Envestnet Asset Management Inc. Sells 5,686 Shares of Equinix, Inc. $EQIX

Envestnet Asset Management Inc. trimmed its position in shares of Equinix, Inc. (NASDAQ:EQIX) by 3.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 178,014 shares of the financial services provider’s stock after selling 5,686 shares during the period. Envestnet Asset Management Inc.’s holdings in Equinix were worth $139,428,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Penserra Capital Management LLC raised its position in shares of Equinix by 29.9% in the 3rd quarter. Penserra Capital Management LLC now owns 12,761 shares of the financial services provider’s stock worth $9,994,000 after purchasing an additional 2,941 shares during the last quarter. Adell Harriman & Carpenter Inc. increased its stake in Equinix by 0.4% during the 3rd quarter. Adell Harriman & Carpenter Inc. now owns 20,317 shares of the financial services provider’s stock valued at $15,913,000 after purchasing an additional 85 shares in the last quarter. Westside Investment Management Inc. lifted its stake in shares of Equinix by 65.6% in the third quarter. Westside Investment Management Inc. now owns 53 shares of the financial services provider’s stock worth $41,000 after buying an additional 21 shares in the last quarter. Cornerstone Planning Group LLC lifted its stake in shares of Equinix by 40.6% in the third quarter. Cornerstone Planning Group LLC now owns 45 shares of the financial services provider’s stock worth $37,000 after buying an additional 13 shares in the last quarter. Finally, Heritage Investors Management Corp grew its holdings in shares of Equinix by 3.2% during the third quarter. Heritage Investors Management Corp now owns 30,002 shares of the financial services provider’s stock valued at $23,499,000 after buying an additional 919 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insiders Place Their Bets

In other news, insider Michael Shane Paladin sold 327 shares of the firm’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $804.36, for a total value of $263,025.72. Following the transaction, the insider owned 952 shares of the company’s stock, valued at $765,750.72. This trade represents a 25.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kurt Pletcher sold 596 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $801.78, for a total value of $477,860.88. Following the transaction, the insider owned 3,195 shares of the company’s stock, valued at approximately $2,561,687.10. This trade represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 19,490 shares of company stock valued at $15,281,999. 0.27% of the stock is currently owned by corporate insiders.

Equinix Trading Up 5.0%

Shares of EQIX stock opened at $848.12 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.62 and a quick ratio of 1.62. The company has a market cap of $83.28 billion, a price-to-earnings ratio of 77.67, a PEG ratio of 1.26 and a beta of 1.06. Equinix, Inc. has a 1 year low of $701.41 and a 1 year high of $953.41. The firm has a fifty day moving average price of $775.97 and a 200-day moving average price of $786.08.

Analyst Ratings Changes

Several research firms recently issued reports on EQIX. Morgan Stanley assumed coverage on Equinix in a research report on Thursday, October 16th. They issued an “overweight” rating and a $950.00 price objective on the stock. Truist Financial upped their target price on shares of Equinix from $961.00 to $973.00 and gave the company a “buy” rating in a research note on Tuesday, November 18th. TD Cowen reiterated a “buy” rating on shares of Equinix in a research note on Thursday, October 30th. Scotiabank lowered their price objective on shares of Equinix from $965.00 to $959.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, January 14th. Finally, Citigroup restated a “buy” rating on shares of Equinix in a report on Thursday, December 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Equinix presently has a consensus rating of “Moderate Buy” and a consensus target price of $959.64.

Equinix 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.