New York State Common Retirement Fund Lowers Stock Holdings in SBA Communications Co. (NASDAQ:SBAC)

New York State Common Retirement Fund reduced its position in shares of SBA Communications Co. (NASDAQ:SBACGet Rating) by 0.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,230 shares of the technology company’s stock after selling 1,202 shares during the period. New York State Common Retirement Fund owned about 0.12% of SBA Communications worth $45,500,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of SBAC. International Assets Investment Management LLC acquired a new stake in shares of SBA Communications in the fourth quarter valued at $51,000. Janney Montgomery Scott LLC raised its stake in shares of SBA Communications by 19.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,821 shares of the technology company’s stock valued at $1,876,000 after acquiring an additional 792 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of SBA Communications by 16.1% in the fourth quarter. Bessemer Group Inc. now owns 1,562 shares of the technology company’s stock valued at $608,000 after acquiring an additional 217 shares in the last quarter. National Asset Management Inc. raised its stake in shares of SBA Communications by 3.5% in the fourth quarter. National Asset Management Inc. now owns 2,809 shares of the technology company’s stock valued at $1,093,000 after acquiring an additional 96 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of SBA Communications in the fourth quarter valued at $43,158,000. 95.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Mark R. Ciarfella sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $338.05, for a total transaction of $338,050.00. Following the transaction, the executive vice president now owns 23,884 shares of the company’s stock, valued at $8,073,986.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other SBA Communications news, Director Kevin L. Beebe sold 1,889 shares of SBA Communications stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $347.72, for a total value of $656,843.08. Following the sale, the director now owns 14,813 shares of the company’s stock, valued at approximately $5,150,776.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark R. Ciarfella sold 1,000 shares of SBA Communications stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $338.05, for a total value of $338,050.00. Following the completion of the sale, the executive vice president now directly owns 23,884 shares in the company, valued at approximately $8,073,986.20. The disclosure for this sale can be found here. Insiders have sold a total of 32,889 shares of company stock valued at $11,316,993 over the last quarter. 1.80% of the stock is currently owned by insiders.

SBA Communications Stock Performance

Shares of SBAC stock opened at $335.79 on Monday. SBA Communications Co. has a 1 year low of $286.41 and a 1 year high of $391.15. The stock’s 50-day moving average is $323.66 and its two-hundred day moving average is $328.09. The firm has a market cap of $36.21 billion, a price-to-earnings ratio of 84.80 and a beta of 0.43.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SBAC shares. Raymond James raised their price target on SBA Communications from $385.00 to $410.00 and gave the company a “strong-buy” rating in a research note on Tuesday, April 26th. Barclays raised their price target on SBA Communications from $378.00 to $385.00 and gave the company an “overweight” rating in a research note on Tuesday, April 26th. Deutsche Bank Aktiengesellschaft raised their price target on SBA Communications from $365.00 to $375.00 in a research note on Wednesday, April 27th. The Goldman Sachs Group cut their price target on SBA Communications from $424.00 to $381.00 and set a “buy” rating on the stock in a research note on Tuesday, July 12th. Finally, Morgan Stanley cut their price target on SBA Communications from $389.00 to $361.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, SBA Communications has a consensus rating of “Moderate Buy” and a consensus price target of $383.06.

About SBA Communications

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SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.

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

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