SBA Communications Corporation (SBAC) Shares Sold by FIL Ltd

FIL Ltd reduced its stake in SBA Communications Corporation (NASDAQ:SBAC) by 41.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 489,934 shares of the technology company’s stock after selling 344,181 shares during the quarter. FIL Ltd owned about 0.40% of SBA Communications Corporation worth $66,092,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. Tealwood Asset Management Inc. raised its holdings in SBA Communications Corporation by 0.3% in the 2nd quarter. Tealwood Asset Management Inc. now owns 12,115 shares of the technology company’s stock valued at $1,634,000 after acquiring an additional 35 shares during the period. Cadence Capital Management LLC raised its holdings in SBA Communications Corporation by 0.8% in the 2nd quarter. Cadence Capital Management LLC now owns 4,860 shares of the technology company’s stock valued at $656,000 after acquiring an additional 40 shares during the period. Global X Management Co. LLC raised its holdings in SBA Communications Corporation by 3.9% in the 1st quarter. Global X Management Co. LLC now owns 1,856 shares of the technology company’s stock valued at $223,000 after acquiring an additional 69 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in SBA Communications Corporation by 1.5% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,790 shares of the technology company’s stock valued at $577,000 after acquiring an additional 70 shares during the period. Finally, D.A. Davidson & CO. raised its holdings in SBA Communications Corporation by 18.8% in the 2nd quarter. D.A. Davidson & CO. now owns 758 shares of the technology company’s stock valued at $102,000 after acquiring an additional 120 shares during the period. 92.35% of the stock is currently owned by hedge funds and other institutional investors.

In other SBA Communications Corporation news, SVP Brian D. Lazarus sold 7,376 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $151.79, for a total value of $1,119,603.04. Following the completion of the transaction, the senior vice president now owns 17,525 shares of the company’s stock, valued at approximately $2,660,119.75. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark R. Ciarfella sold 9,655 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $140.74, for a total transaction of $1,358,844.70. Following the completion of the transaction, the executive vice president now directly owns 21,403 shares of the company’s stock, valued at approximately $3,012,258.22. The disclosure for this sale can be found here. In the last three months, insiders sold 18,674 shares of company stock valued at $2,706,217. Corporate insiders own 2.10% of the company’s stock.

Several research firms have weighed in on SBAC. Citigroup Inc. increased their price target on shares of SBA Communications Corporation from $140.00 to $168.00 and gave the company a “neutral” rating in a report on Monday, August 28th. Morgan Stanley reissued an “overweight” rating and issued a $159.00 price target (up from $147.00) on shares of SBA Communications Corporation in a report on Thursday, August 24th. BidaskClub raised shares of SBA Communications Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 22nd. Zacks Investment Research raised shares of SBA Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $158.00 price target on the stock in a report on Thursday, July 20th. Finally, Jefferies Group LLC increased their price target on shares of SBA Communications Corporation from $150.00 to $159.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $145.62.

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Shares of SBA Communications Corporation (SBAC) traded down 0.45% during mid-day trading on Friday, reaching $144.36. 250,856 shares of the company’s stock were exchanged. The firm has a market cap of $17.37 billion, a P/E ratio of 496.08 and a beta of 0.71. SBA Communications Corporation has a 52-week low of $95.66 and a 52-week high of $154.71. The company has a 50 day moving average price of $145.77 and a 200 day moving average price of $132.98.

SBA Communications Corporation (NASDAQ:SBAC) last released its quarterly earnings results on Monday, July 31st. The technology company reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.01). SBA Communications Corporation had a negative return on equity of 2.64% and a net margin of 2.19%. The company had revenue of $427.30 million during the quarter, compared to analysts’ expectations of $426.10 million. During the same period in the prior year, the firm earned $1.48 EPS. SBA Communications Corporation’s quarterly revenue was up 5.4% on a year-over-year basis. Analysts forecast that SBA Communications Corporation will post $0.94 earnings per share for the current fiscal year.

About SBA Communications Corporation

SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.

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Institutional Ownership by Quarter for SBA Communications Corporation (NASDAQ:SBAC)

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