SBA Communications Corporation $SBAC Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. decreased its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 28.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 300,213 shares of the technology company’s stock after selling 116,861 shares during the period. Bessemer Group Inc. owned about 0.28% of SBA Communications worth $58,048,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of SBA Communications during the second quarter worth about $351,084,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in SBA Communications by 799.8% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 571,308 shares of the technology company’s stock worth $134,166,000 after buying an additional 507,815 shares during the period. Daiwa Securities Group Inc. lifted its holdings in SBA Communications by 1,328.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 522,215 shares of the technology company’s stock worth $122,637,000 after buying an additional 485,656 shares in the last quarter. Nordea Investment Management AB lifted its holdings in SBA Communications by 65.0% during the 3rd quarter. Nordea Investment Management AB now owns 1,182,076 shares of the technology company’s stock worth $229,145,000 after buying an additional 465,558 shares in the last quarter. Finally, Nomura Holdings Inc. boosted its position in SBA Communications by 1,175.4% in the 2nd quarter. Nomura Holdings Inc. now owns 341,673 shares of the technology company’s stock valued at $80,238,000 after buying an additional 314,883 shares during the period. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SBAC shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of SBA Communications in a research report on Friday, January 9th. Barclays cut their price target on SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a report on Monday, December 1st. UBS Group decreased their price objective on SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, January 20th. Citigroup lowered their price objective on SBA Communications from $265.00 to $235.00 and set a “buy” rating for the company in a research report on Thursday, October 16th. Finally, Morgan Stanley reduced their target price on shares of SBA Communications from $260.00 to $220.00 and set an “equal weight” rating on the stock in a report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $235.18.

SBA Communications Stock Performance

SBAC opened at $180.51 on Friday. SBA Communications Corporation has a one year low of $177.73 and a one year high of $245.16. The company has a market cap of $19.23 billion, a P/E ratio of 23.53, a PEG ratio of 1.75 and a beta of 0.87. The business’s 50-day simple moving average is $188.84 and its 200-day simple moving average is $198.83.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.21 by $0.09. The firm had revenue of $732.33 million during the quarter, compared to the consensus estimate of $715.65 million. SBA Communications had a negative return on equity of 16.60% and a net margin of 29.69%.The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $3.32 earnings per share. As a group, analysts predict that SBA Communications Corporation will post 12.57 earnings per share for the current fiscal year.

SBA Communications Company Profile

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.