Elevation Point Wealth Partners LLC acquired a new position in SBA Communications Corporation (NASDAQ:SBAC – Free Report) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 16,187 shares of the technology company’s stock, valued at approximately $2,786,000.
A number of other hedge funds also recently made changes to their positions in the stock. Keybank National Association OH grew its position in SBA Communications by 7.8% in the first quarter. Keybank National Association OH now owns 1,174 shares of the technology company’s stock worth $202,000 after acquiring an additional 85 shares in the last quarter. USS Investment Management Ltd raised its position in SBA Communications by 4.0% during the first quarter. USS Investment Management Ltd now owns 28,390 shares of the technology company’s stock valued at $4,888,000 after purchasing an additional 1,101 shares in the last quarter. Drucker Wealth 3.0 LLC purchased a new stake in SBA Communications during the first quarter valued at about $706,000. Patton Fund Management Inc. lifted its stake in SBA Communications by 9.0% during the first quarter. Patton Fund Management Inc. now owns 1,273 shares of the technology company’s stock worth $219,000 after purchasing an additional 105 shares during the last quarter. Finally, Skylands Capital LLC boosted its holdings in shares of SBA Communications by 17.6% in the 1st quarter. Skylands Capital LLC now owns 113,750 shares of the technology company’s stock worth $19,578,000 after purchasing an additional 17,035 shares in the last quarter. 97.35% of the stock is owned by institutional investors.
SBA Communications Price Performance
NASDAQ SBAC opened at $184.56 on Friday. The company has a 50-day simple moving average of $201.84 and a two-hundred day simple moving average of $195.88. SBA Communications Corporation has a 12-month low of $162.41 and a 12-month high of $243.16. The firm has a market cap of $19.57 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 1.84 and a beta of 1.00.
SBA Communications Dividend Announcement
Analyst Ratings Changes
Several equities analysts have recently commented on SBAC shares. Weiss Ratings upgraded SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, April 22nd. Barclays boosted their target price on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Truist Financial reaffirmed a “buy” rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Scotiabank increased their price target on shares of SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. Finally, The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research note on Friday, June 26th. They set a “neutral” rating and a $205.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $236.39.
Read Our Latest Stock Report on SBA Communications
About SBA Communications
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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