Fortitude Family Office LLC Increases Stake in Equinix, Inc. (NASDAQ:EQIX)

On October 31st, 2024, it was reported that Fortitude Family Office LLC significantly increased its stake in Equinix, Inc. (NASDAQ:EQIX) during the third quarter of the year. The firm raised its holdings by 50.0%, now owning 39 shares after acquiring an additional 13 shares during this period. As per their latest filing with the Securities and Exchange Commission, Fortitude Family Office LLC's investment in Equinix is valued at approximately $35,000.

Other institutional investors have also adjusted their positions in Equinix. For instance, abrdn plc raised its holdings by 10.4%, acquiring an additional 29,231 shares to reach a total of 311,625 shares, which are now valued at around $276,778,000. Likewise, Worth Financial Advisory Group LLC increased its stake by 14.1%, owning 778 shares after a purchase of 96 shares. Vanderbilt University also increased its holdings by 10.1%, bringing its total to 8,857 shares valued at $7,862,000 after acquiring 816 shares.

Smithbridge Asset Management Inc. DE made a more substantial increase of 85.0%, now owning 1,349 shares after adding 620 shares to its portfolio, valued at $1,197,000. Additionally, Sun Life Financial Inc. entered the scene by purchasing a new stake in Equinix worth around $9,991,000. Currently, institutional investors collectively own 94.94% of Equinix’s stock.

Analyst Ratings Forecast Positive Growth

Recent reports from several Wall Street analysts suggest a positive outlook for Equinix. HSBC upgraded the company from a "hold" to a "buy" rating, lifting their price target from $865.00 to $1,000. Wells Fargo & Company also increased their price target from $875.00 to $975.00, providing an "overweight" rating. Cfra reiterated a "hold" rating, and JPMorgan Chase & Co. adjusted their price target from $950.00 to $975.00 with the same "overweight" rating. Overall, five analysts maintain a hold rating, thirteen endorse a buy rating, and one gives a strong buy assessment. MarketBeat data shows that Equinix has a consensus rating of "Moderate Buy" and an average price target of $927.67.

Insider Trading Activity

In recent insider trading news, Executive Vice President Jonathan Lin sold 93 shares on September 4th for about $76,352, reducing his holdings slightly but maintaining ownership of 7,141 shares valued at $5,862,689. Similarly, Chief Accounting Officer Simon Miller sold 569 shares on the same day for approximately $467,097, retaining 5,554 shares now worth about $4,559,334. In total, insiders sold 10,906 shares worth roughly $9,071,764 in the last 90 days, with company insiders holding about 0.27% of the stock.

Equinix Stock Performance

Equinix shares opened at $910.22 on a recent Thursday, showcasing a slight increase of 0.5%. The company has maintained a market capitalization of $86.39 billion and exhibits a price-to-earnings ratio of 91.30 along with a beta of 0.71. Its stock performance recorded a 52-week low of $684.14 and a high of $943.02.

Equinix's recent quarterly earnings report stated earnings per share of $3.16, which was below the consensus estimate of $7.88. The company generated revenue of $2.16 billion during the quarter, equal to analysts' expectations. Compared to the previous year, revenue increased by 6.9%. Analysts predict that Equinix is on track to report earnings of 31.01 per share for the current fiscal year.

Dividend Information

Equinix also announced a quarterly dividend recently, with $4.26 distributed to stockholders on September 18th. The dividend payout ratio stands at a notable 170.91%, resulting in an annualized dividend of $17.04, translating to a dividend yield of 1.87%.

About Equinix

Equinix, Inc. is recognized as a leader in digital infrastructure, enabling organizations to connect and interconnect their foundational systems at rapid speeds. The company's platform supports businesses in scaling their operations efficiently and effectively, allowing them to deliver high-quality digital services while also focusing on sustainability.

Equinix, Investments, Stake