Pinebridge Investments L.P. Cuts Stake in Equinix, Inc. (NASDAQ:EQIX)

Pinebridge Investments L.P. reduced its stake in shares of Equinix, Inc. (NASDAQ:EQIX - Free Report) by 5.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,823 shares of the financial services provider's stock after selling 1,326 shares during the quarter. Pinebridge Investments L.P.'s holdings in Equinix were worth $22,462,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Kestra Investment Management LLC bought a new stake in shares of Equinix in the fourth quarter worth about $31,000. J.Safra Asset Management Corp bought a new stake in shares of Equinix in the fourth quarter worth about $39,000. Sierra Ocean LLC bought a new stake in Equinix during the 4th quarter valued at approximately $42,000. Thompson Investment Management Inc. bought a new position in shares of Equinix in the 4th quarter worth approximately $47,000. Finally, Key Financial Inc lifted its stake in shares of Equinix by 30.4% in the 4th quarter. Key Financial Inc now owns 60 shares of the financial services provider's stock valued at $57,000 after purchasing an additional 14 shares during the period. 94.94% of the stock is owned by institutional investors.

Equinix Stock Performance

Shares of NASDAQ:EQIX traded up $10.77 during midday trading on Tuesday, reaching $855.45. 122,703 shares of the company's stock traded hands, compared to its average volume of 547,985. The company has a market cap of $83.68 billion, a price-to-earnings ratio of 100.03, a P/E/G ratio of 1.78 and a beta of 0.95. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.63 and a current ratio of 1.63. Equinix, Inc. has a one year low of $684.14 and a one year high of $994.03. The stock has a 50 day moving average of $833.33 and a 200 day moving average of $895.13.

Equinix (NASDAQ:EQIX - Get Free Report) last posted its earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share for the quarter, beating analysts' consensus estimates of $2.75 by $5.17. Equinix had a return on equity of 6.31% and a net margin of 9.32%. As a group, equities research analysts anticipate that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 26th were issued a $4.69 dividend. This is an increase from Equinix's previous quarterly dividend of $4.26. The ex-dividend date was Wednesday, February 26th. This represents a $18.76 dividend on an annualized basis and a yield of 2.19%. Equinix's dividend payout ratio is currently 219.42%.

Insider Transactions at Equinix

In other news, insider Kurt Pletcher sold 215 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $929.73, for a total value of $199,891.95. Following the transaction, the insider now owns 1,245 shares of the company's stock, valued at $1,157,513.85. This trade represents a 14.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christopher B. Paisley sold 125 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $912.21, for a total value of $114,026.25. Following the completion of the transaction, the director now directly owns 17,669 shares in the company, valued at $16,117,838.49. This trade represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,040 shares of company stock valued at $6,547,068 over the last quarter. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Oppenheimer upped their price target on Equinix from $950.00 to $975.00 and gave the stock an "outperform" rating in a research note on Thursday, February 13th. Barclays upped their price target on Equinix from $822.00 to $834.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 20th. Wolfe Research raised Equinix from a "peer perform" rating to an "outperform" rating and set a $978.00 price target on the stock in a research note on Thursday, March 27th. 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, Citizens Jmp raised Equinix to a "strong-buy" rating in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $1,004.94.

Equinix Company 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.