Nippon Life Global Investors Americas Inc. Sells 290 Shares of Equinix, Inc. (NASDAQ:EQIX)

Nippon Life Global Investors Americas Inc. lessened its position in Equinix, Inc. (NASDAQ:EQIX) by 20.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,160 shares of the financial services provider’s stock after selling 290 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in Equinix were worth $1,094,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new stake in Equinix during the 4th quarter worth approximately $1,067,270,000. Wellington Management Group LLP lifted its holdings in shares of 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 worth $1,701,188,000 after purchasing an additional 401,991 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Equinix in the fourth quarter worth $328,899,000. Proficio Capital Partners LLC acquired a new stake in Equinix in the fourth quarter valued at $246,000. Finally, JPMorgan Chase & Co. raised its position in Equinix by 17.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,338,597 shares of the financial services provider’s stock worth $1,188,180,000 after purchasing an additional 203,656 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on EQIX. Scotiabank upped their price target on Equinix from $1,033.00 to $1,040.00 and gave the company a “sector outperform” rating in a research report on Monday, March 3rd. Mizuho reduced their target price on Equinix from $1,094.00 to $1,053.00 and set an “outperform” rating on the stock in a report on Friday, March 28th. Moffett Nathanson upgraded shares of Equinix from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 5th. Truist Financial reduced their price objective on shares of Equinix from $1,028.00 to $990.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Finally, BMO Capital Markets lowered their target price on shares of Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $1,005.50.

Equinix Stock Performance

NASDAQ EQIX opened at $773.20 on Tuesday. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19. The company has a fifty day simple moving average of $844.53 and a 200 day simple moving average of $896.95. Equinix, Inc. has a 12-month low of $684.14 and a 12-month high of $994.03. The company has a market cap of $75.63 billion, a P/E ratio of 90.43, a PEG ratio of 1.78 and a beta of 0.95.

Equinix (NASDAQ:EQIX) last posted its earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share for the quarter, topping analysts’ consensus estimates of $2.75 by $5.17. Equinix had a net margin of 9.32% and a return on equity of 6.31%. Sell-side analysts predict that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, February 26th were issued a dividend of $4.69 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $18.76 annualized dividend and a yield of 2.43%. This is an increase from Equinix’s previous quarterly dividend of $4.26. Equinix’s dividend payout ratio is 219.42%.

Insider Activity at Equinix

In other news, insider Kurt Pletcher sold 215 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $929.73, for a total value of $199,891.95. Following the completion of the sale, the insider now owns 1,245 shares in the company, valued at $1,157,513.85. This represents a 14.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brandi Galvin Morandi sold 684 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $940.51, for a total transaction of $643,308.84. Following the transaction, the insider now directly owns 8,377 shares in the company, valued at $7,878,652.27. The trade was a 7.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 7,040 shares of company stock valued at $6,547,068. 0.27% of the stock is owned by insiders.

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.