CIBC Asset Management Inc Acquires 735 Shares of SBA Communications Co. (NASDAQ:SBAC)

CIBC Asset Management Inc raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,408 shares of the technology company’s stock after acquiring an additional 735 shares during the period. CIBC Asset Management Inc’s holdings in SBA Communications were worth $3,344,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SBAC. Ashton Thomas Securities LLC bought a new position in SBA Communications during the third quarter valued at approximately $26,000. Evermay Wealth Management LLC purchased a new stake in shares of SBA Communications during the fourth quarter valued at approximately $27,000. Capital Performance Advisors LLP purchased a new stake in shares of SBA Communications during the third quarter valued at approximately $35,000. Oakworth Capital Inc. boosted its stake in shares of SBA Communications by 161.8% during the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company’s stock valued at $47,000 after purchasing an additional 144 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in shares of SBA Communications by 32.5% during the third quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after purchasing an additional 53 shares during the period. 97.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, EVP Donald Day sold 2,321 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Mark R. Ciarfella sold 3,545 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the transaction, the executive vice president now directly owns 33,588 shares of the company’s stock, valued at $7,534,796.04. This represents a 9.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

SBA Communications Trading Up 1.1 %

Shares of SBA Communications stock opened at $210.03 on Friday. The firm has a market capitalization of $22.58 billion, a P/E ratio of 33.13, a P/E/G ratio of 0.73 and a beta of 0.69. The business has a fifty day simple moving average of $202.64 and a two-hundred day simple moving average of $220.43. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. BMO Capital Markets reissued a “market perform” rating and set a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Barclays dropped their price objective on SBA Communications from $254.00 to $240.00 and set an “overweight” rating for the company in a research note on Thursday. Wells Fargo & Company dropped their price objective on SBA Communications from $230.00 to $210.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. Raymond James increased their price objective on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, TD Cowen raised their price target on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $251.29.

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.