SBA Communications Corporation $SBAC Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC cut its stake in SBA Communications Corporation (NASDAQ:SBAC) by 51.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,462 shares of the technology company’s stock after selling 128,014 shares during the period. Lazard Asset Management LLC’s holdings in SBA Communications were worth $20,733,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SBAC. Dodge & Cox raised its holdings in SBA Communications by 24.1% during the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock worth $2,320,412,000 after purchasing an additional 2,328,837 shares in the last quarter. Norges Bank bought a new position in SBA Communications during the 4th quarter valued at $302,774,000. Arrowstreet Capital Limited Partnership boosted its stake in SBA Communications by 256.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock valued at $211,344,000 after purchasing an additional 785,850 shares in the last quarter. Millennium Management LLC increased its position in shares of SBA Communications by 171.8% during the 4th quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock valued at $156,977,000 after purchasing an additional 513,002 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of SBA Communications by 170.6% in the 1st quarter. SG Americas Securities LLC now owns 469,911 shares of the technology company’s stock worth $80,876,000 after buying an additional 296,231 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SBAC. Weiss Ratings restated a “hold (c)” rating on shares of SBA Communications in a report on Monday, July 20th. Barclays boosted their price target on shares of SBA Communications from $244.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Wells Fargo & Company raised shares of SBA Communications from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $220.00 to $210.00 in a report on Friday, July 17th. The Goldman Sachs Group assumed coverage on shares of SBA Communications in a research report on Friday, June 26th. They set a “neutral” rating and a $205.00 price objective for the company. Finally, Scotiabank lifted their price objective on shares of SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.28.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $174.93 on Wednesday. SBA Communications Corporation has a one year low of $162.41 and a one year high of $234.64. The stock has a fifty day moving average of $190.87 and a 200-day moving average of $194.73. The company has a market capitalization of $18.55 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.72 and a beta of 1.00.

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.