Potomac Fund Management Inc. ADV Acquires New Position in Equinix, Inc. (NASDAQ:EQIX)

Potomac Fund Management Inc. ADV acquired a new position in Equinix, Inc. (NASDAQ:EQIX - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,226 shares of the financial services provider's stock, valued at approximately $1,156,000. Equinix accounts for approximately 1.0% of Potomac Fund Management Inc. ADV's investment portfolio, making the stock its 27th biggest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EQIX. Principal Financial Group Inc. grew its stake in shares of Equinix by 0.3% during the third quarter. Principal Financial Group Inc. now owns 1,894,101 shares of the financial services provider's stock worth $1,681,256,000 after purchasing an additional 5,910 shares during the period. D.A. Davidson & CO. grew its position in shares of Equinix by 19.0% during the 3rd quarter. D.A. Davidson & CO. now owns 846 shares of the financial services provider's stock worth $751,000 after buying an additional 135 shares during the period. CreativeOne Wealth LLC bought a new stake in shares of Equinix in the 3rd quarter valued at about $279,000. Edgestream Partners L.P. grew its holdings in Equinix by 61.3% during the third quarter. Edgestream Partners L.P. now owns 792 shares of the financial services provider's stock valued at $703,000 after purchasing an additional 301 shares during the period. Finally, Holocene Advisors LP grew its holdings in Equinix by 157.8% during the third quarter. Holocene Advisors LP now owns 7,109 shares of the financial services provider's stock valued at $6,310,000 after purchasing an additional 4,351 shares during the period. 94.94% of the stock is owned by institutional investors.

Remove Ads

Equinix Stock Down 3.6 %

Shares of NASDAQ:EQIX traded down $30.11 during trading on Thursday, hitting $801.44. 1,222,599 shares of the company were exchanged, compared to its average volume of 550,139. The stock has a market cap of $78.01 billion, a price-to-earnings ratio of 93.74, a P/E/G ratio of 1.78 and a beta of 0.74. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19. Equinix, Inc. has a fifty-two week low of $684.14 and a fifty-two week high of $994.03. The firm has a fifty day moving average price of $886.95 and a two-hundred day moving average price of $906.99.

Equinix (NASDAQ:EQIX - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The financial services provider reported $7.92 EPS for the quarter, beating 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%. As a group, research analysts anticipate that Equinix, Inc. will post 33.1 earnings per share for the current fiscal year.

Equinix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, February 26th were given a dividend of $4.69 per share. This represents a $18.76 dividend on an annualized basis and a yield of 2.34%. This is a boost from Equinix's previous quarterly dividend of $4.26. The ex-dividend date was Wednesday, February 26th. Equinix's payout ratio is 219.42%.

Insider Transactions at Equinix

In related news, insider Brandi Galvin Morandi sold 684 shares of the business's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $940.51, for a total value of $643,308.84. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Raouf Abdel sold 1,331 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $903.71, for a total value of $1,202,838.01. Following the transaction, the executive vice president now owns 6,579 shares in the company, valued at $5,945,508.09. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,054 shares of company stock worth $17,466,950. 0.27% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EQIX. Moffett Nathanson raised shares of Equinix from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 5th. BMO Capital Markets reduced their target price on Equinix from $1,085.00 to $1,065.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. JMP Securities restated a "market outperform" rating and issued a $1,200.00 price target on shares of Equinix in a report on Thursday, February 13th. Barclays raised their price target on Equinix from $822.00 to $834.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 20th. Finally, Scotiabank raised their target price on shares of Equinix from $1,033.00 to $1,040.00 and gave the stock a "sector outperform" rating in a report on Monday, March 3rd. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $1,007.59.

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.