D.A. Davidson & CO. boosted its stake in SBA Communications Corporation (NASDAQ:SBAC) by 18.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 758 shares of the technology company’s stock after purchasing an additional 120 shares during the quarter. D.A. Davidson & CO.’s holdings in SBA Communications Corporation were worth $102,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of SBAC. Iridian Asset Management LLC CT grew its holdings in SBA Communications Corporation by 88.1% in the second quarter. Iridian Asset Management LLC CT now owns 2,641,198 shares of the technology company’s stock worth $356,298,000 after purchasing an additional 1,237,008 shares during the period. Victory Capital Management Inc. grew its holdings in SBA Communications Corporation by 147,836.3% in the second quarter. Victory Capital Management Inc. now owns 687,904 shares of the technology company’s stock worth $92,799,000 after purchasing an additional 687,439 shares during the period. American Century Companies Inc. grew its holdings in SBA Communications Corporation by 41.4% in the second quarter. American Century Companies Inc. now owns 2,230,739 shares of the technology company’s stock worth $300,927,000 after purchasing an additional 652,647 shares during the period. Clearbridge Investments LLC grew its holdings in SBA Communications Corporation by 240.8% in the first quarter. Clearbridge Investments LLC now owns 700,037 shares of the technology company’s stock worth $84,263,000 after purchasing an additional 494,601 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new stake in SBA Communications Corporation in the second quarter worth $53,953,000. Institutional investors and hedge funds own 92.35% of the company’s stock.
SBA Communications Corporation (SBAC) opened at 151.35 on Thursday. The stock’s 50 day moving average is $147.93 and its 200-day moving average is $136.16. The firm has a market capitalization of $18.22 billion, a PE ratio of 520.10 and a beta of 0.69. SBA Communications Corporation has a one year low of $95.66 and a one year high of $154.71.
SBA Communications Corporation (NASDAQ:SBAC) last released its earnings results on Monday, July 31st. The technology company reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.01). The business had revenue of $427.30 million during the quarter, compared to analysts’ expectations of $426.10 million. SBA Communications Corporation had a negative return on equity of 2.64% and a net margin of 2.19%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.48 earnings per share. On average, analysts anticipate that SBA Communications Corporation will post $0.94 EPS for the current fiscal year.
In other news, EVP Mark R. Ciarfella sold 9,655 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $140.74, for a total value of $1,358,844.70. Following the sale, the executive vice president now directly owns 21,403 shares of the company’s stock, valued at approximately $3,012,258.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Brian D. Lazarus sold 7,376 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $151.79, for a total transaction of $1,119,603.04. Following the completion of the sale, the senior vice president now directly owns 17,525 shares in the company, valued at $2,660,119.75. The disclosure for this sale can be found here. Insiders sold a total of 18,674 shares of company stock worth $2,706,217 over the last ninety days. Insiders own 2.10% of the company’s stock.
SBAC has been the subject of a number of research reports. Citigroup Inc. raised their price target on shares of SBA Communications Corporation from $140.00 to $168.00 and gave the stock a “neutral” rating in a report on Monday, August 28th. Zacks Investment Research upgraded shares of SBA Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $158.00 price target for the company in a report on Thursday, July 20th. Deutsche Bank AG restated a “hold” rating and issued a $150.00 price target (up from $133.00) on shares of SBA Communications Corporation in a report on Friday, July 14th. Morgan Stanley restated 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. Finally, KeyCorp upgraded shares of SBA Communications Corporation from a “sector weight” rating to an “overweight” rating and set a $170.00 price target for the company in a report on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. SBA Communications Corporation currently has a consensus rating of “Buy” and an average price target of $147.36.
SBA Communications Corporation Profile
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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