SBA Communications (NASDAQ:SBAC) Director Duncan Cocroft purchased 500 shares of the company’s stock in a transaction on Monday, March 12th. The stock was purchased at an average price of $167.29 per share, for a total transaction of $83,645.00. Following the purchase, the director now directly owns 87,966 shares of the company’s stock, valued at approximately $14,715,832.14. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
SBAC opened at $169.73 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of -3.57. The company has a market cap of $20,003.09, a P/E ratio of 173.42, a price-to-earnings-growth ratio of 18.03 and a beta of 0.86. SBA Communications has a fifty-two week low of $119.53 and a fifty-two week high of $177.67.
SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, February 26th. The technology company reported $1.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $1.60. The firm had revenue of $443.10 million during the quarter, compared to analysts’ expectations of $437.01 million. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.04 earnings per share. equities research analysts anticipate that SBA Communications will post 0.95 earnings per share for the current fiscal year.
SBA Communications declared that its Board of Directors has approved a stock buyback program on Monday, February 26th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Several research firms have recently issued reports on SBAC. ValuEngine upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Morgan Stanley cut their target price on shares of SBA Communications from $190.00 to $182.00 and set an “overweight” rating for the company in a research report on Friday, March 16th. BidaskClub upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Friday, March 16th. Citigroup raised their price target on shares of SBA Communications from $168.00 to $183.00 and gave the company a “neutral” rating in a report on Wednesday, February 28th. Finally, Guggenheim set a $190.00 price target on shares of SBA Communications and gave the stock a “buy” rating in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $172.50.
A number of institutional investors and hedge funds have recently made changes to their positions in SBAC. Westpac Banking Corp bought a new stake in SBA Communications during the fourth quarter worth $1,185,000. Amalgamated Bank raised its position in SBA Communications by 9.3% during the fourth quarter. Amalgamated Bank now owns 15,813 shares of the technology company’s stock worth $2,583,000 after acquiring an additional 1,344 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in SBA Communications by 158.8% during the fourth quarter. Municipal Employees Retirement System of Michigan now owns 8,050 shares of the technology company’s stock worth $1,315,000 after acquiring an additional 4,940 shares in the last quarter. Virtu Financial LLC raised its position in SBA Communications by 137.1% during the fourth quarter. Virtu Financial LLC now owns 3,694 shares of the technology company’s stock worth $603,000 after acquiring an additional 2,136 shares in the last quarter. Finally, GSA Capital Partners LLP raised its position in SBA Communications by 198.3% during the third quarter. GSA Capital Partners LLP now owns 5,530 shares of the technology company’s stock worth $797,000 after acquiring an additional 3,676 shares in the last quarter. Institutional investors and hedge funds own 92.87% of the company’s stock.
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SBA Communications Company Profile
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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