Pictet Asset Management Ltd. lessened its position in SBA Communications Co. (NASDAQ:SBAC) by 2.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 61,296 shares of the technology company’s stock after selling 1,700 shares during the period. Pictet Asset Management Ltd. owned approximately 0.05% of SBA Communications worth $9,846,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in SBAC. Cornerstone Wealth Management LLC bought a new position in SBA Communications in the second quarter valued at about $193,000. Alps Advisors Inc. acquired a new stake in shares of SBA Communications in the second quarter valued at about $206,000. Dupont Capital Management Corp increased its stake in shares of SBA Communications by 71.6% in the second quarter. Dupont Capital Management Corp now owns 1,227 shares of the technology company’s stock valued at $203,000 after buying an additional 512 shares during the period. First Trust Advisors LP acquired a new stake in shares of SBA Communications in the second quarter valued at about $14,146,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of SBA Communications in the second quarter valued at about $1,991,000. Institutional investors own 94.25% of the company’s stock.
In related news, Director Duncan Cocroft sold 12,543 shares of the firm’s stock in a transaction that occurred on Monday, November 19th. The stock was sold at an average price of $171.85, for a total transaction of $2,155,514.55. Following the completion of the sale, the director now owns 75,742 shares of the company’s stock, valued at $13,016,262.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jeffrey Stoops sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $160.05, for a total value of $6,402,000.00. Following the sale, the chief executive officer now directly owns 252,180 shares of the company’s stock, valued at approximately $40,361,409. The disclosure for this sale can be found here. Insiders have sold 529,017 shares of company stock valued at $90,372,570 in the last ninety days. 2.70% of the stock is currently owned by insiders.
Several equities research analysts have recently weighed in on the company. BidaskClub raised SBA Communications from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 15th. Zacks Investment Research raised SBA Communications from a “hold” rating to a “buy” rating and set a $192.00 price target for the company in a research note on Thursday, November 15th. Bank of America set a $189.00 price target on SBA Communications and gave the company a “buy” rating in a research note on Thursday, November 15th. Citigroup increased their price target on SBA Communications from $187.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday, November 6th. Finally, ValuEngine cut SBA Communications from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $180.90.
Shares of SBAC stock opened at $168.17 on Friday. SBA Communications Co. has a 1-year low of $146.13 and a 1-year high of $177.67.
SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, November 5th. The technology company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $1.78 by ($1.64). SBA Communications had a negative net margin of 0.11% and a negative return on equity of 0.65%. The company had revenue of $467.20 million during the quarter, compared to analyst estimates of $459.17 million. During the same period in the previous year, the company posted $1.75 EPS. The company’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, research analysts predict that SBA Communications Co. will post 7.15 EPS 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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