Allianz Asset Management GmbH Sells 5,432 Shares of SBA Communications Corporation $SBAC

Allianz Asset Management GmbH reduced its stake in SBA Communications Corporation (NASDAQ:SBAC) by 34.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,129 shares of the technology company’s stock after selling 5,432 shares during the period. Allianz Asset Management GmbH’s holdings in SBA Communications were worth $1,958,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in SBA Communications in the 2nd quarter valued at $351,084,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in SBA Communications by 799.8% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 571,308 shares of the technology company’s stock worth $134,166,000 after acquiring an additional 507,815 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of SBA Communications by 1,328.4% during the second quarter. Daiwa Securities Group Inc. now owns 522,215 shares of the technology company’s stock valued at $122,637,000 after acquiring an additional 485,656 shares during the period. Nordea Investment Management AB boosted its stake in shares of SBA Communications by 65.0% in the 3rd quarter. Nordea Investment Management AB now owns 1,182,076 shares of the technology company’s stock valued at $229,145,000 after purchasing an additional 465,558 shares in the last quarter. Finally, Nomura Holdings Inc. boosted its stake in shares of SBA Communications by 1,175.4% in the 2nd quarter. Nomura Holdings Inc. now owns 341,673 shares of the technology company’s stock valued at $80,238,000 after purchasing an additional 314,883 shares in the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Trading Up 4.4%

Shares of SBAC opened at $199.29 on Friday. The stock has a market cap of $21.23 billion, a P/E ratio of 25.98, a price-to-earnings-growth ratio of 1.81 and a beta of 0.87. SBA Communications Corporation has a 1 year low of $177.49 and a 1 year high of $245.16. The stock’s 50-day moving average price is $188.79 and its two-hundred day moving average price is $197.20.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Barclays dropped their target price on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. JPMorgan Chase & Co. decreased their price objective on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research note on Monday, January 12th. UBS Group dropped their price objective on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, January 20th. Williams Trading set a $237.00 target price on shares of SBA Communications in a research note on Tuesday, November 4th. Finally, TD Cowen restated a “buy” rating on shares of SBA Communications in a research report on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $235.18.

About SBA Communications

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.