Praxis Investment Management Inc. Cuts Stake in Equinix, Inc. (NASDAQ:EQIX)

Praxis Investment Management Inc. trimmed its stake in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 34.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,777 shares of the financial services provider's stock after selling 940 shares during the period. Praxis Investment Management Inc.'s holdings in Equinix were worth $1,449,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of EQIX. Vanguard Group Inc. boosted its position in Equinix by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 12,664,699 shares of the financial services provider's stock valued at $11,941,418,000 after acquiring an additional 88,654 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Equinix by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 2,412,513 shares of the financial services provider's stock valued at $2,269,037,000 after purchasing an additional 62,005 shares during the period. FMR LLC boosted its position in shares of Equinix by 3.7% during the fourth quarter. FMR LLC now owns 2,264,958 shares of the financial services provider's stock valued at $2,135,606,000 after purchasing an additional 81,144 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Equinix by 0.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,902,053 shares of the financial services provider's stock worth $1,793,429,000 after purchasing an additional 14,294 shares during the period. Finally, Wellington Management Group LLP grew its stake in Equinix by 28.7% in the fourth quarter. Wellington Management Group LLP now owns 1,804,227 shares of the financial services provider's stock worth $1,701,188,000 after purchasing an additional 401,991 shares during the period. Institutional investors own 94.94% of the company's stock.

Equinix Stock Performance

Shares of Equinix stock traded down $3.97 during trading hours on Friday, reaching $882.88. 788,142 shares of the stock traded hands, compared to its average volume of 529,118. The company has a 50 day moving average price of $862.84 and a 200 day moving average price of $885.49. The firm has a market capitalization of $86.36 billion, a price-to-earnings ratio of 91.78, a P/E/G ratio of 1.15 and a beta of 0.97. Equinix, Inc. has a one year low of $701.41 and a one year high of $994.03. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 1.20.

Equinix (NASDAQ:EQIX - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. The business's quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $8.86 EPS. On average, equities research analysts expect that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 21st were given a $4.69 dividend. This represents a $18.76 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Wednesday, May 21st. Equinix's payout ratio is 195.01%.

Insiders Place Their Bets

In other Equinix news, CEO Adaire Fox-Martin sold 2,949 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 9,615 shares in the company, valued at $8,508,409.65. This represents a 23.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kurt Pletcher sold 127 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total value of $111,467.90. Following the completion of the sale, the insider now owns 1,842 shares of the company's stock, valued at approximately $1,616,723.40. The trade was a 6.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,176 shares of company stock worth $2,808,008 over the last quarter. 0.27% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Truist Financial reduced their price target on Equinix from $990.00 to $986.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Barclays upped their price target on Equinix from $834.00 to $837.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 27th. BNP Paribas raised Equinix to a "strong-buy" rating in a research note on Thursday, May 1st. Mizuho reduced their price target on Equinix from $1,094.00 to $1,053.00 and set an "outperform" rating on the stock in a research note on Friday, March 28th. Finally, Stifel Nicolaus upped their price target on Equinix from $1,030.00 to $1,050.00 and gave the stock a "buy" rating in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and six have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $1,004.80.

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.