Citigroup Inc. Decreases Stock Position in Equinix, Inc. $EQIX

Citigroup Inc. cut its position in Equinix, Inc. (NASDAQ:EQIX) by 33.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,686 shares of the financial services provider’s stock after selling 56,602 shares during the period. Citigroup Inc. owned 0.11% of Equinix worth $88,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. lifted its stake in shares of Equinix by 190.9% in the second quarter. Westside Investment Management Inc. now owns 32 shares of the financial services provider’s stock worth $25,000 after buying an additional 21 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Equinix in the 2nd quarter valued at about $26,000. Bank of Jackson Hole Trust lifted its stake in Equinix by 70.0% in the 2nd quarter. Bank of Jackson Hole Trust now owns 34 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 14 shares in the last quarter. Abound Wealth Management lifted its stake in Equinix by 209.1% in the 3rd quarter. Abound Wealth Management now owns 34 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 23 shares in the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Equinix during the 2nd quarter worth approximately $28,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Equinix news, insider Brandi Galvin Morandi sold 1,333 shares of Equinix stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $804.25, for a total transaction of $1,072,065.25. Following the completion of the sale, the insider directly owned 9,551 shares of the company’s stock, valued at $7,681,391.75. The trade was a 12.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Raouf Abdel sold 927 shares of the company’s stock in a transaction on Friday, January 16th. The shares were sold at an average price of $801.78, for a total transaction of $743,250.06. Following the completion of the transaction, the executive vice president owned 7,337 shares of the company’s stock, valued at approximately $5,882,659.86. The trade was a 11.22% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 14,353 shares of company stock worth $11,283,043. Corporate insiders own 0.27% of the company’s stock.

Equinix Price Performance

Equinix stock opened at $928.11 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.40. Equinix, Inc. has a 52-week low of $701.41 and a 52-week high of $992.90. The firm has a market cap of $91.19 billion, a PE ratio of 67.50, a price-to-earnings-growth ratio of 1.84 and a beta of 1.06. The company’s 50 day moving average is $811.86 and its two-hundred day moving average is $795.03.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.46 billion. Equinix had a return on equity of 9.60% and a net margin of 14.65%.The firm’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the company posted $7.92 EPS. On average, research analysts expect that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 25th will be given a $5.16 dividend. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $20.64 dividend on an annualized basis and a yield of 2.2%. This is an increase from Equinix’s previous quarterly dividend of $4.69. Equinix’s dividend payout ratio is 136.44%.

Wall Street Analyst Weigh In

Several research firms recently commented on EQIX. Citigroup reaffirmed a “buy” rating on shares of Equinix in a report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft set a $915.00 price objective on shares of Equinix in a research report on Tuesday, January 6th. Guggenheim increased their price target on shares of Equinix from $933.00 to $985.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. Scotiabank restated an “outperform” rating on shares of Equinix in a report on Thursday, February 12th. Finally, Truist Financial lifted their target price on shares of Equinix from $973.00 to $1,087.00 and gave the company a “buy” rating in a report on Wednesday, February 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,001.41.

Equinix Company Profile

Equinix, Inc is a global provider of digital infrastructure and interconnection services, specializing in carrier-neutral data centers and colocation. The company operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment.

Equinix’s offerings include traditional colocation space and power, cross-connects and meet-me rooms, and a suite of connectivity and on-demand services designed for hybrid multicloud architectures.