First Fiduciary Investment Counsel Inc. Grows Stock Holdings in Equinix, Inc. $EQIX

First Fiduciary Investment Counsel Inc. increased its holdings in Equinix, Inc. (NASDAQ:EQIX) by 7.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,942 shares of the financial services provider’s stock after purchasing an additional 1,307 shares during the period. Equinix accounts for 2.7% of First Fiduciary Investment Counsel Inc.’s investment portfolio, making the stock its 14th biggest position. First Fiduciary Investment Counsel Inc.’s holdings in Equinix were worth $14,053,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in EQIX. Vanguard Group Inc. increased its stake in shares of Equinix by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 13,129,041 shares of the financial services provider’s stock valued at $10,443,758,000 after acquiring an additional 222,221 shares during the last quarter. State Street Corp grew its holdings in Equinix by 3.7% in the second quarter. State Street Corp now owns 6,249,780 shares of the financial services provider’s stock valued at $4,971,512,000 after purchasing an additional 220,981 shares during the period. Principal Financial Group Inc. increased its position in Equinix by 3.0% during the third quarter. Principal Financial Group Inc. now owns 1,969,498 shares of the financial services provider’s stock worth $1,542,595,000 after purchasing an additional 56,592 shares during the last quarter. Norges Bank purchased a new position in Equinix during the second quarter worth approximately $892,431,000. Finally, Canada Pension Plan Investment Board raised its stake in Equinix by 3.7% during the second quarter. Canada Pension Plan Investment Board now owns 1,102,423 shares of the financial services provider’s stock worth $876,944,000 after purchasing an additional 38,936 shares during the period. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Equinix Price Performance

Shares of NASDAQ EQIX opened at $802.13 on Thursday. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 1.32. Equinix, Inc. has a fifty-two week low of $701.41 and a fifty-two week high of $953.41. The business has a 50 day moving average price of $772.94 and a two-hundred day moving average price of $785.52. The firm has a market cap of $78.76 billion, a PE ratio of 73.46, a price-to-earnings-growth ratio of 1.25 and a beta of 1.06.

Analysts Set New Price Targets

EQIX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price objective on Equinix from $940.00 to $950.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. TD Cowen restated a “buy” rating on shares of Equinix in a research note on Thursday, October 30th. Wall Street Zen downgraded Equinix from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Daiwa Capital Markets set a $917.00 target price on Equinix and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Finally, BMO Capital Markets upgraded shares of Equinix from a “market perform” rating to an “outperform” rating and set a $900.00 price target on the stock in a report on Wednesday, December 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $959.64.

Insider Buying and Selling at Equinix

In other Equinix news, EVP Raouf Abdel sold 927 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $801.78, for a total transaction of $743,250.06. Following the sale, the executive vice president owned 7,337 shares in the company, valued at $5,882,659.86. This represents a 11.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Adaire Fox-Martin sold 2,894 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $731.09, for a total value of $2,115,774.46. Following the sale, the chief executive officer directly owned 12,366 shares in the company, valued at approximately $9,040,658.94. This represents a 18.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 19,490 shares of company stock valued at $15,281,999. Corporate insiders own 0.27% of the company’s stock.

About Equinix

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.