JPMorgan Chase & Co. reduced its stake in Equinix, Inc. (REIT) (NASDAQ:EQIX) by 15.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,550,999 shares of the financial services provider’s stock after selling 292,573 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.73% of Equinix worth $1,054,044,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. WD Rutherford LLC acquired a new position in Equinix in the 4th quarter valued at $29,000. Ellevest Inc. lifted its holdings in shares of Equinix by 1,333.3% during the fourth quarter. Ellevest Inc. now owns 43 shares of the financial services provider’s stock worth $31,000 after buying an additional 40 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in shares of Equinix in the first quarter valued at approximately $31,000. Sage Private Wealth Group LLC acquired a new position in Equinix during the 4th quarter valued at $36,000. Finally, Better Money Decisions LLC bought a new position in shares of Equinix during the 1st quarter worth about $38,000. Institutional investors and hedge funds own 91.43% of the company’s stock.
In related news, CFO Keith D. Taylor sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 13th. The stock was sold at an average price of $711.35, for a total value of $711,350.00. Following the completion of the sale, the chief financial officer now directly owns 22,083 shares in the company, valued at $15,708,742.05. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Sara Baack sold 250 shares of the stock in a transaction on Wednesday, June 2nd. The stock was sold at an average price of $750.00, for a total value of $187,500.00. Following the sale, the insider now directly owns 13,517 shares in the company, valued at $10,137,750. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,501 shares of company stock worth $13,019,508. Corporate insiders own 13.20% of the company’s stock.
Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, April 28th. The financial services provider reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.03 by ($4.29). Equinix had a net margin of 6.62% and a return on equity of 5.85%. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company earned $6.21 EPS. Equinix’s quarterly revenue was up 10.4% on a year-over-year basis. Research analysts forecast that Equinix, Inc. will post 24.41 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 16th. Shareholders of record on Wednesday, May 19th will be given a dividend of $2.87 per share. The ex-dividend date is Tuesday, May 18th. This represents a $11.48 dividend on an annualized basis and a yield of 1.41%. Equinix’s dividend payout ratio (DPR) is 46.37%.
Several equities analysts have commented on the company. Evercore ISI assumed coverage on Equinix in a report on Thursday, March 11th. They issued an “outperform” rating and a $820.00 price target for the company. Cowen lowered their price target on shares of Equinix from $864.00 to $811.00 and set an “outperform” rating on the stock in a report on Thursday, February 11th. Citigroup reduced their price objective on shares of Equinix from $883.00 to $849.00 and set a “buy” rating for the company in a report on Friday, February 12th. Raymond James upped their target price on shares of Equinix from $835.00 to $856.00 and gave the company a “strong-buy” rating in a research note on Thursday, February 11th. Finally, Wolfe Research initiated coverage on Equinix in a research note on Thursday, March 18th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $832.06.
Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today's businesses to access all the right places, partners and possibilities they need to accelerate advantage.
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