Geode Capital Management LLC Acquires 80,550 Shares of SBA Communications Co. (SBAC)

Geode Capital Management LLC boosted its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 5.7% in the 4th quarter, Holdings Channel reports. The firm owned 1,498,094 shares of the technology company’s stock after buying an additional 80,550 shares during the period. Geode Capital Management LLC’s holdings in SBA Communications were worth $242,108,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Kinneret Advisory LLC acquired a new stake in SBA Communications during the fourth quarter valued at approximately $473,000. Neuburgh Advisers LLC raised its holdings in shares of SBA Communications by 11.7% during the fourth quarter. Neuburgh Advisers LLC now owns 4,004 shares of the technology company’s stock valued at $648,000 after acquiring an additional 418 shares during the period. California State Teachers Retirement System raised its holdings in shares of SBA Communications by 1.2% during the fourth quarter. California State Teachers Retirement System now owns 185,231 shares of the technology company’s stock valued at $29,987,000 after acquiring an additional 2,140 shares during the period. Brown Advisory Securities LLC raised its holdings in shares of SBA Communications by 21.4% during the fourth quarter. Brown Advisory Securities LLC now owns 4,910 shares of the technology company’s stock valued at $789,000 after acquiring an additional 865 shares during the period. Finally, Stifel Financial Corp raised its holdings in shares of SBA Communications by 11.2% during the fourth quarter. Stifel Financial Corp now owns 22,310 shares of the technology company’s stock valued at $3,605,000 after acquiring an additional 2,248 shares during the period. 94.95% of the stock is owned by institutional investors and hedge funds.

SBA Communications stock opened at $206.84 on Thursday. The company has a market capitalization of $23.27 billion, a price-to-earnings ratio of 26.28, a P/E/G ratio of 2.65 and a beta of 0.82. SBA Communications Co. has a twelve month low of $146.13 and a twelve month high of $214.93.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, April 29th. The technology company reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.89 by ($1.66). The company had revenue of $493.29 million during the quarter, compared to analyst estimates of $481.06 million. SBA Communications had a net margin of 2.20% and a negative return on equity of 1.44%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.85 EPS. Equities research analysts expect that SBA Communications Co. will post 7.75 earnings per share for the current year.

A number of equities research analysts have recently issued reports on the stock. Raymond James lowered shares of SBA Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. They noted that the move was a valuation call. KeyCorp boosted their price target on shares of SBA Communications from $195.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. They noted that the move was a valuation call. BidaskClub upgraded shares of SBA Communications from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Morgan Stanley boosted their price target on shares of SBA Communications from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Monday. Finally, ValuEngine upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. SBA Communications presently has an average rating of “Buy” and an average price target of $197.56.

In other SBA Communications news, Chairman Steven E. Bernstein sold 30,241 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $182.71, for a total value of $5,525,333.11. Following the completion of the sale, the chairman now directly owns 15,606 shares of the company’s stock, valued at $2,851,372.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Brian D. Lazarus sold 20,561 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $187.51, for a total transaction of $3,855,393.11. Following the completion of the sale, the senior vice president now directly owns 36,525 shares of the company’s stock, valued at $6,848,802.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 255,916 shares of company stock worth $47,405,473. Company insiders own 2.50% of the company’s stock.

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About SBA Communications

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.

See Also: Consumer Price Index (CPI)

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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