Azzad Asset Management Inc. ADV Raises Stake in Equinix, Inc. (NASDAQ:EQIX)

Azzad Asset Management Inc. ADV lifted its stake in Equinix, Inc. (NASDAQ:EQIX) by 3.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,411 shares of the financial services provider’s stock after buying an additional 141 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Equinix were worth $3,596,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Equinix during the fourth quarter valued at $1,067,270,000. GAMMA Investing LLC raised its stake in Equinix by 82,340.9% during the first quarter. GAMMA Investing LLC now owns 890,362 shares of the financial services provider’s stock valued at $725,957,000 after purchasing an additional 889,282 shares in the last quarter. Northern Trust Corp raised its stake in Equinix by 65.3% during the fourth quarter. Northern Trust Corp now owns 1,483,781 shares of the financial services provider’s stock valued at $1,399,042,000 after purchasing an additional 586,034 shares in the last quarter. Wellington Management Group LLP raised its stake in Equinix by 28.7% during the fourth quarter. Wellington Management Group LLP now owns 1,804,227 shares of the financial services provider’s stock valued at $1,701,188,000 after purchasing an additional 401,991 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Equinix during the fourth quarter valued at $328,899,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insider Activity at Equinix

In other Equinix news, insider Kurt Pletcher sold 127 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $877.70, for a total transaction of $111,467.90. Following the completion of the transaction, the insider now directly owns 1,842 shares of the company’s stock, valued at approximately $1,616,723.40. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Adaire Fox-Martin sold 2,949 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $884.91, for a total transaction of $2,609,599.59. Following the transaction, the chief executive officer now directly owns 9,615 shares of the company’s stock, valued at $8,508,409.65. This represents a 23.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,176 shares of company stock valued at $2,808,008 in the last three months. 0.27% of the stock is owned by insiders.

Equinix Stock Down 0.4%

NASDAQ:EQIX opened at $892.64 on Friday. Equinix, Inc. has a 1-year low of $701.41 and a 1-year high of $994.03. The company has a 50-day moving average of $851.86 and a 200 day moving average of $889.06. The firm has a market cap of $87.32 billion, a PE ratio of 104.40, a price-to-earnings-growth ratio of 1.78 and a beta of 0.97. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.63 and a quick ratio of 1.63.

Equinix (NASDAQ:EQIX) last released its quarterly earnings data on Wednesday, April 30th. The financial services provider reported $9.67 earnings per share for the quarter, topping analysts’ consensus estimates of $9.01 by $0.66. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.23 billion. Equinix had a net margin of 9.32% and a return on equity of 6.31%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $8.86 earnings per share. As a group, research analysts anticipate that Equinix, Inc. will post 33.1 EPS for the current fiscal year.

Equinix Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, May 21st will be given a $4.69 dividend. This represents a $18.76 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Wednesday, May 21st. Equinix’s payout ratio is currently 195.01%.

Analyst Ratings Changes

A number of research firms recently issued reports on EQIX. Bank of America started coverage on shares of Equinix in a research note on Monday, May 19th. They set a “buy” rating and a $1,000.00 price target on the stock. Wolfe Research cut shares of Equinix from an “outperform” rating to a “peer perform” rating in a research report on Monday, June 9th. Truist Financial cut their price objective on shares of Equinix from $990.00 to $986.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. JMP Securities reiterated a “market outperform” rating and set a $1,200.00 price objective on shares of Equinix in a research report on Friday, May 23rd. Finally, Cfra Research upgraded shares of Equinix from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 28th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and six have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Equinix presently has a consensus rating of “Buy” and an average price target of $1,004.80.

About Equinix

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.