KLP Kapitalforvaltning AS increased its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,396 shares of the technology company's stock after buying an additional 3,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in SBA Communications were worth $8,448,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Independence Bank of Kentucky bought a new position in SBA Communications in the first quarter valued at about $28,000. Graney & King LLC bought a new position in SBA Communications in the fourth quarter valued at about $29,000. Allworth Financial LP raised its position in shares of SBA Communications by 62.0% during 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 last quarter. NBC Securities Inc. raised its position in shares of SBA Communications by 1,575.0% during 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 last quarter. Finally, Wayfinding Financial LLC bought a new position in shares of SBA Communications during the first quarter worth about $51,000. 97.35% of the stock is currently owned by institutional investors.
SBA Communications Trading Down 1.1%
SBA Communications stock traded down $2.62 during trading on Monday, hitting $231.30. 88,337 shares of the company were exchanged, compared to its average volume of 852,045. The business's 50 day moving average is $231.71 and its 200 day moving average is $221.85. SBA Communications Corporation has a 52 week low of $192.55 and a 52 week high of $252.64. The company has a market capitalization of $24.85 billion, a P/E ratio of 31.75, a PEG ratio of 1.94 and a beta of 0.78.
Insiders Place Their Bets
In other SBA Communications news, Director Jack Langer sold 5,000 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $240.59, for a total value of $1,202,950.00. Following the transaction, the director owned 10,522 shares of the company's stock, valued at approximately $2,531,487.98. The trade was a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.92% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on SBAC. Citigroup raised their price objective on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Barclays raised their price objective on SBA Communications from $247.00 to $257.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. UBS Group lifted their target price on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley lifted their target price on SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price for the company. in a report on Tuesday, May 20th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $257.19.
View Our Latest Stock Report on SBA Communications
SBA Communications Profile
(
Free Report)
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.
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