Cornerstone Advisors LLC Has $2.04 Million Stock Position in Equinix, Inc. (NASDAQ:EQIX)

Cornerstone Advisors LLC decreased its stake in shares of Equinix, Inc. (NASDAQ:EQIX) by 15.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,700 shares of the financial services provider’s stock after selling 500 shares during the period. Cornerstone Advisors LLC’s holdings in Equinix were worth $2,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Gryphon Financial Partners LLC bought a new stake in Equinix during the 4th quarter worth about $581,000. Great Lakes Advisors LLC increased its stake in shares of Equinix by 43.4% in the 4th quarter. Great Lakes Advisors LLC now owns 3,173 shares of the financial services provider’s stock valued at $2,556,000 after acquiring an additional 960 shares during the last quarter. Financial Advocates Investment Management increased its stake in shares of Equinix by 3.7% in the 4th quarter. Financial Advocates Investment Management now owns 476 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 17 shares during the last quarter. Brown Advisory Inc. bought a new stake in shares of Equinix in the 4th quarter valued at about $288,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Equinix in the 4th quarter valued at about $481,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

Equinix Trading Up 0.6 %

Shares of Equinix stock opened at $876.57 on Tuesday. The business has a fifty day simple moving average of $813.86 and a two-hundred day simple moving average of $792.77. Equinix, Inc. has a 1 year low of $677.80 and a 1 year high of $914.93. The company has a market capitalization of $83.19 billion, a price-to-earnings ratio of 87.92, a P/E/G ratio of 2.11 and a beta of 0.71. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.22 and a quick ratio of 1.22.

Equinix (NASDAQ:EQIX) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.88 by ($4.72). The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.16 billion. Equinix had a net margin of 12.24% and a return on equity of 8.46%. The company’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 business earned $8.04 EPS. Research analysts forecast that Equinix, Inc. will post 31.01 EPS for the current year.

Equinix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, August 21st will be given a dividend of $4.26 per share. This represents a $17.04 annualized dividend and a yield of 1.94%. The ex-dividend date is Wednesday, August 21st. Equinix’s payout ratio is 170.91%.

Insiders Place Their Bets

In other Equinix news, insider Meredith Williamson sold 576 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $824.19, for a total transaction of $474,733.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Simon Miller sold 569 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $820.91, for a total value of $467,097.79. Following the transaction, the chief accounting officer now owns 5,554 shares in the company, valued at $4,559,334.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Meredith Williamson sold 576 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $824.19, for a total value of $474,733.44. The disclosure for this sale can be found here. Insiders have sold 10,043 shares of company stock worth $8,282,119 in the last 90 days. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EQIX shares. TD Cowen upped their price target on Equinix from $859.00 to $865.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Truist Financial increased their target price on Equinix from $915.00 to $935.00 and gave the stock a “buy” rating in a research note on Wednesday, August 21st. The Goldman Sachs Group initiated coverage on Equinix in a research note on Monday, July 1st. They set a “buy” rating and a $870.00 target price for the company. Barclays increased their target price on Equinix from $669.00 to $671.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 30th. Finally, Mizuho increased their target price on Equinix from $873.00 to $971.00 and gave the stock an “outperform” rating in a research note on Thursday, September 12th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $883.71.

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.