CIBC Asset Management Inc trimmed its stake in shares of Equinix Inc (NASDAQ:EQIX) by 4.1% in the first quarter, HoldingsChannel.com reports. The firm owned 7,141 shares of the financial services provider’s stock after selling 306 shares during the quarter. CIBC Asset Management Inc’s holdings in Equinix were worth $3,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Washington Trust Bank bought a new position in Equinix during the first quarter worth $29,000. Spectrum Management Group Inc. bought a new position in Equinix during the first quarter worth $29,000. Farmers & Merchants Investments Inc. boosted its position in Equinix by 174.2% during the fourth quarter. Farmers & Merchants Investments Inc. now owns 85 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 54 shares during the period. Pearl River Capital LLC bought a new position in Equinix during the fourth quarter worth $35,000. Finally, Proficio Capital Partners LLC boosted its position in Equinix by 116.7% during the fourth quarter. Proficio Capital Partners LLC now owns 117 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 63 shares during the period. 98.76% of the stock is owned by hedge funds and other institutional investors.
EQIX has been the subject of a number of research analyst reports. BidaskClub raised shares of Equinix from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Citigroup lifted their target price on Equinix from $481.00 to $482.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Nomura lifted their target price on Equinix from $480.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, March 29th. UBS Group lifted their target price on Equinix from $500.00 to $510.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Deutsche Bank lifted their target price on Equinix from $480.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Two equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $501.44.
Equinix (NASDAQ:EQIX) last posted its quarterly earnings results on Wednesday, May 1st. The financial services provider reported $1.44 EPS for the quarter, missing the Zacks’ consensus estimate of $5.16 by ($3.72). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Equinix had a net margin of 8.06% and a return on equity of 5.66%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the firm earned $5.21 EPS. On average, sell-side analysts predict that Equinix Inc will post 20.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, May 22nd will be given a $2.46 dividend. This represents a $9.84 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Tuesday, May 21st. Equinix’s dividend payout ratio is presently 47.56%.
In other Equinix news, insider Michael Earl Campbell sold 250 shares of Equinix stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $445.74, for a total value of $111,435.00. Following the transaction, the insider now owns 3,578 shares in the company, valued at $1,594,857.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Charles J. Meyers sold 282 shares of Equinix stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $462.31, for a total value of $130,371.42. Following the completion of the transaction, the chief executive officer now owns 5,882 shares in the company, valued at approximately $2,719,307.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,143 shares of company stock worth $7,776,844. Company insiders own 0.49% of the company’s stock.
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Equinix Company Profile
Equinix, Inc (Nasdaq: EQIX) connects the world's leading businesses to their customers, employees and partners inside the most-interconnected data centers. In 52 markets across five continents, Equinix is where companies come together to realize new opportunities and accelerate their business, IT and cloud strategies.
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