Envestnet Asset Management Inc. increased its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 18.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 63,292 shares of the technology company’s stock after purchasing an additional 9,683 shares during the period. Envestnet Asset Management Inc. owned 0.06% of SBA Communications worth $12,637,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Cohen & Steers Inc. lifted its holdings in SBA Communications by 428.1% in the 4th quarter. Cohen & Steers Inc. now owns 3,636,352 shares of the technology company’s stock worth $588,689,000 after buying an additional 2,947,789 shares during the period. Norges Bank purchased a new stake in SBA Communications in the 4th quarter worth approximately $138,480,000. Daiwa Securities Group Inc. lifted its holdings in SBA Communications by 18,340.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 762,885 shares of the technology company’s stock worth $123,503,000 after buying an additional 758,748 shares during the period. Millennium Management LLC lifted its holdings in SBA Communications by 248.5% in the 4th quarter. Millennium Management LLC now owns 931,721 shares of the technology company’s stock worth $150,836,000 after buying an additional 664,371 shares during the period. Finally, Commonwealth Bank of Australia lifted its stake in shares of SBA Communications by 93.2% in the 4th quarter. Commonwealth Bank of Australia now owns 1,027,197 shares of the technology company’s stock valued at $166,282,000 after purchasing an additional 495,490 shares during the period. 94.24% of the stock is currently owned by institutional investors and hedge funds.
Shares of SBAC traded up $0.01 during midday trading on Friday, hitting $224.84. 832,716 shares of the company’s stock traded hands, compared to its average volume of 630,547. SBA Communications Co. has a 1 year low of $146.13 and a 1 year high of $236.56. The company’s fifty day moving average is $217.89. The firm has a market cap of $25.46 billion, a PE ratio of 29.58, a price-to-earnings-growth ratio of 2.90 and a beta of 0.68.
In other SBA Communications news, EVP Kurt L. Bagwell sold 14,320 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $225.53, for a total value of $3,229,589.60. Following the transaction, the executive vice president now directly owns 58,375 shares of the company’s stock, valued at approximately $13,165,313.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George R. Krouse, Jr. sold 1,899 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $204.16, for a total transaction of $387,699.84. Following the completion of the transaction, the director now directly owns 10,481 shares in the company, valued at $2,139,800.96. The disclosure for this sale can be found here. Insiders sold a total of 67,978 shares of company stock valued at $14,787,645 in the last 90 days. 2.50% of the stock is currently owned by company insiders.
SBAC has been the subject of a number of research analyst reports. UBS Group cut SBA Communications from a “buy” rating to a “neutral” rating and raised their target price for the company from $209.00 to $240.00 in a research note on Friday, June 7th. Morgan Stanley lifted their target price on SBA Communications from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, March 11th. BidaskClub raised SBA Communications from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Bank of America boosted their price target on SBA Communications from $189.00 to $211.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Finally, Raymond James lowered SBA Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $204.91.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By Building Better Wireless, SBA generates revenue from two primary businesses site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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