Forsta AP Fonden lowered its holdings in SBA Communications (NASDAQ:SBAC) by 71.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,100 shares of the technology company’s stock after selling 79,000 shares during the quarter. Forsta AP Fonden’s holdings in SBA Communications were worth $5,487,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Acadian Asset Management LLC acquired a new stake in shares of SBA Communications during the 4th quarter worth approximately $108,000. Tower Research Capital LLC TRC grew its holdings in shares of SBA Communications by 168.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 809 shares of the technology company’s stock worth $132,000 after purchasing an additional 508 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its holdings in shares of SBA Communications by 53.7% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 936 shares of the technology company’s stock worth $160,000 after purchasing an additional 327 shares in the last quarter. Bray Capital Advisors acquired a new stake in shares of SBA Communications during the 1st quarter worth approximately $171,000. Finally, MAI Capital Management acquired a new stake in shares of SBA Communications during the 4th quarter worth approximately $204,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SBAC stock opened at $157.69 on Friday. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of -3.62. The firm has a market capitalization of $18.14 billion, a P/E ratio of 165.80, a P/E/G ratio of 17.12 and a beta of 0.86. SBA Communications has a one year low of $129.40 and a one year high of $177.67.
SBA Communications declared that its Board of Directors has initiated a stock buyback plan on Monday, February 26th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other SBA Communications news, Director Duncan Cocroft acquired 500 shares of the business’s stock in a transaction on Monday, March 12th. The stock was purchased at an average price of $167.29 per share, for a total transaction of $83,645.00. Following the transaction, the director now owns 87,966 shares in the company, valued at approximately $14,715,832.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.70% of the company’s stock.
SBAC has been the topic of several recent research reports. Barclays reissued a “buy” rating and set a $178.00 price objective on shares of SBA Communications in a report on Friday, January 19th. Zacks Investment Research lowered SBA Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, January 24th. BidaskClub raised SBA Communications from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 25th. KeyCorp set a $188.00 price target on SBA Communications and gave the company a “buy” rating in a research note on Tuesday, February 27th. Finally, Deutsche Bank boosted their price target on SBA Communications from $164.00 to $170.00 and gave the company a “hold” rating in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. SBA Communications has an average rating of “Buy” and an average price target of $175.69.
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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