Sora Investors LLC Has $4.81 Million Stock Position in SBA Communications Co. (NASDAQ:SBAC)

Sora Investors LLC trimmed its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 63.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,000 shares of the technology company's stock after selling 35,000 shares during the quarter. Sora Investors LLC's holdings in SBA Communications were worth $4,814,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of SBA Communications by 1.8% during the third quarter. State Street Corp now owns 4,643,527 shares of the technology company's stock worth $1,117,697,000 after purchasing an additional 81,566 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in SBA Communications by 13.4% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company's stock valued at $387,470,000 after buying an additional 233,179 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in SBA Communications by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company's stock worth $305,637,000 after buying an additional 62,555 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of SBA Communications by 2,821.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock worth $292,714,000 after acquiring an additional 1,174,469 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of SBA Communications by 15.5% in the 2nd quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company's stock valued at $233,654,000 after acquiring an additional 159,433 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on SBAC shares. Raymond James lifted their price objective on shares of SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a report on Tuesday, October 29th. The Goldman Sachs Group lifted their price target on shares of SBA Communications from $212.00 to $240.00 and gave the company a "neutral" rating in a report on Thursday, September 26th. BMO Capital Markets boosted their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. StockNews.com raised shares of SBA Communications from a "hold" rating to a "buy" rating in a report on Thursday, November 7th. Finally, Morgan Stanley upped their target price on SBA Communications from $232.00 to $252.00 and gave the company an "overweight" rating in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, SBA Communications presently has a consensus rating of "Moderate Buy" and an average target price of $257.23.

Insider Activity

In related news, EVP Donald Day sold 1,500 shares of the business's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares in the company, valued at $1,213,814.28. The trade was a 23.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.30% of the company's stock.

SBA Communications Trading Down 2.4 %

SBAC stock traded down $5.35 during trading on Friday, hitting $216.23. The company had a trading volume of 369,965 shares, compared to its average volume of 911,730. The business has a 50 day moving average of $231.39 and a 200 day moving average of $218.79. The firm has a market capitalization of $23.25 billion, a price-to-earnings ratio of 34.95, a P/E/G ratio of 0.75 and a beta of 0.67. SBA Communications Co. has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing analysts' consensus estimates of $3.17 by ($0.77). SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. During the same period in the prior year, the company posted $3.34 earnings per share. The company's revenue was down 2.2% on a year-over-year basis. As a group, equities analysts predict that SBA Communications Co. will post 12.56 EPS for the current year.

SBA Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 14th will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, November 14th. SBA Communications's dividend payout ratio is presently 61.83%.

SBA Communications 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.