Redpoint Investment Management Pty Ltd Reduces Position in SBA Communications Co. (SBAC)

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Redpoint Investment Management Pty Ltd lessened its stake in shares of SBA Communications Co. (NASDAQ:SBAC) by 4.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,247 shares of the technology company’s stock after selling 1,052 shares during the period. Redpoint Investment Management Pty Ltd’s holdings in SBA Communications were worth $3,574,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in SBAC. Reaves W H & Co. Inc. boosted its holdings in shares of SBA Communications by 2.6% in the 3rd quarter. Reaves W H & Co. Inc. now owns 67,846 shares of the technology company’s stock worth $10,898,000 after buying an additional 1,689 shares during the last quarter. Brasada Capital Management LP boosted its holdings in shares of SBA Communications by 2.1% in the 3rd 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. Highstreet Asset Management Inc. boosted its holdings in shares of SBA Communications by 74.2% in the 3rd quarter. Highstreet Asset Management Inc. now owns 28,252 shares of the technology company’s stock worth $4,538,000 after buying an additional 12,036 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of SBA Communications by 5.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 16,320 shares of the technology company’s stock worth $2,621,000 after buying an additional 770 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in shares of SBA Communications by 1,006.5% in the 3rd quarter. Edgestream Partners L.P. now owns 54,097 shares of the technology company’s stock worth $8,690,000 after buying an additional 49,208 shares during the last quarter. Institutional investors own 93.98% of the company’s stock.

In other SBA Communications news, EVP Jason V. Silberstein sold 19,785 shares of the company’s stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $165.13, for a total transaction of $3,267,097.05. Following the sale, the executive vice president now directly owns 28,659 shares of the company’s stock, valued at $4,732,460.67. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jeffrey Stoops sold 80,000 shares of the stock in a transaction dated Friday, November 9th. The stock was sold at an average price of $171.10, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer now directly owns 214,943 shares in the company, valued at $36,776,747.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 188,832 shares of company stock worth $31,071,038. Insiders own 2.70% of the company’s stock.

A number of equities analysts recently weighed in on the stock. Citigroup boosted their price target on shares of SBA Communications from $187.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday, November 6th. BidaskClub downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Thursday, July 19th. ValuEngine downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Zacks Investment Research raised shares of SBA Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 25th. Finally, Deutsche Bank boosted their price target on shares of SBA Communications from $170.00 to $183.00 and gave the stock a “hold” rating in a report on Wednesday, August 1st. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $179.80.

NASDAQ SBAC traded down $1.09 during trading on Wednesday, hitting $171.38. 62,726 shares of the company’s stock traded hands, compared to its average volume of 897,766. SBA Communications Co. has a 12-month low of $146.13 and a 12-month 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 Thomson Reuters’ consensus estimate of $1.78 by ($1.64). The business had revenue of $467.20 million for the quarter, compared to analysts’ expectations of $459.17 million. SBA Communications had a negative net margin of 0.11% and a negative return on equity of 0.65%. SBA Communications’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $1.75 earnings per share. On average, analysts anticipate that SBA Communications Co. will post 7.14 earnings per share for the current fiscal year.

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SBA Communications 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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