Redwood Investment Management LLC Purchases New Shares in SBA Communications Corporation $SBAC

Key Points

• Redwood Investment Management purchased 6,269 shares of SBA Communications, valued at approximately $1.08 million, during the first quarter. Institutional investors and hedge funds collectively own 97.35% of the company.
• SBAC shares opened at $180.99, below their 50-day and 200-day moving averages, with a one-year trading range of $162.41 to $234.64 and a market capitalization of $19.2 billion.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $235.28, despite several analysts recently lowering their targets.

Redwood Investment Management LLC purchased a new position in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,269 shares of the technology company's stock, valued at approximately $1,079,000.

Other institutional investors have also recently added to or reduced their stakes in the company. DV Equities LLC acquired a new stake in shares of SBA Communications during the fourth quarter valued at about $29,000. Fulcrum Asset Management LLP acquired a new position in shares of SBA Communications in the third quarter worth about $32,000. Geneos Wealth Management Inc. lifted its stake in shares of SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock worth $36,000 after acquiring an additional 84 shares in the last quarter. High Point Wealth Management LLC acquired a new position in shares of SBA Communications in the fourth quarter worth about $39,000. Finally, Commonwealth Retirement Investments LLC purchased a new position in SBA Communications in the fourth quarter valued at about $39,000. Institutional investors and hedge funds own 97.35% of the company's stock.

SBA Communications Stock Performance

Shares of SBAC stock opened at $180.99 on Monday. SBA Communications Corporation has a one year low of $162.41 and a one year high of $234.64. The company's 50-day simple moving average is $189.42 and its 200-day simple moving average is $194.74. The stock has a market capitalization of $19.20 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 1.81 and a beta of 0.99.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wells Fargo & Company upgraded SBA Communications from an "equal weight" rating to an "overweight" rating and dropped their price objective for the stock from $220.00 to $210.00 in a report on Friday, July 17th. Truist Financial reaffirmed a "buy" rating and issued a $248.00 target price (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. Royal Bank Of Canada reduced their target price on SBA Communications from $245.00 to $210.00 and set an "outperform" rating for the company in a research note on Friday, July 10th. Scotiabank raised their price target on shares of SBA Communications from $223.00 to $230.00 and gave the stock a "sector perform" rating in a research report on Friday, May 1st. Finally, KeyCorp lifted their price target on shares of SBA Communications from $235.00 to $250.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, SBA Communications has an average rating of "Moderate Buy" and an average price target of $235.28.

About SBA Communications

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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