REDWOOD CITY, Calif.—Adaire Fox-Martin, CEO and President of Equinix Inc. (NASDAQ:EQIX), recently sold a significant portion of her holdings in the company, according to a recent SEC filing. The transactions, which took place on December 3, 2024, involved the sale of 1,756 shares of Equinix common stock, amounting to approximately $1.7 million. The shares were sold at prices ranging from $960.41 to $964.83. The data center giant, currently valued at $93 billion, has seen its stock climb nearly 30% over the past six months, according to InvestingPro data.
The filing also noted that Fox-Martin sold an additional 1,209 shares on the same day, valued at approximately $1.16 million, with a weighted average price of $959.35 per share. These sales were executed under a pre-arranged 10b5-1 trading plan, primarily to cover tax obligations related to the vesting of restricted stock units (RSUs). InvestingPro analysis indicates the company maintains a "GOOD" overall financial health score, with particularly strong momentum metrics.
Following these transactions, Fox-Martin holds 3,069 shares of Equinix common stock. The sales reflect a strategic move to manage her equity position in the company while addressing tax liabilities. With analyst price targets ranging from $758 to $1,090 and a strong "Buy" consensus recommendation, investors seeking deeper insights can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Equinix, a global data center Real Estate Investment Trust, has seen various updates from financial research firms CFRA and Truist Securities. CFRA raised its price target for Equinix to $985, maintaining a Hold rating, while Truist Securities increased its price target to $1,090, keeping a Buy rating intact. These revisions follow Equinix's third-quarter earnings for 2024, with revenue increasing by 7% year-over-year to $2.2 billion and adjusted EBITDA rising by 12%.
Equinix's revenue growth was diverse across regions, with the Americas, EMEA, and the Asia-Pacific region contributing to the overall increase. The company also reported a 60% quarter-over-quarter increase in net megawatts sold. The company's capital expenditures were on target, focusing on major projects across eight markets.
Equinix has also issued €1.15 billion in senior notes to finance or refinance green projects. Additionally, the company has entered a strategic partnership with CPP Investment Board and GIC to invest over $15 billion in xScale facilities, catering to the increasing demand for digital infrastructure and AI workloads. These are the latest developments in Equinix's ongoing growth and innovation in the data center and interconnection space.
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