SPO Advisory Further Further Increases Exposure to Equinix Inc (EQIX)

John H. Scully of SPO Advisory Corp, is bullish on Equinix Inc (NASDAQ:EQIX). A new filing with the Securities and Exchange Commission showed that SPO Advisory has further raised its position in Equinix to 5.41 million shares from 5.21 million shares. According to the filing, the fund has bought a total of 135,000 shares of Equinix at an average price of $179.73.

Equinix Inc (NASDAQ:EQIX)

Equinix Inc (NASDAQ:EQIX) is a global interconnection and data center company that connects more than 4,500 companies directly to their customers and partners inside the world’s most networked data centers. The company has a market cap of $8.9 billion, and trades at a P/E of around 98.4. Recently, Equinix Inc (NASDAQ:EQIX) has formed a partnership to bring Microsoft Azure ExpressRoute to 16 global markets inside Equinix International Business Exchange (IBX) data centers, according to a statement.

For the fourth quarter of 2013, the company reported a 12% increase in revenues, as compared to the same quarter in 2012. The company’s revenues were $564.7 million for the fourth quarter and $2.2 billion for the year ended December 31, 2013. Net income attributable to Equinix for the fourth quarter was $45.2 million, representing a basic net income per share attributable to the company of $0.91 and a diluted net income per share attributable to the company of $0.88 based on a weighted average share count of 49.8 million and 53.5 million, respectively, for the fourth quarter.

Other major shareholders of the company include Barry Rosenstein’s Jana Partners and Jeffrey Tannenbaum’s Fir Tree, owning 3.01 million shares and 2.97 million shares respectively. In its most recent 13F, Paulson & Co, managed by John Paulson, disclosed holding 2.09 million shares.

SPO Advisory Corp is a value investing fund with a very concentrated portfolio. In February, the fund disclosed reducing its position in Calpine Corporation (NYSE:CPN) to around 12.12 million shares.

Disclosure: none

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