Oppenheimer & Co. Inc. Cuts Stock Position in Equinix, Inc. (NASDAQ:EQIX)

Posted by Defense World Staff on Feb 25th, 2023

Oppenheimer & Co. Inc. cut its holdings in Equinix, Inc. (NASDAQ:EQIX – Get Rating) by 5.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 944 shares of the financial services provider’s stock after selling 53 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Equinix were worth $537,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp lifted its position in Equinix by 11.7% in the second quarter. State Street Corp now owns 6,008,037 shares of the financial services provider’s stock worth $3,947,400,000 after buying an additional 630,477 shares during the last quarter. PGGM Investments bought a new stake in Equinix in the third quarter worth $193,420,000. FMR LLC lifted its position in Equinix by 16.0% in the second quarter. FMR LLC now owns 1,815,330 shares of the financial services provider’s stock worth $1,192,709,000 after buying an additional 250,501 shares during the last quarter. Deutsche Bank AG lifted its position in Equinix by 36.5% in the second quarter. Deutsche Bank AG now owns 626,006 shares of the financial services provider’s stock worth $411,298,000 after buying an additional 167,460 shares during the last quarter. Finally, Great West Life Assurance Co. Can bought a new stake in Equinix in the third quarter worth $76,678,000. 92.80% of the stock is owned by hedge funds and other institutional investors.

Equinix Price Performance

EQIX opened at $684.80 on Friday. The business’s 50-day moving average is $701.97 and its two-hundred day moving average is $653.07. Equinix, Inc. has a 1 year low of $494.89 and a 1 year high of $776.35. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.80 and a quick ratio of 2.37. The firm has a market capitalization of $63.51 billion, a PE ratio of 89.17, a price-to-earnings-growth ratio of 2.28 and a beta of 0.63.

Equinix (NASDAQ:EQIX – Get Rating) last posted its earnings results on Wednesday, February 15th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.90 by ($4.51). Equinix had a net margin of 9.70% and a return on equity of 6.37%. The company had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter last year, the firm earned $6.22 EPS. Equinix’s revenue for the quarter was up 9.6% on a year-over-year basis. Research analysts anticipate that Equinix, Inc. will post 27.58 earnings per share for the current fiscal year.

Equinix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 22nd. Shareholders of record on Tuesday, March 7th will be paid a $3.41 dividend. This represents a $13.64 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Monday, March 6th. This is a positive change from Equinix’s previous quarterly dividend of $3.10. Equinix’s payout ratio is 177.60%.

Insider Transactions at Equinix

In other news, insider Brandi Galvin Morandi sold 663 shares of the business’s stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $686.85, for a total transaction of $455,381.55. Following the sale, the insider now owns 16,552 shares in the company, valued at $11,368,741.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Brandi Galvin Morandi sold 663 shares of the business’s stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $686.85, for a total transaction of $455,381.55. Following the sale, the insider now owns 16,552 shares in the company, valued at $11,368,741.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Charles J. Meyers sold 7,378 shares of the business’s stock in a transaction dated Wednesday, January 18th. The stock was sold at an average price of $706.45, for a total value of $5,212,188.10. Following the sale, the chief executive officer now owns 16,599 shares in the company, valued at approximately $11,726,363.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,697 shares of company stock worth $11,770,596. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on EQIX shares. BNP Paribas began coverage on Equinix in a research report on Wednesday, December 14th. They issued an “outperform” rating and a $886.00 price target for the company. Cowen upgraded Equinix from a “market perform” rating to an “outperform” rating and set a $811.00 target price for the company in a research report on Tuesday, December 13th. TheStreet upgraded Equinix from a “c+” rating to a “b-” rating in a research report on Tuesday, December 13th. Royal Bank of Canada lifted their target price on Equinix from $668.00 to $720.00 and gave the stock an “outperform” rating in a research report on Monday, November 14th. Finally, TD Securities lifted their target price on Equinix from $750.00 to $800.00 and gave the stock a “hold” rating in a research report on Thursday, February 16th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $784.32.

Equinix Profile

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Equinix, Inc engages in the provision of collocation space and develops data center solutions. The firm offers secure key management, consulting, network virtualization, customer support, and managed services. It operates through the following geographical segments: Americas, Europe, Middle East & Africa and Asia-Pacific.