102,000 Shares in SBA Communications Corporation $SBAC Acquired by Empyrean Capital Partners LP

Empyrean Capital Partners LP acquired a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 102,000 shares of the technology company’s stock, valued at approximately $17,555,000.

A number of other hedge funds have also recently bought and sold shares of SBAC. SummitTX Capital L.P. bought a new stake in shares of SBA Communications during the first quarter worth $228,000. Delta Global Management LP bought a new position in SBA Communications in the first quarter valued at about $2,162,000. OMERS ADMINISTRATION Corp boosted its holdings in SBA Communications by 31.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 5,108 shares of the technology company’s stock valued at $879,000 after acquiring an additional 1,232 shares during the last quarter. Entropy Technologies LP bought a new position in SBA Communications in the first quarter valued at about $8,848,000. Finally, Sustainable Insight Capital Management LLC increased its position in SBA Communications by 300.5% in the first quarter. Sustainable Insight Capital Management LLC now owns 4,265 shares of the technology company’s stock worth $734,000 after purchasing an additional 3,200 shares during the period. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Down 0.6%

NASDAQ SBAC opened at $172.61 on Tuesday. The stock has a 50-day simple moving average of $191.52 and a 200 day simple moving average of $194.77. The company has a market capitalization of $18.31 billion, a PE ratio of 18.17, a P/E/G ratio of 1.73 and a beta of 1.00. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $234.64.

Analyst Ratings Changes

SBAC has been the subject of several recent research reports. Barclays boosted their price objective on SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Morgan Stanley lifted their price target on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Scotiabank boosted 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 note on Friday, May 1st. Royal Bank Of Canada cut their price objective on shares of SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a report on Friday, July 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of SBA Communications in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and an average target price 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.