SBA Communications Corporation $SBAC Shares Bought by Citigroup Inc.

Citigroup Inc. lifted its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 151.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 203,176 shares of the technology company’s stock after acquiring an additional 122,344 shares during the period. Citigroup Inc. owned about 0.19% of SBA Communications worth $39,284,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Quent Capital LLC bought a new stake in SBA Communications during the third quarter valued at $27,000. Geneos Wealth Management Inc. boosted its position in SBA Communications by 105.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after purchasing an additional 84 shares during the period. SJS Investment Consulting Inc. bought a new position in shares of SBA Communications during the third quarter worth about $48,000. Center for Financial Planning Inc. acquired a new stake in shares of SBA Communications in the 3rd quarter worth about $50,000. Finally, Allworth Financial LP lifted its position in SBA Communications by 67.9% in the 2nd quarter. Allworth Financial LP now owns 272 shares of the technology company’s stock valued at $64,000 after purchasing an additional 110 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on SBAC shares. Scotiabank decreased their target price on shares of SBA Communications from $252.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Barclays reduced their price objective on SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. JPMorgan Chase & Co. lowered their target price on SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of SBA Communications in a research report on Friday, January 9th. Finally, BMO Capital Markets cut their price objective on shares of SBA Communications from $215.00 to $210.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications Stock Performance

SBAC opened at $201.60 on Wednesday. The company has a market capitalization of $21.48 billion, a PE ratio of 26.28, a P/E/G ratio of 1.89 and a beta of 0.87. The stock’s fifty day moving average is $190.28 and its 200-day moving average is $195.41. SBA Communications Corporation has a one year low of $177.49 and a one year high of $245.16.

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.