6,269 Shares in SBA Communications Corporation $SBAC Bought by Redwood Investment Management LLC

Redwood Investment Management LLC acquired a new position in SBA Communications Corporation (NASDAQ:SBAC) in the first quarter, HoldingsChannel reports. The institutional investor acquired 6,269 shares of the technology company’s stock, valued at approximately $1,079,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Aberdeen Group plc boosted its holdings in shares of SBA Communications by 12.4% in the 4th quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock valued at $39,160,000 after buying an additional 22,293 shares during the period. OFI Invest Asset Management acquired a new stake in SBA Communications during the fourth quarter worth about $17,915,000. VCI Wealth Management LLC acquired a new stake in SBA Communications during the fourth quarter worth about $1,786,000. M&T Bank Corp lifted its holdings in SBA Communications by 8,722.0% in the fourth quarter. M&T Bank Corp now owns 263,601 shares of the technology company’s stock worth $50,988,000 after acquiring an additional 260,613 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in SBA Communications by 5.7% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 267,659 shares of the technology company’s stock worth $46,067,000 after acquiring an additional 14,317 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SBAC shares. Morgan Stanley lifted their target price on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. Scotiabank increased their price target on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. KeyCorp raised their price target on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Royal Bank Of Canada reduced their price objective on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Friday, July 10th. Finally, The Goldman Sachs Group initiated coverage on SBA Communications in a research note on Friday, June 26th. They set a “neutral” rating and a $205.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.28.

SBA Communications Stock Up 0.0%

Shares of NASDAQ:SBAC opened at $180.99 on Monday. The company’s 50-day moving average price is $189.42 and its 200 day moving average price is $194.74. The company has a market cap of $19.20 billion, a PE ratio of 19.05, a P/E/G ratio of 1.81 and a beta of 0.99. SBA Communications Corporation has a fifty-two week low of $162.41 and a fifty-two week high of $234.64.

SBA Communications Company 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.