Principal Financial Group Inc. Raises Stake in Equinix, Inc. (NASDAQ:EQIX)

Principal Financial Group Inc. boosted its position in Equinix, Inc. (NASDAQ:EQIX - Free Report) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,435,568 shares of the financial services provider's stock after buying an additional 37,150 shares during the quarter. Equinix makes up about 0.7% of Principal Financial Group Inc.'s holdings, making the stock its 25th biggest position. Principal Financial Group Inc. owned about 1.53% of Equinix worth $1,156,193,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Valley National Advisers Inc. grew its stake in shares of Equinix by 260.0% in the fourth quarter. Valley National Advisers Inc. now owns 36 shares of the financial services provider's stock worth $28,000 after acquiring an additional 26 shares during the last quarter. Providence Capital Advisors LLC acquired a new stake in Equinix in the 3rd quarter worth $29,000. Criterion Capital Advisors LLC bought a new position in shares of Equinix during the 4th quarter worth about $32,000. Operose Advisors LLC acquired a new position in shares of Equinix during the third quarter valued at about $36,000. Finally, Asset Dedication LLC lifted its stake in shares of Equinix by 92.6% in the third quarter. Asset Dedication LLC now owns 52 shares of the financial services provider's stock valued at $37,000 after buying an additional 25 shares during the period. Institutional investors own 94.94% of the company's stock.

Equinix Stock Up 2.5 %

EQIX stock traded up $19.21 during mid-day trading on Monday, reaching $776.89. The company had a trading volume of 651,980 shares, compared to its average volume of 623,753. The company has a market capitalization of $73.51 billion, a price-to-earnings ratio of 77.92, a PEG ratio of 1.95 and a beta of 0.62. Equinix, Inc. has a 52 week low of $672.88 and a 52 week high of $914.93. The stock has a 50 day simple moving average of $791.29 and a two-hundred day simple moving average of $803.06. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.10 and a quick ratio of 1.10.

Equinix Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, May 22nd will be paid a $4.26 dividend. The ex-dividend date is Tuesday, May 21st. This represents a $17.04 annualized dividend and a dividend yield of 2.19%. Equinix's dividend payout ratio is presently 170.91%.

Insider Buying and Selling

In other news, Chairman Camp Peter Van sold 122 shares of the company's stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $831.12, for a total value of $101,396.64. Following the sale, the chairman now directly owns 7,968 shares of the company's stock, valued at approximately $6,622,364.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Brandi Galvin Morandi sold 729 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $832.84, for a total value of $607,140.36. Following the transaction, the insider now directly owns 14,002 shares of the company's stock, valued at $11,661,425.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Camp Peter Van sold 122 shares of the firm's stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $831.12, for a total transaction of $101,396.64. Following the sale, the chairman now owns 7,968 shares of the company's stock, valued at approximately $6,622,364.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,585 shares of company stock worth $3,818,268. Insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EQIX. TD Cowen lowered their price target on Equinix from $862.00 to $859.00 and set a "buy" rating on the stock in a research note on Friday. Barclays reduced their target price on Equinix from $818.00 to $669.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 17th. Morgan Stanley lowered their price target on shares of Equinix from $767.00 to $762.00 and set an "equal weight" rating on the stock in a report on Thursday, March 28th. Stifel Nicolaus reaffirmed a "buy" rating and set a $960.00 price objective on shares of Equinix in a report on Wednesday, March 13th. Finally, Wells Fargo & Company lifted their target price on shares of Equinix from $800.00 to $825.00 and gave the company an "equal weight" rating in a research report on Thursday, February 15th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Equinix presently has an average rating of "Moderate Buy" and a consensus price target of $869.76.

Equinix Profile

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.