Red Cedar Investment Management LLC Has $1.62 Million Stake in Equinix, Inc. (NASDAQ:EQIX)

Red Cedar Investment Management LLC boosted its position in shares of Equinix, Inc. (NASDAQ:EQIX) by 90.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,006 shares of the financial services provider’s stock after purchasing an additional 954 shares during the period. Red Cedar Investment Management LLC’s holdings in Equinix were worth $1,616,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Valley National Advisers Inc. raised its position in Equinix by 260.0% during the fourth 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 during the period. Providence Capital Advisors LLC acquired a new position in shares of Equinix in the 3rd quarter valued at about $29,000. Criterion Capital Advisors LLC purchased a new stake in shares of Equinix in the fourth quarter worth approximately $32,000. Operose Advisors LLC acquired a new stake in shares of Equinix during the third quarter worth approximately $36,000. Finally, Asset Dedication LLC grew its position in Equinix by 92.6% during the third quarter. Asset Dedication LLC now owns 52 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 25 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Equinix

In related news, insider Brandi Galvin Morandi sold 729 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $832.84, for a total transaction of $607,140.36. Following the completion of the sale, the insider now owns 14,002 shares in the company, valued at approximately $11,661,425.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Scott Crenshaw sold 460 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $832.97, for a total value of $383,166.20. Following the completion of the sale, the executive vice president now owns 1,242 shares in the company, valued at $1,034,548.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Brandi Galvin Morandi sold 729 shares of Equinix stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $832.84, for a total value of $607,140.36. Following the sale, the insider now directly owns 14,002 shares in the company, valued at $11,661,425.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,585 shares of company stock worth $3,818,268. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on EQIX shares. Royal Bank of Canada lifted their target price on shares of Equinix from $855.00 to $950.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. BMO Capital Markets boosted their target price on Equinix from $910.00 to $925.00 and gave the company an “outperform” rating in a research note on Thursday, February 15th. Truist Financial upped their target price on Equinix from $915.00 to $950.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Morgan Stanley reduced their price target on Equinix from $767.00 to $762.00 and set an “equal weight” rating for the company in a report on Thursday, March 28th. Finally, Barclays dropped their price objective on Equinix from $818.00 to $669.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Equinix presently has an average rating of “Moderate Buy” and a consensus target price of $868.06.

Equinix Stock Performance

NASDAQ:EQIX traded up $1.48 during midday trading on Friday, reaching $700.18. The stock had a trading volume of 762,548 shares, compared to its average volume of 698,429. The stock has a market capitalization of $66.25 billion, a P/E ratio of 67.91, a PEG ratio of 1.81 and a beta of 0.62. Equinix, Inc. has a 1-year low of $672.88 and a 1-year high of $914.93. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.13 and a quick ratio of 1.13. The firm’s fifty day simple moving average is $807.36 and its 200-day simple moving average is $801.23.

Equinix Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, February 28th were given a $4.26 dividend. This represents a $17.04 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Tuesday, February 27th. Equinix’s dividend payout ratio is currently 165.28%.

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.