Allspring Global Investments Holdings LLC, an investment management company specializing in technology stocks, has recently announced a reduction of 26.3% stake in SBA Communications Co. (NASDAQ:SBAC). The sale involved the disposal of 110,092 shares of the technology company’s stock, leaving Allspring Global Investments Holdings LLC with a remaining stake worth $80,474,000.
Based on the most recent Form 13F filing with the Securities and Exchange Commission, it was revealed that as of the end of the first quarter this year, Allspring Global Investment Holdings LLC owned 0.29% of SBA Communications’ shares before its recent reduction.
SBA Communications Corporation is recognized as a leading independent owner and operator of wireless communication infrastructure such as towers, distributed antenna systems (DAS), buildings, rooftops and small cells. With more than 39,000 communication sites spread across sixteen markets worldwide in Africa, Americas and Philippines; SBAC continues to solidify its position in the global market.
SBA Communications reported lesser earnings than analysts’ estimate back on May 1st with just $0.93 EPS compared to expectations of $1.21 EPS causing a drop in their shares prices at that time however since then their operations have been showing considerable growth which has resulted to a bounce back for them.
Despite having notable revenue during Q1 2021 amounting to $675.52 million which exceeded analysts’ expectation by over $3 million from their estimated revenue during that period ($672.47 million), Allspring Global Investments Holdings LLC still found it necessary to reduce its shareholding with SBAC nonetheless.
The company’s net margin for Q1 was recorded at almost 14%, which exhibits SBAC’s strength amidst an ever-changing market situation.
Research analysts predict that SBA Communications Co.’s will post $11.74 earnings per share for this current fiscal year based on performance projections for next quarter.
In conclusion, despite the recent sale, SBA Communications remains a strong force to be reckoned with in telecommunications industry. This reduction of shares, however, does give investors reason to consider the implications it could bring including potential changes or reallocations in investment strategies.
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SBA Communications Corporation: A Leading Independent Owner of Wireless Communication Infrastructure
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”SBAC” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]SBA Communications Corporation (NASDAQ:SBAC) is a major player in the wireless communications infrastructure industry. The company’s portfolio of over 39,000 communications sites in 16 markets throughout the Americas, Africa and the Philippines makes it one of the largest independent owners and operators of towers, buildings, rooftops, distributed antenna systems (DAS), and small cells in the sector. With a market cap of $24.17 billion, SBA Communications is listed on NASDAQ under the symbol SBAC.
The firm’s 50-day moving average sits at $236.10 while its two-hundred day moving average is around $261.98. SBA Communications’ 52-week low is $215.11 and high is $356.59. Deutsche Bank Aktiengesellschaft recently lowered their price target on shares of SBA Communications from $320 to $300 in a research report published on Friday, May 5th.
Several other institutional investors and hedge funds have also either increased or reduced their stakes in the stock, among them Kentucky Retirement Systems which increased its position by 0.5% in Q4/2016 to own over 8,400 shares valued at about $2.38 million.
SBA Communication Corporation also announced its quarterly dividend recently – one that was paid out on Wednesday June 21st after publicly declaring a payout of $0.85 to shareholders who were registered as stakeholders on Friday May 26th or prior to that date.
Although three investment analysts have rated the stock as a hold rating with thirteen more giving it a buy rating along with one strong buy rating according to data obtained from Bloomberg.com; SBA Communications currently has a “Moderate Buy” consensus rating with an average price target set at around $322.
