Bayforest Capital Ltd Acquires 1,397 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Bayforest Capital Ltd increased its stake in SBA Communications Corporation by 420.8% during the first quarter, bringing its total holdings to $380,000.
• Institutional investors own 97.35% of SBA Communications, with notable increases from firms like Dodge & Cox, which boosted its stake by 352.5% last quarter.
• SBA Communications' stock has received mixed analyst ratings, with a range of target prices between $240.00 and $270.00, indicating a general sentiment of a "Moderate Buy".

Bayforest Capital Ltd lifted its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 420.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,729 shares of the technology company's stock after purchasing an additional 1,397 shares during the period. Bayforest Capital Ltd's holdings in SBA Communications were worth $380,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Independence Bank of Kentucky bought a new position in shares of SBA Communications during the first quarter valued at about $28,000. Allworth Financial LP raised its position in SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after acquiring an additional 62 shares during the period. NBC Securities Inc. raised its position in SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after acquiring an additional 189 shares during the period. Wayfinding Financial LLC bought a new stake in SBA Communications in the first quarter worth about $51,000. Finally, Farther Finance Advisors LLC raised its position in SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after acquiring an additional 45 shares during the period. 97.35% of the stock is owned by institutional investors.

SBA Communications Stock Performance

NASDAQ:SBAC traded up $3.85 during midday trading on Friday, reaching $228.57. 1,083,126 shares of the stock traded hands, compared to its average volume of 664,615. The company has a fifty day moving average of $231.25 and a 200 day moving average of $222.79. SBA Communications Corporation has a 12 month low of $192.55 and a 12 month high of $252.64. The stock has a market capitalization of $24.56 billion, a P/E ratio of 31.35, a PEG ratio of 1.89 and a beta of 0.77.

Analysts Set New Price Targets

Several brokerages have commented on SBAC. Bank of America began coverage on shares of SBA Communications in a research report on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. BMO Capital Markets upped their target price on shares of SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. Morgan Stanley upped their target price on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Barclays upped their target price on shares of SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Citigroup upped their target price on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $257.19.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.