abrdn plc Grows Stake in SBA Communications Co. (NASDAQ:SBAC)

abrdn plc lifted its holdings in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 34.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,611 shares of the technology company's stock after purchasing an additional 37,308 shares during the period. abrdn plc owned about 0.13% of SBA Communications worth $29,490,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SBAC. Exchange Traded Concepts LLC increased its holdings in SBA Communications by 15.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company's stock worth $78,000 after acquiring an additional 50 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its holdings in SBA Communications by 10.7% in the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 527 shares of the technology company's stock worth $127,000 after acquiring an additional 51 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in SBA Communications by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company's stock valued at $52,000 after buying an additional 53 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of SBA Communications by 17.3% during the fourth quarter. Versant Capital Management Inc now owns 360 shares of the technology company's stock worth $73,000 after purchasing an additional 53 shares in the last quarter. Finally, Sugarloaf Wealth Management LLC grew its holdings in shares of SBA Communications by 11.6% during the third quarter. Sugarloaf Wealth Management LLC now owns 558 shares of the technology company's stock worth $134,000 after purchasing an additional 58 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SBAC has been the subject of several recent analyst reports. JMP Securities initiated coverage on SBA Communications in a report on Monday, January 27th. They set an "outperform" rating and a $250.00 price objective for the company. Wells Fargo & Company dropped their target price on SBA Communications from $230.00 to $210.00 and set an "equal weight" rating for the company in a research report on Thursday, January 23rd. KeyCorp boosted their target price on SBA Communications from $230.00 to $280.00 and gave the stock an "overweight" rating in a research report on Monday, October 14th. BMO Capital Markets restated a "market perform" rating and issued a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Finally, Raymond James boosted their target price on SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, October 29th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, SBA Communications currently has an average rating of "Moderate Buy" and an average target price of $252.29.

Insider Activity at SBA Communications

In related news, EVP Donald Day sold 2,321 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $203.43, for a total value of $472,161.03. Following the sale, the executive vice president now directly owns 4,998 shares of the company's stock, valued at $1,016,743.14. This represents a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark R. Ciarfella sold 3,545 shares of the company's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the sale, the executive vice president now directly owns 33,588 shares in the company, valued at approximately $7,534,796.04. The trade was a 9.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

SBA Communications Stock Performance

Shares of SBA Communications stock traded up $1.52 during midday trading on Thursday, reaching $205.00. 620,389 shares of the company's stock traded hands, compared to its average volume of 806,720. The company has a market cap of $22.04 billion, a PE ratio of 32.33, a price-to-earnings-growth ratio of 0.70 and a beta of 0.69. The stock has a 50 day moving average of $205.81 and a 200-day moving average of $221.14. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64.

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.