Marshall Wace North America L.P. cut its holdings in SBA Communications Co. (NASDAQ:SBAC) by 5.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 272,905 shares of the technology company’s stock after selling 16,963 shares during the period. Marshall Wace North America L.P. owned about 0.24% of SBA Communications worth $43,837,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Alexandria Capital LLC raised its holdings in shares of SBA Communications by 0.6% in the third quarter. Alexandria Capital LLC now owns 52,404 shares of the technology company’s stock valued at $8,418,000 after purchasing an additional 303 shares during the last quarter. Synovus Financial Corp increased its holdings in SBA Communications by 4.9% during the third quarter. Synovus Financial Corp now owns 6,768 shares of the technology company’s stock worth $1,087,000 after buying an additional 315 shares during the last quarter. Brasada Capital Management LP increased its holdings in SBA Communications by 2.1% during the third quarter. Brasada Capital Management LP now owns 17,572 shares of the technology company’s stock worth $2,823,000 after buying an additional 357 shares during the last quarter. TD Asset Management Inc. increased its holdings in SBA Communications by 0.4% during the second quarter. TD Asset Management Inc. now owns 100,820 shares of the technology company’s stock worth $16,647,000 after buying an additional 391 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in SBA Communications by 1.4% during the third quarter. Nisa Investment Advisors LLC now owns 28,700 shares of the technology company’s stock worth $4,610,000 after buying an additional 405 shares during the last quarter. Institutional investors own 94.25% of the company’s stock.
SBAC stock traded down $1.63 during midday trading on Friday, reaching $169.88. 6,125 shares of the company were exchanged, compared to its average volume of 786,738. SBA Communications Co. has a one year low of $146.13 and a one year high of $177.67.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, November 5th. The technology company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $1.78 by ($1.64). SBA Communications had a negative return on equity of 0.65% and a negative net margin of 0.11%. The company had revenue of $467.20 million for the quarter, compared to the consensus estimate of $459.17 million. During the same period last year, the firm earned $1.75 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that SBA Communications Co. will post 7.15 earnings per share for the current fiscal year.
In other SBA Communications news, insider Brendan Thomas Cavanagh sold 147,717 shares of SBA Communications stock in a transaction on Monday, November 19th. The shares were sold at an average price of $172.16, for a total transaction of $25,430,958.72. Following the completion of the transaction, the insider now directly owns 81,810 shares of the company’s stock, valued at $14,084,409.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Thomas P. Hunt sold 79,908 shares of SBA Communications stock in a transaction on Monday, November 19th. The stock was sold at an average price of $172.47, for a total transaction of $13,781,732.76. Following the transaction, the vice president now directly owns 133,652 shares of the company’s stock, valued at $23,050,960.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 529,017 shares of company stock valued at $90,372,570. Company insiders own 2.70% of the company’s stock.
A number of brokerages recently weighed in on SBAC. Zacks Investment Research upgraded shares of SBA Communications from a “hold” rating to a “buy” rating and set a $192.00 target price on the stock in a report on Thursday, November 15th. BidaskClub downgraded shares of SBA Communications from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 28th. Citigroup upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $175.00 to $187.00 in a report on Wednesday, October 31st. Bank of America set a $189.00 target price on shares of SBA Communications and gave the stock a “buy” rating in a report on Thursday, November 15th. Finally, Morgan Stanley lowered their target price on shares of SBA Communications from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Thursday, August 16th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $180.90.
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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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