Steel Grove Capital Advisors LLC Takes Position in Equinix, Inc. (NASDAQ:EQIX)

Steel Grove Capital Advisors LLC acquired a new stake in shares of Equinix, Inc. (NASDAQ:EQIX) in the fourth quarter, Holdings Channel reports. The firm acquired 280 shares of the financial services provider’s stock, valued at approximately $226,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Equinix by 0.3% during the third quarter. Vanguard Group Inc. now owns 12,231,182 shares of the financial services provider’s stock valued at $8,883,018,000 after purchasing an additional 34,926 shares during the period. State Street Corp grew its position in shares of Equinix by 1.4% during the 2nd quarter. State Street Corp now owns 6,118,844 shares of the financial services provider’s stock valued at $4,796,807,000 after acquiring an additional 85,286 shares during the period. Geode Capital Management LLC increased its stake in shares of Equinix by 1.2% in the 1st quarter. Geode Capital Management LLC now owns 2,004,008 shares of the financial services provider’s stock worth $1,441,837,000 after purchasing an additional 23,150 shares in the last quarter. Principal Financial Group Inc. increased its position in Equinix by 44.6% in the third quarter. Principal Financial Group Inc. now owns 1,398,418 shares of the financial services provider’s stock worth $1,015,610,000 after buying an additional 431,435 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Equinix by 1.7% during the 3rd quarter. Northern Trust Corp now owns 1,187,990 shares of the financial services provider’s stock valued at $862,790,000 after buying an additional 20,241 shares in the last quarter. 94.94% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Equinix news, EVP Scott Crenshaw sold 460 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $832.97, for a total transaction of $383,166.20. Following the sale, the executive vice president now owns 1,242 shares in the company, valued at approximately $1,034,548.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Crenshaw sold 460 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $832.97, for a total transaction of $383,166.20. Following the completion of the transaction, the executive vice president now owns 1,242 shares of the company’s stock, valued at $1,034,548.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith D. Taylor sold 1,164 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $832.98, for a total value of $969,588.72. Following the completion of the transaction, the chief financial officer now directly owns 23,187 shares of the company’s stock, valued at approximately $19,314,307.26. The disclosure for this sale can be found here. Insiders sold 18,282 shares of company stock worth $14,788,771 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wolfe Research upgraded shares of Equinix from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, January 2nd. Morgan Stanley reduced their price objective on shares of Equinix from $767.00 to $762.00 and set an “equal weight” rating on the stock in a research report on Thursday. Royal Bank of Canada increased their target price on Equinix from $855.00 to $950.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Barclays dropped their target price on shares of Equinix from $788.00 to $781.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 15th. Finally, BMO Capital Markets boosted their price target on Equinix from $910.00 to $925.00 and gave the company an “outperform” rating in a report on Thursday, February 15th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Equinix has an average rating of “Moderate Buy” and an average target price of $868.72.

Equinix Stock Up 1.4 %

Shares of EQIX traded up $11.04 during midday trading on Thursday, hitting $826.35. 492,525 shares of the company’s stock traded hands, compared to its average volume of 555,698. Equinix, Inc. has a 1 year low of $672.88 and a 1 year high of $914.93. The firm’s fifty day moving average is $849.93 and its 200-day moving average is $798.15. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $78.19 billion, a price-to-earnings ratio of 79.93, a price-to-earnings-growth ratio of 1.91 and a beta of 0.59.

Equinix Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, February 28th were issued a dividend of $4.26 per share. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $17.04 annualized dividend and a dividend yield of 2.06%. Equinix’s dividend payout ratio (DPR) is currently 165.28%.

Equinix Company Profile

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.