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Dinakar Singh’s TPG-Axon initiated a new position in Equinix Inc. (EQIX), a global interconnection and data center company, that accounts for 6.09% of the fund’s portfolio.

On October 23, eight of the 25 analysts gave EQIX a “strong buy” rating, 14 gave it a “buy” rating, and the remaining three gave the stock a “hold.”

The worldwide data center colocation market is expected to reach $62.3 billion by 2022 from $31.52 billion in 2017, representing a CAGR of 14.6%.

On August 8, Equinix (EQIX) declared a regular quarterly cash dividend of $2.28 per share for the third quarter.

Equinix reported strong financial results. The company’s top and bottom-line results for the second quarter were ahead of analysts’ estimates.

Over the last four months, analysts have maintained their “buy” recommendations on Equinix stock.

In 2015, 2016 and 2017, Equinix paid regular cash dividend per share of $6.76, $7.00 and $8.00, respectively.

According to International Data Corporation, the total data generated worldwide is expected to cross 163 zettabytes by 2025 from 16.3 zettabytes in 2016.

Equinix’s 3Q17 funds from operations stood at $4.97 per share. Its expected FFO was $4.11 for a surprise of ~20.9%.

Equinix (EQIX) announced a dividend of $2.00 per share for 3Q17, leading to a total of $8.00 for 2017 and up from $7.00 in 2016.

Equinix (EQIX) had capex of $320.0 million in 3Q17, which included recurring capex of $45.0 million.

Equinix’s 3Q17 revenues in the Americas rose 12% quarter-over-quarter and 40% year-over-year on an as-reported basis.