Citigroup upgraded shares of SBA Communications (NASDAQ:SBAC) from a neutral rating to a buy rating in a report published on Wednesday, MarketBeat reports. Citigroup currently has $187.00 price objective on the technology company’s stock, up from their prior price objective of $175.00.
A number of other brokerages also recently weighed in on SBAC. Zacks Investment Research downgraded shares of SBA Communications from a hold rating to a strong sell rating in a research report on Tuesday, July 10th. BidaskClub downgraded shares of SBA Communications from a buy rating to a hold rating in a research report on Thursday, July 19th. ValuEngine downgraded shares of SBA Communications from a buy rating to a hold rating in a research report on Thursday, August 2nd. Deutsche Bank increased their price target on shares of SBA Communications from $170.00 to $183.00 and gave the company a hold rating in a research report on Wednesday, August 1st. Finally, Macquarie cut their price target on shares of SBA Communications from $166.00 to $161.00 and set a neutral rating on the stock in a research report on Wednesday, August 29th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $179.30.
Shares of NASDAQ:SBAC traded up $1.04 during mid-day trading on Wednesday, reaching $164.87. The stock had a trading volume of 737,961 shares, compared to its average volume of 852,093. SBA Communications has a twelve month low of $146.13 and a twelve month high of $177.67.
In related news, Director Brian C. Carr sold 800 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $155.00, for a total transaction of $124,000.00. Following the completion of the sale, the director now directly owns 3,070 shares of the company’s stock, valued at approximately $475,850. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jeffrey Stoops sold 40,000 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $160.05, for a total value of $6,402,000.00. Following the sale, the chief executive officer now directly owns 252,180 shares of the company’s stock, valued at $40,361,409. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,805 shares of company stock valued at $12,693,203. 2.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $115,000. FNY Investment Advisers LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $165,000. Cornerstone Wealth Management LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $193,000. HRT Financial LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $201,000. Finally, Dupont Capital Management Corp increased its stake in SBA Communications by 71.6% during the 2nd quarter. Dupont Capital Management Corp now owns 1,227 shares of the technology company’s stock worth $203,000 after purchasing an additional 512 shares in the last quarter. 94.68% of the stock is owned by institutional investors and hedge funds.
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.
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