Synovus Financial Corp increased its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 4.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,768 shares of the technology company’s stock after acquiring an additional 315 shares during the period. Synovus Financial Corp’s holdings in SBA Communications were worth $1,087,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in SBAC. Stoneridge Investment Partners LLC bought a new position in shares of SBA Communications in the 3rd quarter valued at approximately $5,230,000. Frontier Capital Management Co. LLC raised its stake in shares of SBA Communications by 4.6% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 451,968 shares of the technology company’s stock valued at $72,600,000 after acquiring an additional 19,979 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of SBA Communications by 87.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 235,466 shares of the technology company’s stock valued at $37,740,000 after acquiring an additional 109,920 shares in the last quarter. IFM Investors Pty Ltd raised its stake in shares of SBA Communications by 13.6% in the 3rd quarter. IFM Investors Pty Ltd now owns 6,247 shares of the technology company’s stock valued at $1,003,000 after acquiring an additional 746 shares in the last quarter. Finally, Managed Account Services Inc. bought a new position in shares of SBA Communications in the 3rd quarter valued at approximately $346,000. 94.37% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on SBAC. Zacks Investment Research raised SBA Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 25th. BidaskClub downgraded SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Macquarie cut their price objective on SBA Communications from $166.00 to $161.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 29th. ValuEngine downgraded SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, Morgan Stanley cut their price objective on SBA Communications from $180.00 to $176.00 and set an “overweight” rating on the stock in a research note on Thursday, August 16th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. SBA Communications presently has a consensus rating of “Buy” and an average price target of $179.80.
Shares of NASDAQ SBAC opened at $166.21 on Wednesday. SBA Communications Co. has a 12 month low of $146.13 and a 12 month high of $177.67.
SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, November 5th. The technology company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 return on equity of 1.26% and a net margin of 1.73%. The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.75 earnings per share. On average, equities analysts anticipate that SBA Communications Co. will post 7.1 EPS for the current year.
In other SBA Communications news, CEO Jeffrey Stoops sold 40,000 shares of SBA Communications stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $154.16, for a total value of $6,166,400.00. Following the transaction, the chief executive officer now directly owns 268,756 shares of the company’s stock, valued at approximately $41,431,424.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Brian C. Carr sold 800 shares of SBA Communications stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $155.00, for a total value of $124,000.00. Following the completion of the transaction, the director now directly owns 3,070 shares in the company, valued at $475,850. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,805 shares of company stock worth $12,693,203. Company insiders own 2.70% of the company’s stock.
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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