Cornerstone Wealth Management LLC Has $183,000 Holdings in SBA Communications Co. (SBAC)

Cornerstone Wealth Management LLC cut its position in SBA Communications Co. (NASDAQ:SBAC) by 14.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,037 shares of the technology company’s stock after selling 4,748 shares during the period. Cornerstone Wealth Management LLC’s holdings in SBA Communications were worth $183,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SBAC. BlackRock Inc. increased its position in shares of SBA Communications by 19.7% during the second quarter. BlackRock Inc. now owns 9,531,887 shares of the technology company’s stock worth $1,573,907,000 after acquiring an additional 1,565,872 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of SBA Communications by 33.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,716,621 shares of the technology company’s stock worth $283,448,000 after acquiring an additional 431,539 shares in the last quarter. Meritage Group LP increased its position in shares of SBA Communications by 33.6% during the second quarter. Meritage Group LP now owns 1,140,134 shares of the technology company’s stock worth $188,259,000 after acquiring an additional 286,793 shares in the last quarter. Eagle Asset Management Inc. increased its position in shares of SBA Communications by 43.4% during the second quarter. Eagle Asset Management Inc. now owns 626,670 shares of the technology company’s stock worth $103,475,000 after acquiring an additional 189,616 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in shares of SBA Communications by 154.9% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 297,659 shares of the technology company’s stock worth $49,149,000 after acquiring an additional 180,865 shares in the last quarter. Institutional investors own 94.37% of the company’s stock.

In other news, EVP Jason V. Silberstein sold 19,785 shares of SBA Communications stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $165.13, for a total value of $3,267,097.05. Following the completion of the transaction, the executive vice president now owns 28,659 shares of the company’s stock, valued at approximately $4,732,460.67. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jeffrey Stoops sold 80,000 shares of SBA Communications stock in a transaction dated Friday, November 9th. The shares were sold at an average price of $171.10, for a total transaction of $13,688,000.00. Following the completion of the transaction, the chief executive officer now directly owns 214,943 shares of the company’s stock, valued at approximately $36,776,747.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 180,590 shares of company stock valued at $29,648,300. 2.70% of the stock is owned by insiders.

Several brokerages have recently issued reports on SBAC. Citigroup increased their price objective on shares of SBA Communications from $187.00 to $192.00 and gave the stock a “buy” rating in a research report on Tuesday. BidaskClub raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Guggenheim set a $180.00 price objective on shares of SBA Communications and gave the stock a “buy” rating in a research report on Wednesday, October 17th. ValuEngine raised shares of SBA Communications from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Finally, Macquarie lowered their price objective on shares of SBA Communications from $166.00 to $161.00 and set a “neutral” rating for the company in a research report on Wednesday, August 29th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $179.80.

SBA Communications stock opened at $171.51 on Friday. SBA Communications Co. has a 1-year low of $146.13 and a 1-year high of $177.67.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, November 5th. The technology company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.78 by ($1.64). The business had revenue of $467.20 million during the quarter, compared to the consensus estimate of $459.17 million. SBA Communications had a negative net margin of 0.11% and a negative return on equity of 0.65%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the business posted $1.75 EPS. Research analysts expect that SBA Communications Co. will post 7.11 EPS for the current fiscal year.

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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.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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