SBA Communications Co. (NASDAQ:SBAC) Shares Sold by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC lowered its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,260 shares of the technology company’s stock after selling 75 shares during the period. Legacy Wealth Asset Management LLC’s holdings in SBA Communications were worth $2,229,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SBAC. Ridgewood Investments LLC purchased a new stake in shares of SBA Communications in the 2nd quarter valued at about $32,000. Family Firm Inc. purchased a new position in shares of SBA Communications during the second quarter worth approximately $36,000. Global X Japan Co. Ltd. purchased a new position in SBA Communications during the 2nd quarter worth $49,000. Friedenthal Financial purchased a new stake in SBA Communications during the 3rd quarter valued at approximately $50,000. Finally, Versant Capital Management Inc lifted its position in SBA Communications by 4,500.0% during the 2nd quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock worth $54,000 after acquiring an additional 270 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

SBAC has been the topic of a number of analyst reports. TD Cowen lowered their price objective on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Wells Fargo & Company raised their price objective on shares of SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Royal Bank of Canada increased their target price on SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. BMO Capital Markets reduced their price target on SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. Finally, StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research report on Friday, September 20th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $251.58.

SBA Communications Stock Down 1.7 %

SBA Communications stock opened at $241.79 on Friday. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $258.76. The firm has a market capitalization of $25.99 billion, a P/E ratio of 51.01, a PEG ratio of 0.73 and a beta of 0.67. The firm has a fifty day moving average of $236.37 and a 200-day moving average of $213.35.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The business had revenue of $660.50 million during the quarter, compared to analyst estimates of $665.21 million. During the same period in the previous year, the company earned $3.24 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, research analysts expect that SBA Communications Co. will post 12.52 EPS for the current fiscal year.

SBA Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.62%. The ex-dividend date was Thursday, August 22nd. SBA Communications’s payout ratio is currently 82.70%.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the sale, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,590 shares of company stock worth $11,483,981. 1.30% of the stock is currently owned by insiders.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.