Fred Alger Management LLC Has $63.03 Million Position in Equinix, Inc. (NASDAQ:EQIX)

Fred Alger Management LLC cut its holdings in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 63.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,850 shares of the financial services provider's stock after selling 118,076 shares during the period. Fred Alger Management LLC owned about 0.07% of Equinix worth $63,032,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Rothschild Investment LLC lifted its stake in Equinix by 1.9% in the fourth quarter. Rothschild Investment LLC now owns 576 shares of the financial services provider's stock valued at $543,000 after buying an additional 11 shares during the last quarter. Legacy Financial Advisors Inc. raised its stake in shares of Equinix by 3.2% during the fourth quarter. Legacy Financial Advisors Inc. now owns 360 shares of the financial services provider's stock valued at $340,000 after purchasing an additional 11 shares in the last quarter. Ritholtz Wealth Management raised its stake in shares of Equinix by 1.8% during the fourth quarter. Ritholtz Wealth Management now owns 671 shares of the financial services provider's stock valued at $633,000 after purchasing an additional 12 shares in the last quarter. Great Lakes Retirement Inc. raised its stake in shares of Equinix by 1.2% during the fourth quarter. Great Lakes Retirement Inc. now owns 975 shares of the financial services provider's stock valued at $920,000 after purchasing an additional 12 shares in the last quarter. Finally, Lake Street Advisors Group LLC raised its stake in shares of Equinix by 1.6% during the fourth quarter. Lake Street Advisors Group LLC now owns 756 shares of the financial services provider's stock valued at $713,000 after purchasing an additional 12 shares in the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Equinix Stock Performance

Equinix stock traded up $2.08 during trading hours on Tuesday, reaching $872.55. 509,752 shares of the company were exchanged, compared to its average volume of 528,442. The firm has a market cap of $85.35 billion, a price-to-earnings ratio of 102.05, a PEG ratio of 1.78 and a beta of 0.97. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19. The stock has a 50-day moving average of $824.00 and a 200 day moving average of $893.79. Equinix, Inc. has a 12 month low of $701.41 and a 12 month high of $994.03.

Equinix (NASDAQ:EQIX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $9.67 EPS for the quarter, topping analysts' consensus estimates of $9.01 by $0.66. Equinix had a return on equity of 6.31% and a net margin of 9.32%. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same period in the previous year, the company earned $8.86 earnings per share. The company's quarterly revenue was up 4.1% compared to the same quarter last year. As a group, research analysts anticipate that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, May 21st will be issued a dividend of $4.69 per share. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.15%. Equinix's dividend payout ratio (DPR) is presently 195.01%.

Insider Transactions at Equinix

In other Equinix news, insider Kurt Pletcher sold 127 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $877.70, for a total value of $111,467.90. Following the sale, the insider now directly owns 1,842 shares in the company, valued at $1,616,723.40. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Christopher B. Paisley sold 125 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $912.21, for a total value of $114,026.25. Following the transaction, the director now owns 17,669 shares of the company's stock, valued at $16,117,838.49. This represents a 0.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,167 shares of company stock worth $6,658,536 over the last three months. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Cfra Research raised Equinix from a "hold" rating to a "strong-buy" rating in a report on Friday, March 28th. Oppenheimer boosted their price objective on Equinix from $950.00 to $975.00 and gave the stock an "outperform" rating in a report on Thursday, February 13th. Cowen restated a "buy" rating on shares of Equinix in a report on Thursday, May 1st. Wolfe Research upgraded Equinix from a "peer perform" rating to an "outperform" rating and set a $978.00 target price on the stock in a report on Thursday, March 27th. Finally, Citigroup upped their target price on Equinix from $970.00 to $990.00 and gave the company a "buy" rating in a report on Monday, May 5th. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and six have given a strong buy rating to the stock. According to data from MarketBeat, Equinix presently has a consensus rating of "Buy" and a consensus price target of $1,004.89.

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.