SBA Communications Co. (NASDAQ:SBAC) Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System trimmed its holdings in shares of SBA Communications Co. (NASDAQ:SBACFree Report) by 6.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,691 shares of the technology company’s stock after selling 7,650 shares during the period. State Board of Administration of Florida Retirement System owned 0.10% of SBA Communications worth $22,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of SBAC. Carolinas Wealth Consulting LLC lifted its holdings in shares of SBA Communications by 248.0% in the 1st quarter. Carolinas Wealth Consulting LLC now owns 87 shares of the technology company’s stock valued at $30,000 after purchasing an additional 62 shares during the last quarter. Emerald Advisers LLC purchased a new stake in shares of SBA Communications in the 3rd quarter valued at about $31,000. Resurgent Financial Advisors LLC purchased a new stake in shares of SBA Communications in the 4th quarter valued at about $31,000. Ancora Advisors LLC lifted its holdings in shares of SBA Communications by 88.6% in the 1st 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, Massmutual Trust Co. FSB ADV lifted its holdings in shares of SBA Communications by 76.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 189 shares of the technology company’s stock valued at $44,000 after purchasing an additional 82 shares during the last quarter. 92.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Chairman Steven E. Bernstein sold 46,076 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $250.10, for a total value of $11,523,607.60. Following the sale, the chairman now owns 56,314 shares in the company, valued at approximately $14,084,131.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Jeffrey Stoops sold 45,779 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $233.96, for a total value of $10,710,454.84. Following the sale, the chief executive officer now owns 37,889 shares of the company’s stock, valued at approximately $8,864,510.44. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Steven E. Bernstein sold 46,076 shares of the company’s 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 disclosure for this sale can be found here. Insiders have sold a total of 175,089 shares of company stock worth $42,590,345 in the last quarter. Company insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

SBAC has been the subject of several research reports. Morgan Stanley reduced their target price on SBA Communications from $311.00 to $227.00 and set an “overweight” rating for the company in a report on Monday, October 16th. KeyCorp upped their price objective on SBA Communications from $251.00 to $276.00 and gave the company an “overweight” rating in a research note on Wednesday, December 6th. Citigroup reduced their price objective on SBA Communications from $260.00 to $235.00 and set a “buy” rating for the company in a research note on Tuesday, October 17th. Wells Fargo & Company reduced their price objective on SBA Communications from $270.00 to $245.00 and set an “overweight” rating for the company in a research note on Tuesday, October 17th. Finally, Barclays upped their price objective on SBA Communications from $251.00 to $265.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $279.31.

View Our Latest Report on SBAC

SBA Communications Price Performance

SBAC opened at $217.45 on Friday. The stock has a market cap of $23.46 billion, a P/E ratio of 47.90, a P/E/G ratio of 1.06 and a beta of 0.58. The stock’s 50 day simple moving average is $240.04 and its 200 day simple moving average is $224.72. SBA Communications Co. has a 1-year low of $185.23 and a 1-year high of $294.28.

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.

See Also

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

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