Equinix, Inc. (NASDAQ:EQIX) Shares Sold by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board reduced its stake in Equinix, Inc. (NASDAQ:EQIX) by 9.9%, owning 55,056 shares valued at approximately $44.89 million after selling 6,026 shares.
• Equinix's recent earnings report revealed an impressive $9.91 EPS, significantly exceeding the consensus estimate of $3.49, with a 4.5% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $4.69 per share, with an annualized yield of 2.4%, but it has a high payout ratio of 183.74%.

Public Sector Pension Investment Board cut its holdings in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 9.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 55,056 shares of the financial services provider's stock after selling 6,026 shares during the quarter. Public Sector Pension Investment Board owned about 0.06% of Equinix worth $44,890,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Pinney & Scofield Inc. acquired a new position in Equinix during the 4th quarter worth approximately $28,000. Pacific Center for Financial Services lifted its holdings in Equinix by 65.2% in the fourth quarter. Pacific Center for Financial Services now owns 38 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 15 shares during the period. Whipplewood Advisors LLC grew its stake in shares of Equinix by 127.8% during the 1st quarter. Whipplewood Advisors LLC now owns 41 shares of the financial services provider's stock worth $33,000 after purchasing an additional 23 shares during the period. Cornerstone Planning Group LLC lifted 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 valued at $34,000 after purchasing an additional 12 shares during the period. Finally, Tidemark LLC grew its position in Equinix by 57.1% during the first quarter. Tidemark LLC now owns 44 shares of the financial services provider's stock worth $36,000 after buying an additional 16 shares during the period. Hedge funds and other institutional investors own 94.94% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Bank of America cut their price objective on Equinix from $1,000.00 to $950.00 and set a "buy" rating for the company in a research report on Thursday, June 26th. Wells Fargo & Company reduced their price objective on Equinix from $1,065.00 to $925.00 and set an "overweight" rating on the stock in a research report on Thursday, June 26th. UBS Group dropped their price objective on Equinix from $1,035.00 to $950.00 and set a "buy" rating for the company in a research report on Friday, July 11th. JPMorgan Chase & Co. boosted their target price on shares of Equinix from $935.00 to $940.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Citigroup lifted their price target on shares of Equinix from $970.00 to $990.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $962.24.

Equinix Trading Down 1.1%

Shares of NASDAQ:EQIX traded down $8.63 during trading on Thursday, reaching $775.37. 506,894 shares of the stock were exchanged, compared to its average volume of 629,897. Equinix, Inc. has a 12-month low of $701.41 and a 12-month high of $994.03. The firm's 50-day moving average price is $813.98 and its 200 day moving average price is $845.73. 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 cap of $75.88 billion, a price-to-earnings 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 announced its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $9.91 earnings per share for the quarter, topping analysts' consensus estimates of $3.49 by $6.42. The firm had revenue of $2.26 billion during the quarter, compared to analysts' expectations of $2.26 billion. Equinix had a net margin of 11.11% and a return on equity of 7.22%. The firm's revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company earned $9.22 EPS. On average, sell-side analysts anticipate that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, August 20th will be issued 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 of this dividend is Wednesday, August 20th. Equinix's dividend payout ratio (DPR) is presently 183.74%.

Insiders Place Their Bets

In related news, Director Christopher B. Paisley sold 100 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $869.41, for a total value of $86,941.00. Following the completion of the transaction, the director owned 17,569 shares of the company's stock, valued at approximately $15,274,664.29. This represents a 0.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Adaire Fox-Martin sold 2,949 shares of Equinix stock in a transaction that occurred on 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 sale, the chief executive officer owned 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 disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.

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.