Modera Wealth Management LLC Acquires 1,730 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Modera Wealth Management LLC increased its stake in SBA Communications Corporation by 38.1%, holding a total of $1.38 million across 6,271 shares at the end of the most recent quarter.
• SBA Communications has a market capitalization of $24.15 billion, with a fifty-two week trading range between $192.55 and $252.64.
• Analysts have a consensus rating of "Moderate Buy" on SBA Communications, with a consensus price target of $257.19.

Modera Wealth Management LLC grew its position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 38.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,271 shares of the technology company's stock after buying an additional 1,730 shares during the period. Modera Wealth Management LLC's holdings in SBA Communications were worth $1,380,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Independence Bank of Kentucky purchased a new position in SBA Communications during the first quarter worth about $28,000. Allworth Financial LP boosted its holdings in shares of SBA Communications by 62.0% in the 1st quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after purchasing an additional 62 shares in the last quarter. NBC Securities Inc. boosted its holdings in shares of SBA Communications by 1,575.0% in the 1st quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after purchasing an additional 189 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of SBA Communications in the 1st quarter worth about $51,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of SBA Communications by 22.0% in the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after purchasing an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 97.35% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SBAC. Barclays boosted their target price on SBA Communications from $247.00 to $257.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Bank of America started coverage on SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 price target for the company. BMO Capital Markets upped their price target on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research report on Tuesday, April 29th. UBS Group upped 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. Finally, Deutsche Bank Aktiengesellschaft downgraded SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a report on Tuesday, May 20th. Eight investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $257.19.

SBA Communications Trading Up 1.7%

SBA Communications stock traded up $3.85 during trading on Friday, reaching $228.57. The company had a trading volume of 1,083,126 shares, compared to its average volume of 664,615. SBA Communications Corporation has a 52 week low of $192.55 and a 52 week high of $252.64. The firm's 50-day simple moving average is $231.25 and its 200 day simple moving average is $222.79. The firm has a market capitalization of $24.56 billion, a price-to-earnings ratio of 31.35, a price-to-earnings-growth ratio of 1.89 and a beta of 0.77.

SBA Communications 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.