Friedberg Investment Management Increases Position in SBA Communications Corporation (SBAC)
Friedberg Investment Management boosted its position in SBA Communications Corporation (NASDAQ:SBAC) by 28.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 18,395 shares of the technology company’s stock after acquiring an additional 4,060 shares during the period. Friedberg Investment Management’s holdings in SBA Communications Corporation were worth $2,481,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in SBA Communications Corporation by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 9,869,843 shares of the technology company’s stock valued at $1,331,442,000 after acquiring an additional 272,381 shares during the period. BlackRock Inc. raised its stake in SBA Communications Corporation by 2,233.0% in the 1st quarter. BlackRock Inc. now owns 8,450,685 shares of the technology company’s stock valued at $1,017,210,000 after acquiring an additional 8,088,459 shares during the period. William Blair Investment Management LLC raised its stake in SBA Communications Corporation by 8.7% in the 2nd quarter. William Blair Investment Management LLC now owns 2,682,091 shares of the technology company’s stock valued at $361,814,000 after acquiring an additional 215,709 shares during the period. Iridian Asset Management LLC CT raised its stake in SBA Communications Corporation by 88.1% in the 2nd quarter. Iridian Asset Management LLC CT now owns 2,641,198 shares of the technology company’s stock valued at $356,298,000 after acquiring an additional 1,237,008 shares during the period. Finally, American Century Companies Inc. raised its stake in SBA Communications Corporation by 41.4% in the 2nd quarter. American Century Companies Inc. now owns 2,230,739 shares of the technology company’s stock valued at $300,927,000 after acquiring an additional 652,647 shares during the period. Institutional investors and hedge funds own 92.35% of the company’s stock.
Shares of SBA Communications Corporation (SBAC) traded up 0.31% during midday trading on Friday, hitting $147.32. The stock had a trading volume of 575,502 shares. The stock’s 50 day moving average price is $147.51 and its 200 day moving average price is $135.35. SBA Communications Corporation has a 12 month low of $95.66 and a 12 month high of $154.71. The firm has a market cap of $17.73 billion, a price-to-earnings ratio of 506.25 and a beta of 0.69.
SBA Communications Corporation (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 31st. The technology company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.01). SBA Communications Corporation had a negative return on equity of 2.64% and a net margin of 2.19%. The company had revenue of $427.30 million during the quarter, compared to the consensus estimate of $426.10 million. During the same period last year, the business earned $1.48 EPS. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, equities analysts forecast that SBA Communications Corporation will post $0.94 EPS for the current fiscal year.
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SBAC has been the topic of a number of research reports. Citigroup Inc. cut SBA Communications Corporation to an “outperform” rating and set a $153.00 price objective on the stock. in a research note on Monday, June 12th. Raymond James Financial, Inc. restated an “outperform” rating on shares of SBA Communications Corporation in a research note on Monday, June 12th. Zacks Investment Research upgraded SBA Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $155.00 price objective on the stock in a research note on Wednesday, July 5th. Deutsche Bank AG restated a “hold” rating and issued a $150.00 price objective (up from $133.00) on shares of SBA Communications Corporation in a research note on Friday, July 14th. Finally, Jefferies Group LLC boosted their price objective on SBA Communications Corporation from $150.00 to $159.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $147.36.
In related news, EVP Mark R. Ciarfella sold 9,655 shares of SBA Communications Corporation stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $140.74, for a total transaction of $1,358,844.70. Following the sale, the executive vice president now owns 21,403 shares of the company’s stock, valued at approximately $3,012,258.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George R. Krouse, Jr. sold 1,643 shares of SBA Communications Corporation stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $138.63, for a total value of $227,769.09. Following the sale, the director now directly owns 11,643 shares in the company, valued at approximately $1,614,069.09. The disclosure for this sale can be found here. Insiders have sold a total of 18,674 shares of company stock worth $2,706,217 in the last three months. 2.10% of the stock is owned by corporate insiders.
SBA Communications Corporation Profile
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.
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