Eastern Bank Sells 8,746 Shares of Equinix, Inc. $EQIX

Eastern Bank reduced its position in Equinix, Inc. (NASDAQ:EQIX) by 87.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,284 shares of the financial services provider’s stock after selling 8,746 shares during the period. Eastern Bank’s holdings in Equinix were worth $984,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Quent Capital LLC grew its position in Equinix by 4.2% during the 3rd quarter. Quent Capital LLC now owns 298 shares of the financial services provider’s stock worth $233,000 after purchasing an additional 12 shares during the period. Flputnam Investment Management Co. lifted its holdings in shares of Equinix by 1.0% in the 3rd quarter. Flputnam Investment Management Co. now owns 1,295 shares of the financial services provider’s stock valued at $1,014,000 after buying an additional 13 shares during the period. Paragon Private Wealth Management LLC boosted its stake in shares of Equinix by 2.7% in the third quarter. Paragon Private Wealth Management LLC now owns 495 shares of the financial services provider’s stock worth $388,000 after buying an additional 13 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in Equinix by 40.6% during the third quarter. Cornerstone Planning Group LLC now owns 45 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 13 shares during the period. Finally, Pathway Financial Advisers LLC grew its holdings in Equinix by 3.2% during the second quarter. Pathway Financial Advisers LLC now owns 455 shares of the financial services provider’s stock worth $362,000 after acquiring an additional 14 shares during the period. Institutional investors own 94.94% of the company’s stock.

Insider Buying and Selling

In other news, insider Jonathan Lin sold 635 shares of Equinix stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $965.71, for a total value of $613,225.85. Following the sale, the insider directly owned 10,788 shares of the company’s stock, valued at $10,418,079.48. The trade was a 5.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Charles J. Meyers sold 305 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $961.19, for a total value of $293,162.95. Following the sale, the chairman owned 12,594 shares of the company’s stock, valued at $12,105,226.86. The trade was a 2.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 16,842 shares of company stock worth $14,494,840 in the last quarter. 0.27% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on EQIX. Sanford C. Bernstein assumed coverage on Equinix in a research report on Thursday, March 5th. They set an “outperform” rating and a $1,128.00 price target for the company. TD Cowen reaffirmed a “buy” rating on shares of Equinix in a research note on Thursday, February 12th. Truist Financial lifted their target price on shares of Equinix from $973.00 to $1,087.00 and gave the company a “buy” rating in a report on Wednesday, February 18th. Jefferies Financial Group boosted their target price on shares of Equinix from $950.00 to $1,000.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. Finally, Deutsche Bank Aktiengesellschaft set a $915.00 price target on shares of Equinix in a report on Tuesday, January 6th. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Equinix has a consensus rating of “Moderate Buy” and an average price target of $1,015.05.

Equinix Price Performance

Equinix stock opened at $963.00 on Monday. The stock has a market capitalization of $94.61 billion, a P/E ratio of 70.04, a P/E/G ratio of 2.48 and a beta of 1.04. The company’s fifty day moving average price is $907.50 and its 200 day moving average price is $827.66. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.32 and a current ratio of 1.32. Equinix, Inc. has a 1 year low of $701.41 and a 1 year high of $992.90.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data 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 return on equity of 9.60% and a net margin of 14.65%.The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the company posted $7.92 earnings per share. The business’s revenue was up 7.0% on a year-over-year basis. As a group, equities research analysts anticipate that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Increases Dividend

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

Equinix Company 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.