Spirit of America Management Corp NY Trims Stock Position in Equinix, Inc. $EQIX

Spirit of America Management Corp NY cut its holdings in shares of Equinix, Inc. (NASDAQ:EQIX) by 20.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,160 shares of the financial services provider’s stock after selling 1,350 shares during the period. Spirit of America Management Corp NY’s holdings in Equinix were worth $3,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its stake in shares of Equinix by 28.9% in the fourth quarter. Brighton Jones LLC now owns 326 shares of the financial services provider’s stock worth $307,000 after buying an additional 73 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in Equinix by 11.5% during the first quarter. Integrated Wealth Concepts LLC now owns 522 shares of the financial services provider’s stock valued at $425,000 after acquiring an additional 54 shares in the last quarter. Empowered Funds LLC raised its position in Equinix by 21.8% during the first quarter. Empowered Funds LLC now owns 3,050 shares of the financial services provider’s stock valued at $2,487,000 after acquiring an additional 546 shares in the last quarter. Schnieders Capital Management LLC. acquired a new position in Equinix in the second quarter valued at approximately $231,000. Finally, CreativeOne Wealth LLC lifted its holdings in Equinix by 6.9% in the second quarter. CreativeOne Wealth LLC now owns 277 shares of the financial services provider’s stock valued at $220,000 after acquiring an additional 18 shares during the period. 94.94% of the stock is owned by hedge funds and other institutional investors.

Equinix Trading Up 0.1%

Shares of EQIX stock opened at $964.05 on Tuesday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market cap of $94.72 billion, a price-to-earnings ratio of 70.11, a PEG ratio of 2.48 and a beta of 1.04. The stock has a 50 day simple moving average of $910.75 and a 200-day simple moving average of $828.83. Equinix, Inc. has a 1-year low of $701.41 and a 1-year high of $992.90.

Equinix (NASDAQ:EQIX) last released its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $8.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $9.07 by ($0.16). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.46 billion. Equinix had a net margin of 14.65% and a return on equity of 9.60%. Equinix’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $7.92 EPS. On average, equities 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 was paid on Wednesday, March 18th. Investors of record on Wednesday, February 25th were given a dividend of $5.16 per share. This is a boost from Equinix’s previous quarterly dividend of $4.69. The ex-dividend date was Wednesday, February 25th. This represents a $20.64 annualized dividend and a dividend yield of 2.1%. Equinix’s payout ratio is currently 150.11%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on EQIX shares. BMO Capital Markets raised their price objective on shares of Equinix from $925.00 to $1,050.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Sanford C. Bernstein initiated coverage on shares of Equinix in a research note on Thursday, March 5th. They issued an “outperform” rating and a $1,128.00 target price for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Equinix in a report on Thursday, January 22nd. Barclays raised their price target on shares of Equinix from $870.00 to $1,020.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 18th. Finally, Guggenheim lifted their price objective on shares of Equinix from $933.00 to $985.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Three investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Equinix has a consensus rating of “Moderate Buy” and an average target price of $1,015.05.

Insiders Place Their Bets

In related news, EVP Raouf Abdel sold 927 shares of the business’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $801.78, for a total transaction of $743,250.06. Following the transaction, the executive vice president directly owned 7,337 shares in the company, valued at approximately $5,882,659.86. The trade was a 11.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Brandi Galvin Morandi sold 1,333 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $804.25, for a total value of $1,072,065.25. Following the transaction, the insider owned 9,551 shares in the company, valued at approximately $7,681,391.75. This represents a 12.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 16,842 shares of company stock valued at $14,494,840. 0.27% of the stock is owned by corporate insiders.

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.