MetLife Investment Management LLC Sells Shares of Equinix, Inc. (NASDAQ:EQIX)

MetLife Investment Management LLC has reduced its investment in Equinix, Inc. (NASDAQ:EQIX) by 2.3% during the third quarter, according to its recent 13F filing with the Securities and Exchange Commission (SEC). After selling 648 shares, the firm now holds 27,803 shares of this financial services provider's stock. The value of MetLife's holdings in Equinix is approximately $24.68 million at the end of the last quarter.

Other Institutional Movements

Several other hedge funds have also adjusted their positions in Equinix recently. For instance, Thurston Springer Miller Herd & Titak Inc. entered the Equinix market in the second quarter with a position worth around $30,000. Likewise, LRI Investments LLC established a position valued at approximately $31,000 during the first quarter. In the third quarter, GHP Investment Advisors Inc. increased its stake in Equinix by 50%, acquiring an additional 13 shares to bring its total to 39 shares, now valued at $35,000. Furthermore, Fortitude Family Office LLC and Meeder Asset Management Inc. also expanded their holdings during this period, with Fortitude effectively doubling its shares to another 39 valued at $35,000. Overall, institutional investors and hedge funds now own around 94.94% of Equinix stock.

Analyst Ratings and Predictions

Equity analysts have provided various insights on Equinix shares. Truist Financial raised their price target for the stock from $915.00 to $935.00, maintaining a "buy" rating in a note dated August 21st. Meanwhile, Cfra reiterated a "hold" rating on Equinix shares on September 24th. TD Cowen recently increased their price forecast from $865.00 to $984.00, also issuing a "buy" rating. Additionally, Barclays adjusted their target price from $810.00 to $822.00, giving Equinix an "equal weight" rating as of November 18th. JPMorgan Chase & Co. also boosted its price objective from $950.00 to $975.00, maintaining an "overweight" rating as of October 1st. Currently, the consensus among analysts indicates five hold ratings, fourteen buy ratings, and one strong buy rating. The average target price for Equinix shares is approximately $952.88.

Insider Transactions

In related news, insider activity within Equinix has been notable. EVP Scott Crenshaw sold 1,107 shares at an average price of $815.60 on September 6th, totaling approximately $902,869.20. Post-sale, Crenshaw holds just 4 shares valued at $3,262.40, marking a significant decrease in his stake. Another insider, Meredith Williamson, sold 576 shares at an average price of $824.19, which amounted to about $474,733.44. In total, insiders sold 13,754 shares in the last quarter, valued at around $11.67 million, while insiders currently own a mere 0.27% of the company's stock.

Performance Metrics

The price of Equinix shares opened at $979.10 on Thursday. The company boasts a market capitalization of $94.47 billion, with a P/E ratio of 88.29 and a PEG ratio of 2.51. It has a beta of 0.71, a debt-to-equity ratio of 1.12, alongside current and quick ratios of 1.16. Over the past year, Equinix shares have ranged from a low of $684.14 to a high of $994.03, with 50-day and 200-day moving averages sitting at $898.34 and $830.42, respectively.

Dividend Announcement

Equinix has also declared a quarterly dividend, set to be distributed on December 11th. Shareholders on record as of November 13th will receive a $4.26 dividend. The ex-dividend date coincides with November 13th, representing an annualized dividend yield of 1.74%. The company's payout ratio, however, stands at an unusually high 153.65%.

About Equinix

Equinix, Inc. is recognized as a leading global digital infrastructure company. It enables digital leaders to utilize its reliable platform to integrate and interconnect vital infrastructure at accelerated speeds. With Equinix, businesses can efficiently reach critical locations, partners, and opportunities while scaling operations rapidly, launching digital services effectively, and enhancing overall value while aligning with sustainability objectives.

Investment, Shares, Equinix