Industrial Alliance Investment Management Inc. Decreases Stock Holdings in Equinix, Inc. (NASDAQ:EQIX)

Posted by Defense World Staff on Mar 16th, 2023

Industrial Alliance Investment Management Inc. cut its holdings in Equinix, Inc. (NASDAQ:EQIX – Get Rating) by 0.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,160 shares of the financial services provider’s stock after selling 57 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Equinix were worth $7,486,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. State Street Corp raised its position in Equinix by 11.7% during the second quarter. State Street Corp now owns 6,008,037 shares of the financial services provider’s stock valued at $3,947,400,000 after purchasing an additional 630,477 shares during the period. PGGM Investments bought a new position in shares of Equinix during the 3rd quarter valued at approximately $193,420,000. FMR LLC raised its holdings in Equinix by 16.0% during the 2nd quarter. FMR LLC now owns 1,815,330 shares of the financial services provider’s stock valued at $1,192,709,000 after buying an additional 250,501 shares during the period. Canada Pension Plan Investment Board lifted its position in Equinix by 38.6% in the third quarter. Canada Pension Plan Investment Board now owns 641,041 shares of the financial services provider’s stock worth $364,650,000 after buying an additional 178,600 shares during the last quarter. Finally, Echo Street Capital Management LLC purchased a new position in Equinix during the third quarter worth $99,390,000. Institutional investors own 92.80% of the company’s stock.

Equinix Trading Up 0.5 %

NASDAQ EQIX opened at $694.99 on Thursday. Equinix, Inc. has a one year low of $494.89 and a one year high of $776.35. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.80 and a current ratio of 1.80. The company has a market capitalization of $64.48 billion, a price-to-earnings ratio of 90.49, a price-to-earnings-growth ratio of 2.20 and a beta of 0.61. The company’s 50-day simple moving average is $709.48 and its two-hundred day simple moving average is $652.32.

Equinix (NASDAQ:EQIX – Get Rating) last released its quarterly earnings data on Wednesday, February 15th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.90 by ($4.51). The business had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.86 billion. Equinix had a net margin of 9.70% and a return on equity of 6.37%. Equinix’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.22 earnings per share. Equities analysts forecast that Equinix, Inc. will post 27.59 EPS for the current fiscal year.

Equinix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 22nd. Investors of record on Tuesday, March 7th will be paid a dividend of $3.41 per share. This is a boost from Equinix’s previous quarterly dividend of $3.10. This represents a $13.64 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Monday, March 6th. Equinix’s dividend payout ratio is 177.60%.

Insider Activity at Equinix

In other Equinix news, insider Karl Strohmeyer sold 56 shares of the business’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $665.03, for a total value of $37,241.68. Following the completion of the transaction, the insider now directly owns 23,247 shares in the company, valued at $15,459,952.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Equinix news, EVP Jonathan Lin sold 233 shares of Equinix stock in a transaction on Wednesday, January 18th. The shares were sold at an average price of $715.12, for a total value of $166,622.96. Following the transaction, the executive vice president now directly owns 6,015 shares of the company’s stock, valued at $4,301,446.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karl Strohmeyer sold 56 shares of the stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $665.03, for a total value of $37,241.68. Following the sale, the insider now owns 23,247 shares of the company’s stock, valued at approximately $15,459,952.41. The disclosure for this sale can be found here. Insiders have sold a total of 20,971 shares of company stock valued at $14,666,488 over the last quarter. 0.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

EQIX has been the topic of several recent analyst reports. Cowen raised shares of Equinix from a “market perform” rating to an “outperform” rating and set a $811.00 target price on the stock in a research note on Tuesday, December 13th. Citigroup increased their price objective on shares of Equinix from $750.00 to $825.00 and gave the stock a “buy” rating in a research report on Friday, February 17th. StockNews.com started coverage on Equinix in a research report on Thursday. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft upped their target price on Equinix from $725.00 to $760.00 and gave the company a “buy” rating in a research note on Wednesday, February 22nd. Finally, Credit Suisse Group decreased their price target on Equinix from $762.00 to $753.00 and set a “neutral” rating for the company in a research note on Thursday, February 16th. Six investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $779.28.

Equinix Company 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.