SBA Communications Corporation $SBAC Shares Bought by ProShare Advisors LLC

ProShare Advisors LLC grew its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 27.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 38,988 shares of the technology company’s stock after purchasing an additional 8,404 shares during the period. ProShare Advisors LLC’s holdings in SBA Communications were worth $7,538,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SBAC. Norges Bank acquired a new stake in SBA Communications during the second quarter valued at approximately $351,084,000. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of SBA Communications by 799.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 571,308 shares of the technology company’s stock valued at $134,166,000 after buying an additional 507,815 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of SBA Communications by 1,328.4% in the second quarter. Daiwa Securities Group Inc. now owns 522,215 shares of the technology company’s stock valued at $122,637,000 after buying an additional 485,656 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of 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 acquiring an additional 465,558 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in shares of SBA Communications by 24.6% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock worth $358,728,000 after acquiring an additional 366,491 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Up 1.0%

Shares of SBA Communications stock opened at $190.96 on Thursday. SBA Communications Corporation has a 1 year low of $177.49 and a 1 year high of $245.16. The company has a market cap of $20.35 billion, a P/E ratio of 24.90, a P/E/G ratio of 1.79 and a beta of 0.87. The stock has a 50-day moving average price of $188.60 and a 200 day moving average price of $197.18.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company cut their target price on SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 16th. Scotiabank dropped their price target on SBA Communications from $252.00 to $233.00 and set a “sector perform” rating on the stock in a research note on Wednesday, January 14th. JPMorgan Chase & Co. reduced their price objective on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. Williams Trading set a $237.00 target price on shares of SBA Communications in a report on Tuesday, November 4th. Finally, Barclays dropped their target price on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and a consensus price target of $235.18.

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.