Rush Island Management LP Sells 199,205 Shares of SBA Communications Corporation $SBAC

Rush Island Management LP lessened its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 16.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 978,390 shares of the technology company’s stock after selling 199,205 shares during the quarter. SBA Communications comprises about 11.3% of Rush Island Management LP’s holdings, making the stock its 2nd biggest holding. Rush Island Management LP owned 0.92% of SBA Communications worth $168,391,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. J. Safra Sarasin Holding AG raised its stake in SBA Communications by 4.0% during the 1st quarter. J. Safra Sarasin Holding AG now owns 1,596 shares of the technology company’s stock worth $275,000 after acquiring an additional 62 shares in the last quarter. Norinchukin Bank The boosted its stake in SBA Communications by 1.1% in the third quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock valued at $1,167,000 after acquiring an additional 68 shares in the last quarter. Fortune Financial Advisors LLC boosted its stake in SBA Communications by 3.3% in the fourth quarter. Fortune Financial Advisors LLC now owns 2,310 shares of the technology company’s stock valued at $447,000 after acquiring an additional 73 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of SBA Communications by 47.6% during the fourth quarter. Larson Financial Group LLC now owns 248 shares of the technology company’s stock worth $48,000 after purchasing an additional 80 shares during the last quarter. Finally, Quarry LP grew its holdings in shares of SBA Communications by 20.3% during the fourth quarter. Quarry LP now owns 475 shares of the technology company’s stock worth $92,000 after purchasing an additional 80 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $174.93 on Wednesday. The company has a market capitalization of $18.55 billion, a P/E ratio of 18.41, a PEG ratio of 1.72 and a beta of 1.00. SBA Communications Corporation has a 1 year low of $162.41 and a 1 year high of $234.64. The company’s fifty day moving average is $190.87 and its two-hundred day moving average is $194.73.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Scotiabank boosted their target price on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a report on Friday, May 1st. Truist Financial restated a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications in a research note on Tuesday, May 5th. Morgan Stanley raised their price target on SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 9th. Royal Bank Of Canada cut their price target on SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a research report on Friday, July 10th. Finally, KeyCorp boosted their price objective on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, SBA Communications has a consensus rating of “Moderate Buy” and an average price target of $235.28.

SBA Communications 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.