Ashton Thomas Private Wealth LLC Buys 3,120 Shares of SBA Communications Co. (NASDAQ:SBAC)

Ashton Thomas Private Wealth LLC boosted its stake in SBA Communications Co. (NASDAQ:SBAC) by 1,026.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,424 shares of the technology company’s stock after purchasing an additional 3,120 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in SBA Communications were worth $824,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of SBA Communications by 1.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 224,236 shares of the technology company’s stock valued at $53,974,000 after acquiring an additional 3,207 shares during the last quarter. Entropy Technologies LP raised its position in SBA Communications by 4.1% in the third quarter. Entropy Technologies LP now owns 17,824 shares of the technology company’s stock valued at $4,290,000 after purchasing an additional 707 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in shares of SBA Communications by 23.7% during the third quarter. Venturi Wealth Management LLC now owns 339 shares of the technology company’s stock valued at $82,000 after purchasing an additional 65 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in shares of SBA Communications during the third quarter worth about $26,000. Finally, Legacy Capital Wealth Partners LLC increased its stake in shares of SBA Communications by 100.6% in the third quarter. Legacy Capital Wealth Partners LLC now owns 3,497 shares of the technology company’s stock valued at $842,000 after buying an additional 1,754 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insider Buying and Selling at SBA Communications

In related news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the transaction, the director now directly owns 8,084 shares in the company, valued at $1,775,084.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other SBA Communications news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SBAC. KeyCorp lifted their target price on shares of SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their price target on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, September 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 report on Tuesday, October 29th. BMO Capital Markets lifted their target price on SBA Communications from $255.00 to $260.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, The Goldman Sachs Group increased their price target on SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and a consensus target price of $257.23.

SBA Communications Stock Down 0.5 %

Shares of SBAC stock opened at $218.51 on Thursday. The company has a market cap of $23.49 billion, a price-to-earnings ratio of 34.47, a price-to-earnings-growth ratio of 0.74 and a beta of 0.68. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $258.76. The firm has a 50 day moving average of $237.29 and a 200-day moving average of $215.99.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). The company had revenue of $667.60 million during the quarter, compared to the consensus estimate of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the firm posted $3.34 earnings per share. Analysts anticipate that SBA Communications Co. will post 12.56 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 14th will be issued a $0.98 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.92 annualized dividend and a yield of 1.79%. SBA Communications’s payout ratio is currently 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.