First Trust Advisors LP bought a new stake in SBA Communications Co. (NASDAQ:SBAC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 85,671 shares of the technology company’s stock, valued at approximately $14,146,000. First Trust Advisors LP owned 0.07% of SBA Communications at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFM Investors Pty Ltd increased its position in shares of SBA Communications by 39.7% in the 2nd quarter. IFM Investors Pty Ltd now owns 5,501 shares of the technology company’s stock valued at $908,000 after acquiring an additional 1,562 shares during the period. Rivulet Capital LLC increased its position in shares of SBA Communications by 122.1% in the 1st quarter. Rivulet Capital LLC now owns 704,400 shares of the technology company’s stock valued at $120,396,000 after acquiring an additional 387,300 shares during the period. Avalon Advisors LLC increased its position in shares of SBA Communications by 10.4% in the 1st quarter. Avalon Advisors LLC now owns 9,595 shares of the technology company’s stock valued at $1,640,000 after acquiring an additional 906 shares during the period. Carillon Tower Advisers Inc. increased its position in shares of SBA Communications by 14.5% in the 1st quarter. Carillon Tower Advisers Inc. now owns 300,064 shares of the technology company’s stock valued at $50,746,000 after acquiring an additional 38,054 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in shares of SBA Communications by 154.9% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 297,659 shares of the technology company’s stock valued at $49,149,000 after acquiring an additional 180,865 shares during the period. 92.91% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SBAC opened at $157.90 on Tuesday. The company has a debt-to-equity ratio of -3.18, a quick ratio of 1.18 and a current ratio of 1.18. SBA Communications Co. has a fifty-two week low of $140.62 and a fifty-two week high of $177.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, July 30th. The technology company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.68). The company had revenue of $456.30 million for the quarter, compared to analyst estimates of $457.43 million. SBA Communications had a negative return on equity of 1.26% and a net margin of 1.73%. SBA Communications’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.73 earnings per share. equities analysts forecast that SBA Communications Co. will post 7.43 earnings per share for the current fiscal year.

In other SBA Communications news, EVP Mark R. Ciarfella sold 1,850 shares of the stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $160.01, for a total transaction of $296,018.50. Following the sale, the executive vice president now directly owns 15,663 shares of the company’s stock, valued at approximately $2,506,236.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian C. Carr sold 800 shares of the stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $155.00, for a total transaction of $124,000.00. Following the sale, the director now directly owns 3,070 shares in the company, valued at $475,850. The disclosure for this sale can be found here. Insiders have sold a total of 222,412 shares of company stock worth $36,508,275 over the last ninety days. 2.70% of the stock is owned by insiders.

SBAC has been the topic of several research reports. BidaskClub raised SBA Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, June 27th. ValuEngine downgraded SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Zacks Investment Research raised SBA Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, August 1st. Deutsche Bank upped their target price on SBA Communications from $170.00 to $183.00 and gave the company a “hold” rating in a research report on Wednesday, August 1st. Finally, Morgan Stanley cut their target price on SBA Communications from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Thursday, August 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $181.40.

SBA Communications Profile

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By "Building Better Wireless," SBA generates revenue from two primary businesses ? site leasing and site development services.

Further Reading: Growth Stocks

Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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