Truist Financial Corp Buys 2,990 Shares of Equinix, Inc. (NASDAQ:EQIX)

Truist Financial Corp increased its stake in Equinix, Inc. (NASDAQ:EQIX) by 6.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 48,320 shares of the financial services provider’s stock after purchasing an additional 2,990 shares during the quarter. Truist Financial Corp’s holdings in Equinix were worth $45,560,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of EQIX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Equinix by 302.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,082,455 shares of the financial services provider’s stock valued at $960,820,000 after acquiring an additional 813,666 shares during the period. Pathway Financial Advisers LLC raised its holdings in Equinix by 89,348.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 398,940 shares of the financial services provider’s stock valued at $354,111,000 after acquiring an additional 398,494 shares during the period. Adelante Capital Management LLC raised its holdings in Equinix by 202.3% during the 3rd quarter. Adelante Capital Management LLC now owns 514,224 shares of the financial services provider’s stock valued at $456,441,000 after acquiring an additional 344,114 shares during the period. JPMorgan Chase & Co. raised its holdings 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 valued at $1,188,180,000 after acquiring an additional 203,656 shares during the period. Finally, abrdn plc increased its holdings in shares of Equinix by 49.2% in the fourth quarter. abrdn plc now owns 464,840 shares of the financial services provider’s stock worth $437,563,000 after purchasing an additional 153,215 shares during the period. Institutional investors own 94.94% of the company’s stock.

Insider Activity

In other news, insider Kurt Pletcher sold 222 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $962.20, for a total transaction of $213,608.40. Following the completion of the transaction, the insider now directly owns 1,015 shares of the company’s stock, valued at approximately $976,633. This represents a 17.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Adaire Fox-Martin sold 2,965 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $961.62, for a total transaction of $2,851,203.30. Following the completion of the transaction, the chief executive officer now directly owns 3,069 shares of the company’s stock, valued at approximately $2,951,211.78. The trade was a 49.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,701 shares of company stock valued at $15,441,464. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. BMO Capital Markets decreased their price target on shares of Equinix from $1,085.00 to $1,065.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Barclays upped their price target on shares of Equinix from $810.00 to $822.00 and gave the stock an “equal weight” rating in a report on Monday, November 18th. Truist Financial upped their price target on shares of Equinix from $935.00 to $1,090.00 and gave the stock a “buy” rating in a report on Friday, November 29th. Moffett Nathanson raised shares of Equinix from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 5th. Finally, Citizens Jmp upgraded shares of Equinix to a “strong-buy” rating in a research report on Monday, January 27th. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $994.82.

Equinix Stock Performance

NASDAQ EQIX opened at $931.04 on Wednesday. The company has a 50-day simple moving average of $934.17 and a two-hundred day simple moving average of $898.55. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 1.12. Equinix, Inc. has a 12-month low of $684.14 and a 12-month high of $994.03. The firm has a market cap of $90.62 billion, a price-to-earnings ratio of 83.95, a PEG ratio of 2.23 and a beta of 0.72.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.75 by $5.17. Equinix had a net margin of 12.29% and a return on equity of 8.34%. On average, equities analysts forecast that Equinix, Inc. will post 31.09 EPS for the current year.

Equinix Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, February 26th will be paid a dividend of $4.69 per share. This represents a $18.76 annualized dividend and a dividend yield of 2.01%. This is an increase from Equinix’s previous quarterly dividend of $4.26. The ex-dividend date is Wednesday, February 26th. Equinix’s dividend payout ratio is 219.42%.

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.