abrdn plc Purchases 37,308 Shares of SBA Communications Co. (NASDAQ:SBAC)

abrdn plc grew its position in SBA Communications Co. (NASDAQ:SBAC) by 34.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 144,611 shares of the technology company’s stock after buying an additional 37,308 shares during the quarter. abrdn plc’s holdings in SBA Communications were worth $29,490,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Exchange Traded Concepts LLC lifted its holdings in shares of SBA Communications by 15.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock valued at $78,000 after purchasing an additional 50 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in SBA Communications by 10.7% during the third 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 in the last quarter. Farther Finance Advisors LLC raised its holdings in SBA Communications by 32.5% during the third quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock worth $52,000 after acquiring an additional 53 shares in the last quarter. Versant Capital Management Inc raised its holdings in 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 acquiring an additional 53 shares in the last quarter. Finally, Sugarloaf Wealth Management LLC raised its holdings in 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 acquiring an additional 58 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on SBAC. JMP Securities began coverage on SBA Communications in a report on Monday, January 27th. They set an “outperform” rating and a $250.00 target price on the stock. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. BMO Capital Markets reissued a “market perform” rating and set a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. KeyCorp boosted their price target on SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Barclays lowered their price target on SBA Communications from $257.00 to $254.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $252.29.

Insider Activity

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $224.33, for a total transaction of $795,249.85. Following the sale, the executive vice president now owns 33,588 shares of the company’s stock, valued at $7,534,796.04. This represents a 9.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Donald Day sold 2,321 shares of the stock in a transaction that occurred 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 in the company, valued at $1,016,743.14. This represents a 31.71 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

SBA Communications Trading Up 3.0 %

SBA Communications stock opened at $203.48 on Thursday. SBA Communications Co. has a 12 month low of $183.64 and a 12 month high of $252.64. The stock’s 50 day moving average is $206.31 and its 200-day moving average is $221.27. The company has a market capitalization of $21.88 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 0.70 and a beta of 0.69.

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.