Grove Bank & Trust Cuts Position in Equinix, Inc. (NASDAQ:EQIX)

Grove Bank & Trust trimmed its holdings in shares of Equinix, Inc. (NASDAQ:EQIX) by 31.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 172 shares of the financial services provider’s stock after selling 79 shares during the period. Grove Bank & Trust’s holdings in Equinix were worth $130,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake 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 valued at $10,319,917,000 after buying an additional 238,815 shares during the last quarter. Cohen & Steers Inc. boosted its stake in Equinix by 0.5% in the 4th quarter. Cohen & Steers Inc. now owns 2,591,270 shares of the financial services provider’s stock worth $2,087,096,000 after purchasing an additional 13,988 shares in the last quarter. Norges Bank purchased a new stake in Equinix during the 4th quarter valued at about $1,574,132,000. Principal Financial Group Inc. grew its position in Equinix by 14.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,649,308 shares of the financial services provider’s stock valued at $1,361,224,000 after purchasing an additional 213,740 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Equinix by 3.6% during 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 purchasing an additional 47,795 shares in the last quarter. 94.94% of the stock is owned by institutional investors.

Equinix Stock Performance

Shares of EQIX stock traded up $9.01 during trading hours on Friday, reaching $827.96. 532,749 shares of the company traded hands, compared to its average volume of 559,265. The firm has a 50-day moving average price of $787.68 and a 200 day moving average price of $796.30. The company has a market cap of $78.58 billion, a P/E ratio of 83.05, a P/E/G ratio of 2.80 and a beta of 0.68. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.10 and a quick ratio of 1.10. Equinix, Inc. has a 12-month low of $677.80 and a 12-month high of $914.93.

Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share for the quarter, missing the consensus estimate of $7.88 by ($4.72). The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Equinix had a net margin of 11.32% and a return on equity of 7.73%. Equinix’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $8.04 EPS. As a group, sell-side analysts predict that Equinix, Inc. will post 31.23 earnings per share for the current fiscal year.

Equinix Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, August 21st will be paid a $4.26 dividend. The ex-dividend date is Wednesday, August 21st. This represents a $17.04 dividend on an annualized basis and a yield of 2.06%. Equinix’s payout ratio is presently 170.91%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on EQIX. TD Cowen increased their price target on shares of Equinix from $859.00 to $865.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Wells Fargo & Company upgraded Equinix from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $825.00 to $875.00 in a research note on Tuesday, July 23rd. Mizuho began coverage on Equinix in a report on Thursday, July 11th. They issued an “outperform” rating and a $873.00 price objective for the company. The Goldman Sachs Group began coverage on shares of Equinix in a research note on Monday, July 1st. They set a “buy” rating and a $870.00 target price on the stock. Finally, Royal Bank of Canada decreased their price objective on shares of Equinix from $950.00 to $922.00 and set an “outperform” rating for the company in a report on Tuesday, May 28th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $876.71.

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.