SBA Communications (SBAC) Hits New 12-Month High at $184.98

SBA Communications Co. (NASDAQ:SBAC) reached a new 52-week high on Monday . The company traded as high as $184.98 and last traded at $183.63, with a volume of 13290 shares. The stock had previously closed at $183.22.

A number of equities research analysts have weighed in on SBAC shares. Citigroup upgraded SBA Communications from a “neutral” rating to a “buy” rating and upped their target price for the stock from $175.00 to $187.00 in a research report on Wednesday, October 31st. Bank of America set a $189.00 target price on SBA Communications and gave the stock a “buy” rating in a research report on Thursday, November 15th. ValuEngine downgraded SBA Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. BidaskClub downgraded SBA Communications from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 28th. Finally, Guggenheim set a $180.00 target price on SBA Communications and gave the stock a “buy” rating in a research report on Wednesday, October 17th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. SBA Communications currently has a consensus rating of “Buy” and a consensus price target of $181.22.

In other news, VP Thomas P. Hunt sold 79,908 shares of SBA Communications stock in a transaction on Monday, November 19th. The shares were sold at an average price of $172.47, for a total transaction of $13,781,732.76. Following the transaction, the vice president now directly owns 133,652 shares of the company’s stock, valued at $23,050,960.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kevin L. Beebe sold 10,000 shares of SBA Communications stock in a transaction on Thursday, December 13th. The stock was sold at an average price of $172.51, for a total transaction of $1,725,100.00. Following the transaction, the director now directly owns 21,726 shares in the company, valued at $3,747,952.26. The disclosure for this sale can be found here. Insiders sold 406,060 shares of company stock valued at $69,939,407 in the last 90 days. Corporate insiders own 2.70% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Daiwa Securities Group Inc. raised its holdings in SBA Communications by 18,340.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 762,885 shares of the technology company’s stock valued at $123,503,000 after buying an additional 758,748 shares during the last quarter. Capital Research Global Investors boosted its stake in SBA Communications by 98.5% in the 3rd quarter. Capital Research Global Investors now owns 1,369,807 shares of the technology company’s stock worth $220,032,000 after purchasing an additional 679,663 shares in the last quarter. Commonwealth Bank of Australia boosted its stake in SBA Communications by 330,152.8% in the 3rd quarter. Commonwealth Bank of Australia now owns 531,707 shares of the technology company’s stock worth $85,078,000 after purchasing an additional 531,546 shares in the last quarter. Cohen & Steers Inc. boosted its stake in SBA Communications by 225.0% in the 3rd quarter. Cohen & Steers Inc. now owns 688,563 shares of the technology company’s stock worth $110,604,000 after purchasing an additional 476,722 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in SBA Communications by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 18,461,664 shares of the technology company’s stock worth $2,965,496,000 after purchasing an additional 380,936 shares in the last quarter. 96.36% of the stock is currently owned by institutional investors and hedge funds.

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About SBA Communications (NASDAQ:SBAC)

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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