Equinix, Inc. (NASDAQ:EQIX) Shares Sold by Fred Alger Management LLC

by · The Cerbat Gem

Fred Alger Management LLC lessened its stake in Equinix, Inc. (NASDAQ:EQIX – Free Report) by 63.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 66,850 shares of the financial services provider’s stock after selling 118,076 shares during the quarter. Fred Alger Management LLC’s holdings in Equinix were worth $63,032,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of EQIX. Kestra Investment Management LLC purchased a new stake in shares of Equinix in the fourth quarter valued at about $31,000. J.Safra Asset Management Corp acquired a new stake in shares of Equinix in the fourth quarter valued at $39,000. Sierra Ocean LLC acquired a new position in Equinix in the 4th quarter valued at about $42,000. Thompson Investment Management Inc. acquired a new position in Equinix in the 4th quarter valued at about $47,000. Finally, Cary Street Partners Financial LLC acquired a new stake in shares of Equinix during the fourth quarter worth about $52,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on EQIX shares. JMP Securities reaffirmed a “market outperform” rating and set a $1,200.00 target price on shares of Equinix in a research note on Thursday, May 1st. Barclays upped their price target on Equinix from $822.00 to $834.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Wells Fargo & Company lowered their target price on shares of Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. TD Securities increased their price target on shares of Equinix from $978.00 to $1,018.00 and gave the company a “buy” rating in a research note on Thursday, May 1st. Finally, Cfra Research upgraded Equinix from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and six have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Equinix has an average rating of “Buy” and a consensus price target of $1,005.11.

Read Our Latest Analysis on EQIX

Equinix Stock Performance

EQIX opened at $872.35 on Thursday. The company has a market cap of $85.33 billion, a PE ratio of 102.03, a price-to-earnings-growth ratio of 1.78 and a beta of 0.97. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.63 and a current ratio of 1.63. The stock has a 50-day moving average of $826.93 and a 200-day moving average of $894.32. Equinix, Inc. has a 52-week low of $684.14 and a 52-week high of $994.03.

Equinix (NASDAQ:EQIX – Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.01 by $0.66. Equinix had a net margin of 9.32% and a return on equity of 6.31%. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same period last year, the business posted $8.86 EPS. The business’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, equities research analysts forecast that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, May 21st will be issued a dividend of $4.69 per share. This represents a $18.76 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Wednesday, May 21st. Equinix’s payout ratio is 195.01%.

Insider Buying and Selling at Equinix

In other Equinix news, insider Kurt Pletcher sold 215 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $929.73, for a total transaction of $199,891.95. Following the completion of the transaction, the insider now owns 1,245 shares in the company, valued at approximately $1,157,513.85. This represents a 14.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith D. Taylor sold 2,454 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $929.34, for a total transaction of $2,280,600.36. Following the completion of the transaction, the chief financial officer now directly owns 24,402 shares of the company’s stock, valued at approximately $22,677,754.68. This trade represents a 9.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,040 shares of company stock worth $6,547,068. 0.27% of the stock is currently owned by 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.

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