Sterling Capital Management LLC cut its stake in SBA Communications Corporation (NASDAQ:SBAC – Free Report) by 43.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,581 shares of the technology company’s stock after selling 2,795 shares during the quarter. Sterling Capital Management LLC’s holdings in SBA Communications were worth $616,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Aberdeen Group plc grew its position in SBA Communications by 12.4% during the fourth quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock valued at $39,160,000 after buying an additional 22,293 shares during the period. OFI Invest Asset Management acquired a new position in shares of SBA Communications in the fourth quarter worth about $17,915,000. Nordea Investment Management AB boosted its stake in shares of SBA Communications by 5.4% during the 4th quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock worth $241,234,000 after acquiring an additional 63,323 shares in the last quarter. VCI Wealth Management LLC purchased a new stake in shares of SBA Communications during the 4th quarter worth about $1,786,000. Finally, M&T Bank Corp grew its position in shares of SBA Communications by 8,722.0% during the 4th quarter. M&T Bank Corp now owns 263,601 shares of the technology company’s stock valued at $50,988,000 after acquiring an additional 260,613 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.
SBA Communications Trading Up 2.4%
Shares of SBA Communications stock opened at $180.75 on Thursday. SBA Communications Corporation has a twelve month low of $162.41 and a twelve month high of $243.16. The firm has a market capitalization of $19.17 billion, a PE ratio of 19.03, a P/E/G ratio of 1.76 and a beta of 1.00. The firm’s 50-day moving average price is $202.95 and its 200 day moving average price is $196.01.
SBA Communications Dividend Announcement
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on SBAC shares. Sanford C. Bernstein initiated coverage on SBA Communications in a report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price target for the company. Wells Fargo & Company raised their price objective on SBA Communications from $195.00 to $220.00 and gave the company an “equal weight” rating in a report on Tuesday, April 7th. Barclays upped their target price on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Morgan Stanley increased their target price on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research report on Thursday, April 9th. Finally, KeyCorp lifted their price target on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $236.39.
Get Our Latest Research Report on SBA Communications
SBA Communications Profile
SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.
In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.
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