Westfield Capital Management Co. LP reduced its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 0.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 340,849 shares of the technology company’s stock after selling 3,256 shares during the quarter. Westfield Capital Management Co. LP’s holdings in SBA Communications were worth $68,054,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in SBAC. Cohen & Steers Inc. raised its stake in SBA Communications by 428.1% during the fourth quarter. Cohen & Steers Inc. now owns 3,636,352 shares of the technology company’s stock worth $588,689,000 after acquiring an additional 2,947,789 shares in the last quarter. Norges Bank acquired a new position in SBA Communications during the fourth quarter worth $138,480,000. Millennium Management LLC raised its stake in SBA Communications by 248.5% during the fourth quarter. Millennium Management LLC now owns 931,721 shares of the technology company’s stock worth $150,836,000 after acquiring an additional 664,371 shares in the last quarter. Commonwealth Bank of Australia raised its stake in SBA Communications by 93.2% during the fourth quarter. Commonwealth Bank of Australia now owns 1,027,197 shares of the technology company’s stock worth $166,282,000 after acquiring an additional 495,490 shares in the last quarter. Finally, Portsea Asset Management LLP acquired a new position in SBA Communications during the first quarter worth $81,542,000. Hedge funds and other institutional investors own 94.28% of the company’s stock.
A number of analysts have recently weighed in on the company. UBS Group lowered SBA Communications from a “buy” rating to a “neutral” rating and raised their target price for the company from $209.00 to $240.00 in a research note on Friday, June 7th. Morgan Stanley raised their target price on SBA Communications from $204.00 to $222.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. BidaskClub upgraded SBA Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 9th. ValuEngine upgraded SBA Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Finally, Raymond James lowered SBA Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 1st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. SBA Communications currently has a consensus rating of “Buy” and a consensus price target of $201.80.
In related news, CEO Jeffrey Stoops sold 37,847 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $218.87, for a total value of $8,283,572.89. Following the transaction, the chief executive officer now owns 255,141 shares in the company, valued at $55,842,710.67. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kevin L. Beebe sold 440 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $189.86, for a total value of $83,538.40. Following the completion of the transaction, the director now owns 13,369 shares in the company, valued at approximately $2,538,238.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,467 shares of company stock worth $21,438,176. 2.50% of the stock is owned by company insiders.
Shares of NASDAQ:SBAC traded down $2.07 during midday trading on Thursday, reaching $224.78. The company’s stock had a trading volume of 296,628 shares, compared to its average volume of 652,927. SBA Communications Co. has a fifty-two week low of $146.13 and a fifty-two week high of $227.00. The firm has a market cap of $25.29 billion, a PE ratio of 29.58, a price-to-earnings-growth ratio of 2.88 and a beta of 0.68.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.89 by ($1.66). The firm had revenue of $493.29 million during the quarter, compared to the consensus estimate of $481.06 million. SBA Communications had a net margin of 2.20% and a negative return on equity of 1.44%. SBA Communications’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.85 EPS. On average, analysts predict that SBA Communications Co. will post 7.75 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. 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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