New York Life Investment Management LLC Reduces Stake in Equinix, Inc. (NASDAQ:EQIX)

New York Life Investment Management LLC reduced its stake in shares of Equinix, Inc. (NASDAQ:EQIX) by 33.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,307 shares of the financial services provider’s stock after selling 7,345 shares during the quarter. New York Life Investment Management LLC’s holdings in Equinix were worth $13,490,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its position in shares of Equinix by 1.4% during the 3rd quarter. State Street Corp now owns 5,826,082 shares of the financial services provider’s stock valued at $5,171,405,000 after purchasing an additional 81,941 shares during the last quarter. Geode Capital Management LLC lifted its position in Equinix by 1.4% in the third quarter. Geode Capital Management LLC now owns 2,350,508 shares of the financial services provider’s stock worth $2,079,591,000 after buying an additional 33,277 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Equinix by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 1,938,572 shares of the financial services provider’s stock worth $1,827,847,000 after buying an additional 44,471 shares during the period. JPMorgan Chase & Co. increased its position in Equinix by 17.9% during the third quarter. JPMorgan Chase & Co. now owns 1,338,597 shares of the financial services provider’s stock valued at $1,188,180,000 after acquiring an additional 203,656 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Equinix by 5.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,134,171 shares of the financial services provider’s stock valued at $1,006,724,000 after acquiring an additional 53,729 shares during the period. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Raouf Abdel sold 1,331 shares of Equinix stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $903.71, for a total value of $1,202,838.01. Following the completion of the sale, the executive vice president now directly owns 6,579 shares in the company, valued at $5,945,508.09. This trade represents a 16.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Adaire Fox-Martin sold 2,965 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $961.62, for a total transaction of $2,851,203.30. Following the transaction, the chief executive officer now owns 3,069 shares in the company, valued at $2,951,211.78. The trade was a 49.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,741 shares of company stock worth $21,988,532 in the last ninety days. 0.27% of the stock is owned by insiders.

Equinix Stock Performance

EQIX stock opened at $910.38 on Friday. Equinix, Inc. has a one year low of $684.14 and a one year high of $994.03. The firm has a market cap of $88.61 billion, a price-to-earnings ratio of 106.48, a PEG ratio of 1.78 and a beta of 0.72. 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 firm has a 50-day simple moving average of $928.65 and a two-hundred day simple moving average of $904.11.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $7.92 EPS for the quarter, topping the consensus estimate of $2.75 by $5.17. Equinix had a net margin of 9.32% and a return on equity of 6.31%. On average, equities analysts forecast that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, February 26th will be given a $4.69 dividend. This is a boost from Equinix’s previous quarterly dividend of $4.26. The ex-dividend date is Wednesday, February 26th. This represents a $18.76 dividend on an annualized basis and a dividend yield of 2.06%. Equinix’s dividend payout ratio (DPR) is presently 219.42%.

Analysts Set New Price Targets

A number of research firms recently commented on EQIX. BMO Capital Markets dropped their price target on shares of Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Oppenheimer boosted their target price on Equinix from $950.00 to $975.00 and gave the company an “outperform” rating in a research report on Thursday, February 13th. Truist Financial increased their price target on Equinix from $935.00 to $1,090.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Royal Bank of Canada boosted their price objective on Equinix from $936.00 to $1,025.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Finally, Scotiabank cut their price target on shares of Equinix from $1,114.00 to $1,033.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 13th. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $994.82.

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.