Summit Global Investments Grows Position in Equinix, Inc. (NASDAQ:EQIX)

Summit Global Investments raised its stake in shares of Equinix, Inc. (NASDAQ:EQIX) by 69.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 538 shares of the financial services provider’s stock after purchasing an additional 221 shares during the period. Summit Global Investments’ holdings in Equinix were worth $507,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kestra Investment Management LLC bought a new position in shares of Equinix during the 4th quarter valued at approximately $31,000. J.Safra Asset Management Corp bought a new position in shares of Equinix in the fourth quarter worth approximately $39,000. Sierra Ocean LLC purchased a new stake in shares of Equinix in the fourth quarter worth $42,000. Dunhill Financial LLC raised its position in shares of Equinix by 108.7% during the 3rd quarter. Dunhill Financial LLC now owns 48 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 25 shares during the period. Finally, Thompson Investment Management Inc. purchased a new position in shares of Equinix during the 4th quarter valued at $47,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insiders Place Their Bets

In related news, Director Christopher B. Paisley sold 125 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $912.21, for a total transaction of $114,026.25. Following the completion of the sale, the director now directly owns 17,669 shares of the company’s stock, valued at approximately $16,117,838.49. This trade represents a 0.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kurt Pletcher sold 341 shares of the business’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $903.72, for a total value of $308,168.52. Following the transaction, the insider now owns 1,430 shares of the company’s stock, valued at approximately $1,292,319.60. The trade was a 19.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,054 shares of company stock valued at $17,466,950 over the last 90 days. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on EQIX. Barclays raised their price target on Equinix from $822.00 to $834.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Citizens Jmp raised Equinix to a “strong-buy” rating in a report on Monday, January 27th. Truist Financial cut their price objective on shares of Equinix from $1,028.00 to $990.00 and set a “buy” rating for the company in a report on Monday, March 10th. Scotiabank upped their target price on shares of Equinix from $1,033.00 to $1,040.00 and gave the stock a “sector outperform” rating in a research report on Monday, March 3rd. Finally, Wells Fargo & Company cut 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. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $990.06.

Equinix Stock Performance

NASDAQ EQIX opened at $852.44 on Tuesday. The business’s 50 day moving average price is $902.62 and its 200-day moving average price is $909.60. Equinix, Inc. has a fifty-two week low of $684.14 and a fifty-two week high of $994.03. The company has a market cap of $82.97 billion, a P/E ratio of 99.70, a P/E/G ratio of 1.78 and a beta of 0.74. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.63 and a current ratio of 1.63.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.75 by $5.17. Equinix had a net margin of 9.32% and a return on equity of 6.31%. Sell-side analysts predict that Equinix, Inc. will post 33.1 earnings per share for the current year.

Equinix Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, February 26th were given a $4.69 dividend. This is a positive change from Equinix’s previous quarterly dividend of $4.26. This represents a $18.76 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Wednesday, February 26th. Equinix’s dividend payout ratio is 219.42%.

About Equinix

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.