increased its quarterly dividend to $5.16 (annualized $20.64, yield ~1.9%) even as it slightly missed the quarter with EPS $8.91 vs. $9.07 and revenue $2.42B vs. $2.46B.
• Analysts carry a "Moderate Buy" consensus with a $1,056.35 target while the stock trades near $1,108, giving a market cap of about $109.3B and a high PE ratio (~80.6).

Pictet Asset Management Holding SA cut its holdings in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 41.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 450,183 shares of the financial services provider's stock after selling 312,932 shares during the quarter. Pictet Asset Management Holding SA owned 0.46% of Equinix worth $344,908,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Equinix by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 13,398,906 shares of the financial services provider's stock worth $10,265,706,000 after acquiring an additional 107,227 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Equinix by 25.8% during the third quarter. JPMorgan Chase & Co. now owns 2,875,355 shares of the financial services provider's stock valued at $2,252,094,000 after acquiring an additional 588,967 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Equinix by 3.0% during the third quarter. Principal Financial Group Inc. now owns 1,969,498 shares of the financial services provider's stock valued at $1,542,595,000 after acquiring an additional 56,592 shares in the last quarter. APG Asset Management US Inc. raised its position in shares of Equinix by 0.4% during the third quarter. APG Asset Management US Inc. now owns 1,211,357 shares of the financial services provider's stock worth $937,530,000 after purchasing an additional 5,109 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Equinix by 408.1% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,186,497 shares of the financial services provider's stock worth $929,312,000 after purchasing an additional 953,001 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company's stock.

Insider Buying and Selling

In related news, insider Brandi Galvin Morandi sold 630 shares of the firm's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $961.19, for a total transaction of $605,549.70. Following the completion of the sale, the insider owned 10,394 shares in the company, valued at approximately $9,990,608.86. This trade represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jonathan Lin sold 635 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $965.71, for a total transaction of $613,225.85. Following the transaction, the insider directly owned 10,788 shares of the company's stock, valued at $10,418,079.48. This represents a 5.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,380 shares of company stock worth $6,179,022 in the last ninety days. Corporate insiders own 0.27% of the company's stock.

Equinix Stock Down 0.0%

Equinix stock opened at $1,108.74 on Monday. Equinix, Inc. has a fifty-two week low of $710.52 and a fifty-two week high of $1,128.68. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. The firm's 50-day simple moving average is $993.19 and its 200 day simple moving average is $863.91. The stock has a market cap of $109.34 billion, a PE ratio of 80.64, a price-to-earnings-growth ratio of 2.82 and a beta of 1.01.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 EPS for the quarter, missing the consensus estimate of $9.07 by ($0.16). Equinix had a net margin of 14.65% and a return on equity of 9.60%. The firm had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.46 billion. During the same quarter last year, the business posted $7.92 EPS. The company's quarterly revenue was up 7.0% on a year-over-year basis. Research analysts predict that Equinix, Inc. will post 37.72 EPS for the current fiscal year.

Equinix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, February 25th were issued a $5.16 dividend. This is an increase from Equinix's previous quarterly dividend of $4.69. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $20.64 dividend on an annualized basis and a dividend yield of 1.9%. Equinix's payout ratio is presently 150.11%.

Analyst Upgrades and Downgrades

EQIX has been the subject of a number of analyst reports. Wall Street Zen cut shares of Equinix from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. JPMorgan Chase & Co. upped their target price on shares of Equinix from $950.00 to $1,100.00 and gave the stock an "overweight" rating in a report on Thursday, February 12th. UBS Group lifted their price target on Equinix from $950.00 to $1,010.00 and gave the company a "buy" rating in a research note on Thursday, February 12th. Barclays boosted their price objective on Equinix from $1,020.00 to $1,109.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Finally, Citigroup increased their price objective on Equinix from $1,070.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Five analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Equinix has an average rating of "Moderate Buy" and a consensus target price of $1,056.35.

About Equinix

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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