Cornerstone Advisors LLC Increases Stake in Equinix, Inc. (NASDAQ:EQIX)

Cornerstone Advisors LLC grew its stake in Equinix, Inc. (NASDAQ:EQIX) by 51.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,100 shares of the financial services provider’s stock after purchasing an additional 1,400 shares during the period. Cornerstone Advisors LLC’s holdings in Equinix were worth $3,639,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Equinix during the second quarter valued at approximately $30,000. LRI Investments LLC acquired a new stake in Equinix during the first quarter valued at $31,000. GHP Investment Advisors Inc. lifted its position in shares of Equinix by 50.0% during the 3rd quarter. GHP Investment Advisors Inc. now owns 39 shares of the financial services provider’s stock valued at $35,000 after buying an additional 13 shares in the last quarter. Fortitude Family Office LLC boosted its stake in shares of Equinix by 50.0% in the third quarter. Fortitude Family Office LLC now owns 39 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 13 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in Equinix in the 2nd quarter valued at about $36,000. Institutional investors own 94.94% of the company’s stock.

Equinix Stock Performance

Shares of Equinix stock opened at $918.94 on Thursday. The stock has a market capitalization of $88.67 billion, a price-to-earnings ratio of 82.86, a price-to-earnings-growth ratio of 2.32 and a beta of 0.71. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.16 and a quick ratio of 1.16. The business has a 50-day moving average of $889.31 and a 200 day moving average of $822.27. Equinix, Inc. has a 12 month low of $684.14 and a 12 month high of $943.02.

Equinix Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Wednesday, November 13th will be paid a dividend of $4.26 per share. This represents a $17.04 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Wednesday, November 13th. Equinix’s payout ratio is currently 153.65%.

Wall Street Analysts Forecast Growth

EQIX has been the subject of a number of analyst reports. Truist Financial upped their price target on Equinix from $915.00 to $935.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. The Goldman Sachs Group upped their target price on Equinix from $870.00 to $980.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Mizuho lifted their price target on Equinix from $873.00 to $971.00 and gave the stock an “outperform” rating in a report on Thursday, September 12th. TD Cowen boosted their price target on shares of Equinix from $865.00 to $984.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Equinix from $950.00 to $975.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 1st. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $952.88.

Insiders Place Their Bets

In other news, Director Christopher B. Paisley sold 100 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $891.00, for a total value of $89,100.00. Following the sale, the director now directly owns 17,794 shares in the company, valued at approximately $15,854,454. This trade represents a 0.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Raouf Abdel sold 1,022 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $923.56, for a total transaction of $943,878.32. Following the transaction, the executive vice president now owns 4,893 shares of the company’s stock, valued at approximately $4,518,979.08. The trade was a 17.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,754 shares of company stock worth $11,666,756 in the last ninety days. 0.27% of the stock is owned by corporate insiders.

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.