Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in SBA Communications Co. (NASDAQ:SBAC) by 62.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,359 shares of the technology company’s stock after purchasing an additional 14,425 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in SBA Communications were worth $6,048,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in SBAC. CWM LLC grew its holdings in SBA Communications by 49.2% during the fourth quarter. CWM LLC now owns 185 shares of the technology company’s stock valued at $30,000 after purchasing an additional 61 shares during the period. We Are One Seven LLC bought a new position in shares of SBA Communications in the fourth quarter worth about $34,000. IFM Investors Pty Ltd raised its position in SBA Communications by 10.5% during the fourth quarter. IFM Investors Pty Ltd now owns 6,904 shares of the technology company’s stock valued at $1,118,000 after purchasing an additional 657 shares during the period. IFP Advisors Inc boosted its position in SBA Communications by 19.7% during the 4th quarter. IFP Advisors Inc now owns 571 shares of the technology company’s stock valued at $93,000 after acquiring an additional 94 shares in the last quarter. Finally, NuWave Investment Management LLC raised its stake in SBA Communications by 20.1% in the 4th quarter. NuWave Investment Management LLC now owns 3,159 shares of the technology company’s stock worth $511,000 after acquiring an additional 529 shares during the last quarter. Institutional investors own 96.36% of the company’s stock.
A number of research firms have weighed in on SBAC. Zacks Investment Research raised shares of SBA Communications from a “hold” rating to a “buy” rating and set a $192.00 price target on the stock in a research note on Thursday, November 15th. BidaskClub raised SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Citigroup raised shares of SBA Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $175.00 to $187.00 in a report on Wednesday, October 31st. KeyCorp upped their target price on shares of SBA Communications from $176.00 to $195.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Bank of America set a $189.00 target price on SBA Communications and gave the company a “buy” rating in a research note on Thursday, November 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $182.00.
In other SBA Communications news, Director Kevin L. Beebe sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 13th. The shares were sold at an average price of $172.51, for a total value of $1,725,100.00. Following the transaction, the director now directly owns 21,726 shares of the company’s stock, valued at $3,747,952.26. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Thomas P. Hunt sold 79,908 shares of the company’s stock in a transaction on Monday, November 19th. The stock was sold at an average price of $172.47, for a total transaction of $13,781,732.76. Following the transaction, the vice president now owns 133,652 shares in the company, valued at approximately $23,050,960.44. The disclosure for this sale can be found here. In the last three months, insiders sold 406,060 shares of company stock worth $69,939,407. 2.70% of the stock is currently owned by insiders.
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. 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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