Gateway Investment Advisers LLC lowered its holdings in SBA Communications Co. (NASDAQ:SBAC) by 7.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 5,299 shares of the technology company’s stock after selling 453 shares during the quarter. Gateway Investment Advisers LLC’s holdings in SBA Communications were worth $1,058,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SBAC. Vanguard Group Inc. lifted its stake in shares of SBA Communications by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 18,461,664 shares of the technology company’s stock valued at $2,965,496,000 after purchasing an additional 380,936 shares during the period. Vanguard Group Inc lifted its stake in shares of SBA Communications by 2.1% in the 3rd quarter. Vanguard Group Inc now owns 18,461,664 shares of the technology company’s stock valued at $2,965,496,000 after purchasing an additional 380,936 shares during the period. Cohen & Steers Inc. lifted its stake in shares of SBA Communications by 428.1% in the 4th quarter. Cohen & Steers Inc. now owns 3,636,352 shares of the technology company’s stock valued at $588,689,000 after purchasing an additional 2,947,789 shares during the period. American Century Companies Inc. lifted its stake in shares of SBA Communications by 3.5% in the 4th quarter. American Century Companies Inc. now owns 2,035,936 shares of the technology company’s stock valued at $329,598,000 after purchasing an additional 68,669 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of SBA Communications by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 1,498,094 shares of the technology company’s stock valued at $242,108,000 after purchasing an additional 80,550 shares during the period. Institutional investors and hedge funds own 94.90% of the company’s stock.
A number of research analysts have recently commented on SBAC shares. ValuEngine cut SBA Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. KeyCorp raised their target price on SBA Communications from $176.00 to $195.00 and gave the company an “overweight” rating in a research note on Tuesday, February 12th. Guggenheim cut SBA Communications from a “buy” rating to a “neutral” rating and set a $185.00 target price for the company. in a research note on Friday, February 22nd. BidaskClub cut SBA Communications from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 20th. Finally, Bank of America raised their target price on SBA Communications from $189.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. SBA Communications presently has a consensus rating of “Hold” and a consensus target price of $193.33.
In related news, SVP Brian D. Lazarus sold 20,561 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $187.51, for a total transaction of $3,855,393.11. Following the completion of the transaction, the senior vice president now owns 36,525 shares of the company’s stock, valued at approximately $6,848,802.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kurt L. Bagwell sold 22,400 shares of the firm’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $181.53, for a total value of $4,066,272.00. Following the transaction, the executive vice president now directly owns 82,878 shares of the company’s stock, valued at approximately $15,044,843.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 246,558 shares of company stock valued at $45,484,249. 2.70% of the stock is owned by corporate insiders.
SBAC stock opened at $198.88 on Wednesday. SBA Communications Co. has a twelve month low of $146.13 and a twelve month high of $204.34. The company has a market cap of $22.87 billion, a P/E ratio of 26.17, a P/E/G ratio of 2.61 and a beta of 0.83.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Thursday, February 21st. The technology company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.83 by ($1.33). SBA Communications had a net margin of 2.54% and a negative return on equity of 1.71%. The company had revenue of $483.85 million for the quarter, compared to the consensus estimate of $472.87 million. During the same period last year, the business earned $1.78 EPS. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. On average, equities analysts forecast that SBA Communications Co. will post 7.82 earnings per share for the current year.
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About SBA Communications
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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