SBA Communications Corporation $SBAC Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 5.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 183,281 shares of the technology company’s stock after selling 9,966 shares during the period. Envestnet Asset Management Inc. owned 0.17% of SBA Communications worth $35,437,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SBAC. Vanguard Group Inc. increased its position in SBA Communications by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 17,760,251 shares of the technology company’s stock valued at $4,170,817,000 after buying an additional 93,582 shares in the last quarter. Dodge & Cox grew its stake in shares of SBA Communications by 1.5% during the second quarter. Dodge & Cox now owns 8,608,494 shares of the technology company’s stock worth $2,021,619,000 after acquiring an additional 123,230 shares during the last quarter. State Street Corp increased its holdings in shares of SBA Communications by 0.5% during the second quarter. State Street Corp now owns 4,613,181 shares of the technology company’s stock valued at $1,083,359,000 after acquiring an additional 24,793 shares in the last quarter. Invesco Ltd. increased its holdings in shares of SBA Communications by 19.8% during the second quarter. Invesco Ltd. now owns 1,573,538 shares of the technology company’s stock valued at $369,530,000 after acquiring an additional 259,876 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of SBA Communications in the 2nd quarter valued at approximately $351,084,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Trading Up 1.0%

Shares of SBAC stock opened at $190.96 on Thursday. SBA Communications Corporation has a twelve month low of $177.49 and a twelve month high of $245.16. The stock has a market cap of $20.35 billion, a P/E ratio of 24.90, a P/E/G ratio of 1.79 and a beta of 0.87. The stock has a 50 day moving average of $188.60 and a 200 day moving average of $197.18.

Analyst Upgrades and Downgrades

SBAC has been the topic of several research analyst reports. Wells Fargo & Company dropped their target price on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 16th. JPMorgan Chase & Co. dropped their price objective on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. UBS Group dropped their price target on SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Scotiabank reduced their price objective on SBA Communications from $252.00 to $233.00 and set a “sector perform” rating for the company in a research note on Wednesday, January 14th. Finally, Royal Bank Of Canada decreased their target price on SBA Communications from $235.00 to $232.00 and set an “outperform” rating for the company in a report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.