Equinix, Inc. (NASDAQ:EQIX) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its holdings in shares of Equinix, Inc. (NASDAQ:EQIX) by 1.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,658 shares of the financial services provider’s stock after selling 208 shares during the period. PNC Financial Services Group Inc.’s holdings in Equinix were worth $9,389,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Valley National Advisers Inc. increased its holdings in shares of Equinix by 260.0% during the fourth quarter. Valley National Advisers Inc. now owns 36 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 26 shares in the last quarter. Providence Capital Advisors LLC acquired a new position in Equinix during the 3rd quarter valued at approximately $29,000. Criterion Capital Advisors LLC purchased a new position in shares of Equinix in the fourth quarter worth $32,000. Operose Advisors LLC purchased a new stake in shares of Equinix during the third quarter valued at $36,000. Finally, Asset Dedication LLC increased its position in shares of Equinix by 92.6% in the 3rd quarter. Asset Dedication LLC now owns 52 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 25 shares during the period. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on EQIX. Oppenheimer boosted their price target on Equinix from $875.00 to $950.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. HSBC lowered shares of Equinix from a “buy” rating to a “hold” rating and set a $900.00 price target for the company. in a research report on Wednesday, March 20th. Royal Bank of Canada increased their price objective on shares of Equinix from $855.00 to $950.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. TD Cowen decreased their target price on shares of Equinix from $862.00 to $859.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $960.00 price target on shares of Equinix in a research report on Wednesday, March 13th. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Equinix has a consensus rating of “Moderate Buy” and an average price target of $874.44.

Insider Buying and Selling

In related news, insider Brandi Galvin Morandi sold 2,070 shares of Equinix stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $800.50, for a total value of $1,657,035.00. Following the sale, the insider now directly owns 12,758 shares in the company, valued at approximately $10,212,779. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Christopher B. Paisley sold 100 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $812.98, for a total transaction of $81,298.00. Following the transaction, the director now directly owns 17,641 shares in the company, valued at $14,341,780.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brandi Galvin Morandi sold 2,070 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $800.50, for a total transaction of $1,657,035.00. Following the sale, the insider now directly owns 12,758 shares of the company’s stock, valued at approximately $10,212,779. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

Equinix Price Performance

Equinix stock opened at $781.46 on Thursday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.10 and a current ratio of 1.10. The company’s fifty day moving average price is $774.47 and its 200 day moving average price is $805.82. The stock has a market capitalization of $74.17 billion, a P/E ratio of 78.38, a P/E/G ratio of 2.76 and a beta of 0.62. Equinix, Inc. has a 1 year low of $672.88 and a 1 year high of $914.93.

Equinix Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd will be paid a dividend of $4.26 per share. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $17.04 dividend on an annualized basis and a dividend yield of 2.18%. Equinix’s dividend payout ratio is currently 170.91%.

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.