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

Bessemer Group Inc. reduced its position in SBA Communications Corporation (NASDAQ:SBAC) by 28.0% in the 3rd quarter, Holdings Channel reports. The firm owned 300,213 shares of the technology company’s stock after selling 116,861 shares during the period. Bessemer Group Inc.’s holdings in SBA Communications were worth $58,048,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its stake in SBA Communications by 0.8% in the second quarter. Janney Montgomery Scott LLC now owns 6,130 shares of the technology company’s stock valued at $1,440,000 after buying an additional 46 shares during the last quarter. MAI Capital Management raised its position in SBA Communications by 7.9% in the 2nd quarter. MAI Capital Management now owns 680 shares of the technology company’s stock valued at $160,000 after purchasing an additional 50 shares during the last quarter. Penserra Capital Management LLC boosted its stake in SBA Communications by 12.5% during the 2nd quarter. Penserra Capital Management LLC now owns 587 shares of the technology company’s stock worth $137,000 after purchasing an additional 65 shares during the period. CVA Family Office LLC grew its position in SBA Communications by 106.3% during the 2nd quarter. CVA Family Office LLC now owns 130 shares of the technology company’s stock worth $31,000 after purchasing an additional 67 shares during the last quarter. Finally, J.W. Cole Advisors Inc. increased its stake in SBA Communications by 4.6% in the second quarter. J.W. Cole Advisors Inc. now owns 1,532 shares of the technology company’s stock valued at $360,000 after purchasing an additional 68 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Price Performance

SBAC opened at $180.51 on Friday. SBA Communications Corporation has a 12 month low of $177.73 and a 12 month high of $245.16. The stock has a market capitalization of $19.23 billion, a P/E ratio of 23.53, a P/E/G ratio of 1.75 and a beta of 0.87. The business has a 50 day simple moving average of $188.84 and a 200-day simple moving average of $198.83.

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on SBAC. Royal Bank Of Canada decreased their target price on shares of SBA Communications from $235.00 to $232.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Williams Trading set a $237.00 price objective on SBA Communications in a research report on Tuesday, November 4th. UBS Group lowered their target price on SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Morgan Stanley cut their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Finally, Scotiabank decreased their price target on SBA Communications from $252.00 to $233.00 and set a “sector perform” rating for the company in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $235.18.

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.