Lazard Asset Management LLC Cuts Stake in Equinix, Inc. (NASDAQ:EQIX)

Lazard Asset Management LLC lowered its position in shares of Equinix, Inc. (NASDAQ:EQIX) by 39.3% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 5,288 shares of the financial services provider’s stock after selling 3,419 shares during the period. Lazard Asset Management LLC’s holdings in Equinix were worth $4,364,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in EQIX. CNB Bank grew its stake in Equinix by 172.7% in the first quarter. CNB Bank now owns 30 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 19 shares during the last quarter. Valley National Advisers Inc. boosted its holdings in shares of Equinix by 260.0% in the 4th quarter. Valley National Advisers Inc. now owns 36 shares of the financial services provider’s stock valued at $28,000 after buying an additional 26 shares in the last quarter. Criterion Capital Advisors LLC purchased a new position in shares of Equinix in the 4th quarter worth approximately $32,000. Rise Advisors LLC purchased a new position in shares of Equinix in the 1st quarter worth approximately $39,000. Finally, Rational Advisors LLC purchased a new position in shares of Equinix in the 1st quarter worth approximately $53,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. TD Cowen cut their price objective on shares of Equinix from $862.00 to $859.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Royal Bank of Canada cut their price objective on shares of Equinix from $950.00 to $922.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. Barclays lifted their price objective on shares of Equinix from $669.00 to $671.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 30th. The Goldman Sachs Group assumed coverage on shares of Equinix in a research report on Monday, July 1st. They issued a “buy” rating and a $870.00 price objective on the stock. Finally, Wells Fargo & Company raised shares of Equinix from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $825.00 to $875.00 in a research report on Tuesday, July 23rd. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $875.50.

Equinix Stock Performance

Shares of EQIX stock traded up $1.84 during trading hours on Monday, hitting $774.27. The company’s stock had a trading volume of 56,326 shares, compared to its average volume of 564,703. The company has a 50 day moving average of $770.49 and a 200 day moving average of $797.01. The stock has a market cap of $73.49 billion, a PE ratio of 77.48, a price-to-earnings-growth ratio of 2.67 and a beta of 0.68. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.19. Equinix, Inc. has a 12-month low of $677.80 and a 12-month high of $914.93.

Equinix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, May 22nd were issued a $4.26 dividend. This represents a $17.04 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Tuesday, May 21st. Equinix’s dividend payout ratio (DPR) is currently 170.91%.

Insider Activity

In other news, insider Brandi Galvin Morandi sold 2,070 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $800.50, for a total value of $1,657,035.00. Following the sale, the insider now directly owns 12,758 shares of the company’s stock, valued at approximately $10,212,779. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Brandi Galvin Morandi sold 2,070 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $800.50, for a total value of $1,657,035.00. Following the completion of the transaction, the insider now directly owns 12,758 shares in the company, valued at approximately $10,212,779. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Christopher B. Paisley sold 100 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $812.98, for a total value of $81,298.00. Following the transaction, the director now owns 17,641 shares in the company, valued at approximately $14,341,780.18. The disclosure for this sale can be found here. Insiders own 0.27% of the company’s stock.

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.