SBA Communications Co. (NASDAQ:SBAC) CFO Brendan Thomas Cavanagh Sells 54,411 Shares
SBA Communications Co. (NASDAQ:SBAC) CFO Brendan Thomas Cavanagh sold 54,411 shares of SBA Communications stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $268.07, for a total value of $14,585,956.77. Following the transaction, the chief financial officer now owns 98,751 shares of the company’s stock, valued at $26,472,180.57. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
NASDAQ:SBAC traded down $0.82 during mid-day trading on Friday, hitting $262.38. 405,957 shares of the stock were exchanged, compared to its average volume of 515,590. The stock has a market capitalization of $29.77 billion, a price-to-earnings ratio of 34.52, a price-to-earnings-growth ratio of 3.39 and a beta of 0.67. The firm’s 50-day simple moving average is $252.00 and its 200 day simple moving average is $218.48. SBA Communications Co. has a fifty-two week low of $146.13 and a fifty-two week high of $270.42.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.86 by ($1.58). The firm had revenue of $500.10 million for the quarter, compared to analyst estimates of $489.09 million. SBA Communications had a negative return on equity of 4.12% and a net margin of 6.75%. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.50) earnings per share. As a group, equities analysts anticipate that SBA Communications Co. will post 7.78 EPS for the current fiscal year.
Several research analysts have recently commented on SBAC shares. Bank of America reiterated a “neutral” rating and set a $260.00 target price (up from $245.00) on shares of SBA Communications in a research note on Wednesday, August 14th. BidaskClub downgraded SBA Communications from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 31st. Cowen lifted their target price on SBA Communications from $203.00 to $250.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. TheStreet upgraded SBA Communications from a “c” rating to a “b-” rating in a research note on Monday, July 29th. Finally, UBS Group downgraded SBA Communications from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $209.00 to $240.00 in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. SBA Communications presently has an average rating of “Hold” and an average price target of $236.67.
A number of large investors have recently added to or reduced their stakes in SBAC. FMR LLC lifted its holdings in SBA Communications by 3,456.5% during the 1st quarter. FMR LLC now owns 1,245,173 shares of the technology company’s stock worth $248,612,000 after purchasing an additional 1,210,162 shares during the last quarter. Cohen & Steers Inc. lifted its holdings in SBA Communications by 28.0% during the 2nd quarter. Cohen & Steers Inc. now owns 4,522,092 shares of the technology company’s stock worth $1,016,747,000 after purchasing an additional 990,368 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in SBA Communications by 3,484.0% during the 2nd quarter. Nuveen Asset Management LLC now owns 958,013 shares of the technology company’s stock worth $215,400,000 after purchasing an additional 931,283 shares during the last quarter. BlackRock Inc. lifted its holdings in SBA Communications by 5.0% during the 2nd quarter. BlackRock Inc. now owns 10,196,949 shares of the technology company’s stock worth $2,292,683,000 after purchasing an additional 486,674 shares during the last quarter. Finally, USS Investment Management Ltd acquired a new stake in SBA Communications during the 2nd quarter worth approximately $92,341,000. 93.54% of the stock is owned by institutional investors and hedge funds.
SBA Communications Company 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. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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