NEOS Investment Management LLC Has $4.47 Million Stock Position in SBA Communications Corporation $SBAC

NEOS Investment Management LLC raised its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 69.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,103 shares of the technology company’s stock after acquiring an additional 9,474 shares during the quarter. NEOS Investment Management LLC’s holdings in SBA Communications were worth $4,467,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SBAC. Vanguard Group Inc. raised its holdings in SBA Communications by 2.3% during the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock valued at $3,511,920,000 after buying an additional 403,285 shares in the last quarter. Dodge & Cox boosted its stake in shares of SBA Communications by 1.5% during the 2nd quarter. Dodge & Cox now owns 8,608,494 shares of the technology company’s stock worth $2,021,619,000 after acquiring an additional 123,230 shares in the last quarter. State Street Corp increased its holdings in shares of SBA Communications by 0.5% during the 2nd quarter. State Street Corp now owns 4,613,181 shares of the technology company’s stock valued at $1,083,359,000 after acquiring an additional 24,793 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of SBA Communications by 24.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock valued at $358,728,000 after acquiring an additional 366,491 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of SBA Communications by 19.8% in the 2nd quarter. Invesco Ltd. now owns 1,573,538 shares of the technology company’s stock valued at $369,530,000 after acquiring an additional 259,876 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Barclays decreased their target price on SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. UBS Group decreased their price objective on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. TD Cowen reiterated a “buy” rating on shares of SBA Communications in a research note on Tuesday, November 4th. Wells Fargo & Company dropped their target price on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 16th. Finally, JPMorgan Chase & Co. decreased their price target on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a report on Monday, January 12th. One equities research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications Price Performance

NASDAQ SBAC opened at $197.46 on Thursday. The company’s fifty day moving average is $189.65 and its two-hundred day moving average is $196.24. SBA Communications Corporation has a 52-week low of $177.49 and a 52-week high of $245.16. The firm has a market capitalization of $21.04 billion, a price-to-earnings ratio of 25.74, a P/E/G ratio of 1.93 and a beta of 0.87.

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.