SBA Communications Corporation (NASDAQ:SBAC) Shares Sold by Vestcor Inc

Key Points

• Vestcor Inc reduced its stake in SBA Communications by 34.6%, now holding 24,768 shares valued at $5,449,000.
• Several hedge funds have increased their positions in SBA Communications, indicating growing interest in the stock among institutional investors.
• Wall Street analysts have a mixed outlook on SBA Communications, with average price targets ranging up to $285, reflecting a consensus rating of "Moderate Buy."

Vestcor Inc trimmed its position in SBA Communications Corporation (NASDAQ:SBAC - Free Report) by 34.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,768 shares of the technology company's stock after selling 13,081 shares during the period. Vestcor Inc's holdings in SBA Communications were worth $5,449,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dodge & Cox grew its stake in shares of SBA Communications by 352.5% during the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock worth $1,497,167,000 after purchasing an additional 5,722,740 shares during the period. BROOKFIELD Corp ON boosted its holdings in SBA Communications by 27,449.9% during the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after buying an additional 987,647 shares in the last quarter. Voyager Global Management LP purchased a new stake in SBA Communications during the fourth quarter worth about $95,786,000. Cohen & Steers Inc. boosted its holdings in SBA Communications by 29.8% during the fourth quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after buying an additional 432,644 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in SBA Communications by 30,393.6% during the first quarter. GAMMA Investing LLC now owns 370,497 shares of the technology company's stock worth $81,513,000 after buying an additional 369,282 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a "buy" rating to a "hold" rating and set a $247.00 price objective on the stock. in a report on Tuesday, May 20th. BMO Capital Markets boosted their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the stock a "market perform" rating in a report on Tuesday, April 29th. UBS Group boosted their price objective on shares of SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Morgan Stanley boosted their price objective on shares of SBA Communications from $255.00 to $260.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, Citigroup boosted their price objective on shares of SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications has a consensus rating of "Moderate Buy" and a consensus target price of $257.19.

SBA Communications Price Performance

NASDAQ:SBAC traded up $3.85 on Friday, reaching $228.57. The stock had a trading volume of 1,083,126 shares, compared to its average volume of 664,615. The company has a market cap of $24.56 billion, a price-to-earnings ratio of 31.35, a P/E/G ratio of 1.86 and a beta of 0.77. The firm's fifty day moving average is $231.25 and its two-hundred day moving average is $222.61. SBA Communications Corporation has a 12-month low of $192.55 and a 12-month high of $252.64.

SBA Communications Company 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.