Oppenheimer Asset Management Inc. Decreases Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

Oppenheimer Asset Management Inc. decreased its stake in shares of SBA Communications Co. (NASDAQ:SBACFree Report) by 7.3% in the third quarter, Holdings Channel.com reports. The fund owned 6,972 shares of the technology company’s stock after selling 548 shares during the period. Oppenheimer Asset Management Inc.’s holdings in SBA Communications were worth $1,396,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Carolinas Wealth Consulting LLC boosted its position in shares of SBA Communications by 248.0% during the first quarter. Carolinas Wealth Consulting LLC now owns 87 shares of the technology company’s stock worth $30,000 after acquiring an additional 62 shares during the last quarter. Emerald Advisers LLC bought a new position in SBA Communications during the third quarter valued at $31,000. Resurgent Financial Advisors LLC bought a new position in SBA Communications during the fourth quarter valued at $31,000. Ancora Advisors LLC lifted its position in SBA Communications by 88.6% during the first quarter. Ancora Advisors LLC now owns 132 shares of the technology company’s stock valued at $37,000 after purchasing an additional 62 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its position in SBA Communications by 55.8% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 187 shares of the technology company’s stock valued at $43,000 after purchasing an additional 67 shares during the last quarter. Institutional investors own 92.48% of the company’s stock.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $217.00 on Thursday. SBA Communications Co. has a fifty-two week low of $185.23 and a fifty-two week high of $294.43. The stock has a market capitalization of $23.41 billion, a P/E ratio of 47.80, a P/E/G ratio of 1.13 and a beta of 0.58. The company’s 50-day simple moving average is $241.32 and its 200-day simple moving average is $224.81.

Insider Activity

In related news, Chairman Steven E. Bernstein sold 46,076 shares of SBA Communications stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $250.10, for a total value of $11,523,607.60. Following the completion of the sale, the chairman now directly owns 56,314 shares in the company, valued at approximately $14,084,131.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Steven E. Bernstein sold 46,076 shares of SBA Communications stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $250.10, for a total value of $11,523,607.60. Following the completion of the sale, the chairman now directly owns 56,314 shares in the company, valued at approximately $14,084,131.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey Stoops sold 45,779 shares of SBA Communications stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $233.96, for a total transaction of $10,710,454.84. Following the sale, the chief executive officer now owns 37,889 shares of the company’s stock, valued at $8,864,510.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,089 shares of company stock worth $42,590,345. Corporate insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SBAC shares. Barclays increased their price objective on shares of SBA Communications from $251.00 to $265.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Wells Fargo & Company lowered their price objective on shares of SBA Communications from $270.00 to $245.00 and set an “overweight” rating for the company in a research report on Tuesday, October 17th. Citigroup lowered their price objective on shares of SBA Communications from $260.00 to $235.00 and set a “buy” rating for the company in a research report on Tuesday, October 17th. Morgan Stanley lowered their target price on shares of SBA Communications from $311.00 to $227.00 and set an “overweight” rating for the company in a report on Monday, October 16th. Finally, KeyCorp raised their target price on shares of SBA Communications from $251.00 to $276.00 and gave the stock an “overweight” rating in a report on Wednesday, December 6th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $279.31.

Read Our Latest Stock Report on SBAC

SBA Communications Company Profile

(Free Report)

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 in 16 markets throughout the Americas, Africa and the Philippines, SBA is listed on NASDAQ under the symbol SBAC.

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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