Vestcor Inc Acquires 3,553 Shares of Equinix, Inc. $EQIX

Key Points

• Vestcor Inc increased its stake in Equinix by 22.8% in the fourth quarter, adding 3,553 shares to bring its total holdings to 19,113 shares worth about $14.6 million.
• Several Equinix insiders sold shares recently, including CEO Adaire Fox-Martin and insider Brandi Galvin Morandi, with insiders selling 11,053 shares valued at about $11.6 million over the last 90 days.
• Equinix reported strong quarterly earnings, beating EPS expectations with $10.79 per share, while analysts remain mostly positive with a consensus rating of Moderate Buy and an average price target of $1,143.60.

Vestcor Inc raised its holdings in shares of Equinix, Inc. (NASDAQ:EQIX - Free Report) by 22.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,113 shares of the financial services provider's stock after buying an additional 3,553 shares during the quarter. Vestcor Inc's holdings in Equinix were worth $14,644,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Cornerstone Planning Group LLC lifted its position in shares of Equinix by 40.6% during the 3rd quarter. Cornerstone Planning Group LLC now owns 45 shares of the financial services provider's stock worth $37,000 after buying an additional 13 shares during the period. IFP Advisors Inc lifted its position in Equinix by 2.2% during the 4th quarter. IFP Advisors Inc now owns 595 shares of the financial services provider's stock worth $456,000 after buying an additional 13 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in shares of Equinix by 2.7% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 498 shares of the financial services provider's stock valued at $382,000 after purchasing an additional 13 shares during the last quarter. Crestwood Advisors Group LLC boosted its position in Equinix by 3.7% in the 4th quarter. Crestwood Advisors Group LLC now owns 397 shares of the financial services provider's stock valued at $304,000 after buying an additional 14 shares during the last quarter. Finally, Brooklyn Investment Group boosted its holdings in Equinix by 1.3% in the third quarter. Brooklyn Investment Group now owns 1,209 shares of the financial services provider's stock valued at $947,000 after acquiring an additional 15 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company's stock.

Insiders Place Their Bets

In related news, insider Brandi Galvin Morandi sold 630 shares of the company'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 of the company's stock, valued at $9,990,608.86. This represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Adaire Fox-Martin sold 1,086 shares of the company's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $966.20, for a total transaction of $1,049,293.20. Following the sale, the chief executive officer directly owned 19,574 shares of the company's stock, valued at approximately $18,912,398.80. This trade represents a 5.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,053 shares of company stock valued at $11,569,731 over the last 90 days. 0.27% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Scotiabank lifted their target price on shares of Equinix from $1,050.00 to $1,120.00 and gave the stock a "sector perform" rating in a report on Thursday, April 30th. Zacks Research cut Equinix from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 15th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $1,207.00 target price on shares of Equinix in a report on Tuesday, May 5th. Truist Financial set a $1,215.00 price target on shares of Equinix in a research note on Friday, May 1st. Finally, The Goldman Sachs Group boosted their price objective on shares of Equinix from $894.00 to $1,015.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,143.60.

Equinix Price Performance

Equinix stock opened at $1,080.95 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.39. The stock's 50 day moving average is $1,058.36 and its 200-day moving average is $913.59. Equinix, Inc. has a 12 month low of $710.52 and a 12 month high of $1,128.68. The company has a market capitalization of $106.60 billion, a price-to-earnings ratio of 74.81, a PEG ratio of 2.05 and a beta of 0.99.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its earnings results on Wednesday, April 29th. The financial services provider reported $10.79 earnings per share for the quarter, topping analysts' consensus estimates of $4.30 by $6.49. Equinix had a return on equity of 10.03% and a net margin of 15.07%.The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the firm earned $9.67 earnings per share. The company's revenue was up 9.8% on a year-over-year basis. Equinix has set its FY 2026 guidance at 42.310-43.110 EPS. Equities research analysts expect that Equinix, Inc. will post 37.72 EPS for the current year.

Equinix Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, May 20th will be paid a dividend of $5.16 per share. This represents a $20.64 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Wednesday, May 20th. Equinix's dividend payout ratio (DPR) is 142.84%.

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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