West Michigan Advisors LLC Acquires 21 Shares of Equinix, Inc. (NASDAQ:EQIX)

25 Oct 2024, 12:56 by Danessa Lincoln · The Markets Daily

West Michigan Advisors LLC increased its position in shares of Equinix, Inc. (NASDAQ:EQIX – Free Report) by 4.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 450 shares of the financial services provider’s stock after purchasing an additional 21 shares during the quarter. West Michigan Advisors LLC’s holdings in Equinix were worth $399,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in Equinix by 1.9% during the first quarter. Vanguard Group Inc. now owns 12,503,989 shares of the financial services provider’s stock worth $10,319,917,000 after purchasing an additional 238,815 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Equinix by 14.5% during the second quarter. Principal Financial Group Inc. now owns 1,888,191 shares of the financial services provider’s stock worth $1,428,606,000 after purchasing an additional 238,883 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Equinix by 3.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,391,567 shares of the financial services provider’s stock valued at $1,148,504,000 after buying an additional 47,795 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Equinix by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,333,992 shares of the financial services provider’s stock worth $1,009,293,000 after buying an additional 19,844 shares during the period. Finally, Centersquare Investment Management LLC raised its stake in shares of Equinix by 13.5% during the first quarter. Centersquare Investment Management LLC now owns 943,056 shares of the financial services provider’s stock valued at $778,332,000 after acquiring an additional 112,194 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

Analyst Upgrades and Downgrades

EQIX has been the topic of a number of analyst reports. HSBC upgraded Equinix from a “hold” rating to a “buy” rating and upped their price target for the company from $865.00 to $1,000.00 in a research report on Friday, October 4th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Equinix from $880.00 to $910.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. Truist Financial boosted their price objective on Equinix from $915.00 to $935.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. Mizuho boosted their price target on Equinix from $873.00 to $971.00 and gave the company an “outperform” rating in a research note on Thursday, September 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Equinix from $950.00 to $975.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 1st. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $918.40.

Check Out Our Latest Stock Analysis on Equinix

Equinix Price Performance

EQIX stock opened at $895.76 on Friday. Equinix, Inc. has a 52-week low of $677.80 and a 52-week high of $914.93. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.22 and a current ratio of 1.22. The business has a 50-day simple moving average of $858.53 and a two-hundred day simple moving average of $799.63. The company has a market capitalization of $85.01 billion, a P/E ratio of 89.85, a price-to-earnings-growth ratio of 2.13 and a beta of 0.71.

Equinix (NASDAQ:EQIX – Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.88 by ($4.72). Equinix had a return on equity of 8.46% and a net margin of 12.24%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the company posted $8.04 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Research analysts expect that Equinix, Inc. will post 31.01 EPS for the current fiscal year.

Equinix Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, August 21st were issued a dividend of $4.26 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $17.04 annualized dividend and a yield of 1.90%. Equinix’s dividend payout ratio (DPR) is currently 170.91%.

Insider Buying and Selling

In related news, insider Brandi Galvin Morandi sold 864 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $850.00, for a total transaction of $734,400.00. Following the completion of the sale, the insider now owns 9,094 shares in the company, valued at approximately $7,729,900. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Equinix news, CAO Simon Miller sold 569 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total value of $467,097.79. Following the completion of the transaction, the chief accounting officer now owns 5,554 shares in the company, valued at $4,559,334.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brandi Galvin Morandi sold 864 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $850.00, for a total value of $734,400.00. Following the completion of the transaction, the insider now owns 9,094 shares of the company’s stock, valued at $7,729,900. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,043 shares of company stock worth $8,282,119. 0.27% of the stock is owned by corporate insiders.

About Equinix

(Free Report)

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.