SBA Communications Corporation $SBAC Shares Acquired by ProShare Advisors LLC

ProShare Advisors LLC boosted its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 27.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,988 shares of the technology company’s stock after purchasing an additional 8,404 shares during the quarter. ProShare Advisors LLC’s holdings in SBA Communications were worth $7,538,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SBAC. Vanguard Group Inc. lifted its stake in SBA Communications by 0.5% in the second quarter. Vanguard Group Inc. now owns 17,760,251 shares of the technology company’s stock valued at $4,170,817,000 after buying an additional 93,582 shares during the last quarter. Dodge & Cox grew its position in shares of SBA Communications by 1.5% during the second quarter. Dodge & Cox now owns 8,608,494 shares of the technology company’s stock worth $2,021,619,000 after acquiring an additional 123,230 shares during the last quarter. State Street Corp increased its holdings in shares of SBA Communications by 0.5% in the 2nd quarter. State Street Corp now owns 4,613,181 shares of the technology company’s stock worth $1,083,359,000 after acquiring an additional 24,793 shares during the period. Diamond Hill Capital Management Inc. lifted its position in SBA Communications by 24.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock valued at $358,728,000 after purchasing an additional 366,491 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in SBA Communications by 19.8% during the 2nd quarter. Invesco Ltd. now owns 1,573,538 shares of the technology company’s stock valued at $369,530,000 after purchasing an additional 259,876 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Morgan Stanley dropped their price target on shares of SBA Communications from $260.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 16th. TD Cowen reissued a “buy” rating on shares of SBA Communications in a report on Tuesday, November 4th. Barclays lowered their target price on SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. Weiss Ratings reiterated a “hold (c-)” rating on shares of SBA Communications in a research report on Friday, January 9th. Finally, JPMorgan Chase & Co. decreased their price target on SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $190.96 on Thursday. The stock has a market cap of $20.35 billion, a price-to-earnings ratio of 24.90, a PEG ratio of 1.79 and a beta of 0.87. SBA Communications Corporation has a 12 month low of $177.49 and a 12 month high of $245.16. The stock’s 50 day moving average price is $188.60 and its 200 day moving average price is $197.18.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.