Allianz Asset Management GmbH Sells 72,696 Shares of SBA Communications Corporation (NASDAQ:SBAC)

Allianz Asset Management GmbH reduced its holdings in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 86.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 10,955 shares of the technology company's stock after selling 72,696 shares during the quarter. Allianz Asset Management GmbH's holdings in SBA Communications were worth $2,410,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Independence Bank of Kentucky acquired a new stake in shares of SBA Communications during the first quarter worth $28,000. Allworth Financial LP grew its holdings in SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock worth $36,000 after purchasing an additional 62 shares during the period. NBC Securities Inc. grew its holdings in SBA Communications by 1,575.0% in the first quarter. NBC Securities Inc. now owns 201 shares of the technology company's stock worth $44,000 after purchasing an additional 189 shares during the period. Wayfinding Financial LLC acquired a new stake in SBA Communications in the first quarter worth $51,000. Finally, Farther Finance Advisors LLC grew its holdings in SBA Communications by 22.0% in the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after purchasing an additional 45 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Trading Up 1.7%

Shares of SBAC stock traded up $3.85 during trading on Friday, reaching $228.57. 1,083,126 shares of the company's stock traded hands, compared to its average volume of 664,615. The company has a market capitalization of $24.56 billion, a P/E ratio of 31.35, a PEG ratio of 1.89 and a beta of 0.77. The firm's 50-day moving average is $231.25 and its 200 day moving average is $222.79. SBA Communications Corporation has a 1 year low of $192.55 and a 1 year high of $252.64.

Analyst Ratings Changes

A number of equities research analysts have commented on SBAC shares. Scotiabank started coverage on shares of SBA Communications in a report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a research note on Tuesday, May 20th. Bank of America started coverage on shares of SBA Communications in a research note on Monday, May 19th. They issued a "buy" rating and a $260.00 price objective on the stock. Morgan Stanley raised their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Wall Street Zen lowered shares of SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $257.19.

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.