SBA Communications Corporation (NASDAQ:SBAC) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in SBA Communications by 11.2%, owning 42,919 shares valued at $9,443,000 after selling 5,403 shares.
• Research analysts have mixed opinions on SBA Communications, with target prices ranging from $240.00 to $265.00 and a current consensus rating of "Moderate Buy."
• SBA Communications operates over 39,000 communications sites worldwide and has a market capitalization of approximately $24.15 billion.

TD Asset Management Inc trimmed its stake in shares of SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,919 shares of the technology company's stock after selling 5,403 shares during the period. TD Asset Management Inc's holdings in SBA Communications were worth $9,443,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SBAC. Farther Finance Advisors LLC grew its stake in SBA Communications by 22.0% during the first quarter. Farther Finance Advisors LLC now owns 250 shares of the technology company's stock worth $55,000 after buying an additional 45 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in shares of SBA Communications by 2.3% during the first quarter. Central Pacific Bank Trust Division now owns 2,250 shares of the technology company's stock worth $495,000 after purchasing an additional 50 shares in the last quarter. DoubleLine ETF Adviser LP grew its stake in SBA Communications by 0.7% in the fourth quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company's stock valued at $1,577,000 after acquiring an additional 57 shares during the period. Oakworth Capital Inc. lifted its position in SBA Communications by 25.8% in the 1st quarter. Oakworth Capital Inc. now owns 293 shares of the technology company's stock valued at $64,000 after acquiring an additional 60 shares in the last quarter. Finally, Clear Creek Financial Management LLC raised its holdings in shares of SBA Communications by 6.0% in the first quarter. Clear Creek Financial Management LLC now owns 1,100 shares of the technology company's stock valued at $242,000 after purchasing an additional 62 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SBAC has been the subject of several research analyst reports. Bank of America started coverage on shares of SBA Communications in a report on Monday, May 19th. They set a "buy" rating and a $260.00 target price for the company. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 target price on the stock. in a research report on Tuesday, May 20th. Scotiabank began coverage on SBA Communications in a research report on Thursday, July 17th. They issued a "sector perform" rating and a $252.00 price objective on the stock. UBS Group lifted their target price on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $257.19.

SBA Communications Stock Performance

Shares of SBAC traded up $1.81 during midday trading on Monday, hitting $230.38. The company had a trading volume of 602,237 shares, compared to its average volume of 855,768. SBA Communications Corporation has a 1 year low of $192.55 and a 1 year high of $252.64. The company's 50-day simple moving average is $231.25 and its 200-day simple moving average is $222.92. The firm has a market capitalization of $24.75 billion, a P/E ratio of 31.61, a P/E/G ratio of 1.89 and a beta of 0.77.

About SBA Communications

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.