SBA Communications Co. (SBAC) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN cut its stake in SBA Communications Co. (NASDAQ:SBAC) by 1.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,293,346 shares of the technology company’s stock after selling 25,412 shares during the period. Wells Fargo & Company MN’s holdings in SBA Communications were worth $207,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of the company. Strategy Asset Managers LLC bought a new position in shares of SBA Communications in the third quarter valued at about $2,628,000. Private Advisor Group LLC raised its position in shares of SBA Communications by 46.9% in the third quarter. Private Advisor Group LLC now owns 4,069 shares of the technology company’s stock valued at $654,000 after purchasing an additional 1,299 shares during the period. Synovus Financial Corp raised its position in shares of SBA Communications by 4.9% in the third quarter. Synovus Financial Corp now owns 6,768 shares of the technology company’s stock valued at $1,087,000 after purchasing an additional 315 shares during the period. Stoneridge Investment Partners LLC bought a new position in shares of SBA Communications in the third quarter valued at about $5,230,000. Finally, Frontier Capital Management Co. LLC raised its position in shares of SBA Communications by 4.6% in the third quarter. Frontier Capital Management Co. LLC now owns 451,968 shares of the technology company’s stock valued at $72,600,000 after purchasing an additional 19,979 shares during the period. 94.37% of the stock is currently owned by institutional investors.

Several brokerages have recently weighed in on SBAC. BidaskClub raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Citigroup raised shares of SBA Communications from a “neutral” rating to a “buy” rating and increased their price objective for the company from $175.00 to $187.00 in a research report on Wednesday, October 31st. Zacks Investment Research raised shares of SBA Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, August 1st. Deutsche Bank increased their price objective on shares of 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 dropped their price objective on shares of SBA Communications from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Thursday, August 16th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $179.80.

SBAC stock opened at $171.52 on Friday. SBA Communications Co. has a 52 week low of $146.13 and a 52 week high of $177.67.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, November 5th. The technology company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($1.64). SBA Communications had a negative net margin of 0.11% and a negative return on equity of 0.65%. The business had revenue of $467.20 million during the quarter, compared to analyst estimates of $459.17 million. During the same quarter last year, the company posted $1.75 earnings per share. The company’s revenue was up 7.7% on a year-over-year basis. As a group, equities research analysts expect that SBA Communications Co. will post 7.11 EPS for the current year.

In other SBA Communications news, Director Brian C. Carr sold 800 shares of the stock in a transaction dated Wednesday, August 15th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jason V. Silberstein sold 19,785 shares of the stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $165.13, for a total transaction of $3,267,097.05. Following the sale, the executive vice president now owns 28,659 shares in the company, valued at $4,732,460.67. The disclosure for this sale can be found here. Insiders have sold 100,590 shares of company stock worth $15,960,300 over the last quarter. Corporate insiders own 2.70% of the company’s stock.

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About SBA Communications

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.

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

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