Two Sigma Advisers LP boosted its stake in SBA Communications Co. (NASDAQ:SBAC) by 289.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 513,833 shares of the technology company’s stock after acquiring an additional 382,026 shares during the quarter. Two Sigma Advisers LP’s holdings in SBA Communications were worth $83,940,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in SBAC. Goldman Sachs Group Inc. raised its holdings in shares of SBA Communications by 26.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,582,045 shares of the technology company’s stock valued at $421,803,000 after purchasing an additional 545,374 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of SBA Communications by 15.2% during the 4th quarter. Wells Fargo & Company MN now owns 1,315,958 shares of the technology company’s stock valued at $214,975,000 after purchasing an additional 173,146 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of SBA Communications by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 1,310,951 shares of the technology company’s stock valued at $213,733,000 after purchasing an additional 26,913 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of SBA Communications by 156.0% during the 4th quarter. Renaissance Technologies LLC now owns 1,224,149 shares of the technology company’s stock valued at $199,977,000 after purchasing an additional 745,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of SBA Communications by 70.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,166,994 shares of the technology company’s stock valued at $168,105,000 after purchasing an additional 480,852 shares in the last quarter. Institutional investors own 92.97% of the company’s stock.
A number of research analysts have recently weighed in on SBAC shares. Barclays restated a “buy” rating and set a $178.00 price target on shares of SBA Communications in a report on Friday, January 19th. Guggenheim set a $172.00 price target on shares of SBA Communications and gave the company a “buy” rating in a report on Wednesday, January 17th. Cowen restated a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of SBA Communications in a report on Tuesday, December 5th. Royal Bank of Canada reiterated a “buy” rating and issued a $200.00 target price on shares of SBA Communications in a report on Thursday, November 30th. Finally, BidaskClub upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $173.07.
Shares of SBA Communications Co. (NASDAQ SBAC) opened at $170.34 on Wednesday. SBA Communications Co. has a 12-month low of $115.19 and a 12-month high of $177.67. The firm has a market cap of $19,679.20, a PE ratio of 170.62, a PEG ratio of 16.24 and a beta of 0.92. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of -3.57.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, February 26th. The technology company reported $1.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $1.60. The business had revenue of $443.10 million during the quarter, compared to the consensus estimate of $437.01 million. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. SBA Communications’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.04 earnings per share. analysts anticipate that SBA Communications Co. will post 1.04 earnings per share for the current year.
SBA Communications announced that its board has authorized a share buyback program on Monday, February 26th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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About SBA Communications
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.
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