CIBC Private Wealth Group LLC Trims Stock Holdings in Equinix, Inc. $EQIX

CIBC Private Wealth Group LLC lowered its stake in shares of Equinix, Inc. (NASDAQ:EQIX) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,368 shares of the financial services provider’s stock after selling 2,538 shares during the period. CIBC Private Wealth Group LLC owned 0.09% of Equinix worth $66,080,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Equinix by 1.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 544,462 shares of the financial services provider’s stock worth $426,444,000 after purchasing an additional 7,409 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Equinix by 25.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,875,355 shares of the financial services provider’s stock valued at $2,252,094,000 after buying an additional 588,967 shares in the last quarter. Chilton Capital Management LLC grew its holdings in Equinix by 5.1% during the 3rd quarter. Chilton Capital Management LLC now owns 36,908 shares of the financial services provider’s stock valued at $28,908,000 after buying an additional 1,805 shares in the last quarter. Foresight Group Ltd Liability Partnership increased its position in shares of Equinix by 10.0% during the third quarter. Foresight Group Ltd Liability Partnership now owns 26,139 shares of the financial services provider’s stock valued at $20,425,000 after buying an additional 2,378 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Equinix by 7.3% during the third quarter. Nordea Investment Management AB now owns 483,483 shares of the financial services provider’s stock valued at $376,193,000 after buying an additional 32,790 shares during the period. 94.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

EQIX has been the subject of a number of analyst reports. Wall Street Zen lowered shares of Equinix from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. BMO Capital Markets upped their target price on shares of Equinix from $925.00 to $1,050.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. TD Cowen reiterated a “buy” rating on shares of Equinix in a research note on Thursday, February 12th. Deutsche Bank Aktiengesellschaft set a $915.00 price target on shares of Equinix in a report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Equinix in a report on Thursday, January 22nd. Three analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,013.43.

Equinix Stock Down 0.3%

Shares of NASDAQ EQIX opened at $973.56 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.40. The business has a 50-day moving average of $883.74 and a 200-day moving average of $817.88. The firm has a market capitalization of $95.65 billion, a price-to-earnings ratio of 70.80, a PEG ratio of 2.51 and a beta of 1.04. Equinix, Inc. has a 12 month low of $701.41 and a 12 month high of $992.90.

Equinix (NASDAQ:EQIX) last announced its earnings results on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). Equinix had a net margin of 14.65% and a return on equity of 9.60%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.46 billion. During the same period in the prior year, the business earned $7.92 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. Sell-side analysts expect that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, February 25th were given a dividend of $5.16 per share. This is an increase from Equinix’s previous quarterly dividend of $4.69. The ex-dividend date was Wednesday, February 25th. This represents a $20.64 annualized dividend and a dividend yield of 2.1%. Equinix’s dividend payout ratio is 150.11%.

Insider Activity

In related news, EVP Raouf Abdel sold 584 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $965.69, for a total value of $563,962.96. Following the transaction, the executive vice president owned 7,768 shares of the company’s stock, valued at $7,501,479.92. This represents a 6.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brandi Galvin Morandi sold 630 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $961.19, for a total value of $605,549.70. Following the sale, the insider owned 10,394 shares in the company, valued at $9,990,608.86. The trade was a 5.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 16,842 shares of company stock worth $14,494,840. Corporate insiders own 0.27% of the company’s stock.

Equinix Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.