Zurcher Kantonalbank Zurich Cantonalbank Has $5.92 Million Stock Position in SBA Communications Corporation (NASDAQ:SBAC)

Key Points

• Zurcher Kantonalbank increased its stake in SBA Communications Corporation by 7.5% during the first quarter, acquiring an additional 1,871 shares, bringing its total to 26,909 shares valued at approximately $5.92 million.
• Institutional investors now own 97.35% of SBA Communications' stock, with multiple hedge funds enhancing their positions, reflecting a strong interest in the company.
• Analyst ratings for SBA Communications include eight "buy" ratings and eight "hold" ratings, with an average price target of $257.19 per share.

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 7.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,909 shares of the technology company's stock after acquiring an additional 1,871 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in SBA Communications were worth $5,920,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SBAC. Independence Bank of Kentucky bought a new stake in shares of SBA Communications in the 1st quarter valued at about $28,000. Allworth Financial LP raised 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 valued at $36,000 after purchasing an additional 62 shares during the period. NBC Securities Inc. raised 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 valued at $44,000 after purchasing an additional 189 shares during the period. Wayfinding Financial LLC bought a new stake in shares of SBA Communications in the 1st quarter valued at about $51,000. Finally, Farther Finance Advisors LLC raised its holdings in SBA Communications by 22.0% in the 1st quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock valued at $55,000 after acquiring an additional 45 shares during the period. 97.35% of the stock is owned by institutional investors.

SBA Communications Trading Down 1.0%

SBA Communications stock traded down $2.26 during mid-day trading on Thursday, reaching $224.72. The company had a trading volume of 859,194 shares, compared to its average volume of 647,893. SBA Communications Corporation has a fifty-two week low of $192.55 and a fifty-two week high of $252.64. The company has a market cap of $24.15 billion, a P/E ratio of 30.83, a P/E/G ratio of 1.88 and a beta of 0.78. The business has a fifty day simple moving average of $231.34 and a 200 day simple moving average of $222.17.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Scotiabank assumed coverage on shares of SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 target price on the stock. Wall Street Zen lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Bank of America assumed coverage on shares of SBA Communications in a research report on Monday, May 19th. They set a "buy" rating and a $260.00 target price on the stock. UBS Group increased their target price on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, JMP Securities increased their target price on shares of SBA Communications from $250.00 to $270.00 and gave the stock a "market outperform" rating in a research 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $257.19.

About SBA Communications

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.