California State Teachers Retirement System Sells 5,190 Shares of SBA Communications Corporation $SBAC

California State Teachers Retirement System reduced its holdings in SBA Communications Corporation (NASDAQ:SBAC) by 3.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,380 shares of the technology company’s stock after selling 5,190 shares during the quarter. California State Teachers Retirement System’s holdings in SBA Communications were worth $29,324,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. DV Equities LLC acquired a new stake in SBA Communications during the 4th quarter valued at $29,000. Fulcrum Asset Management LLP acquired a new position in SBA Communications in the third quarter worth $32,000. Geneos Wealth Management Inc. boosted its stake in SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares in the last quarter. High Point Wealth Management LLC bought a new stake in shares of SBA Communications during the fourth quarter worth $39,000. Finally, Commonwealth Retirement Investments LLC bought a new stake in shares of SBA Communications during the fourth quarter worth $39,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Stock Performance

Shares of SBAC opened at $180.99 on Friday. The business’s fifty day moving average price is $189.42 and its two-hundred day moving average price is $194.67. The firm has a market capitalization of $19.20 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 1.82 and a beta of 1.00. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $234.64.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Morgan Stanley raised their target price on SBA Communications from $215.00 to $225.00 and gave the company an “equal weight” rating in a research note on Thursday, April 9th. Truist Financial reiterated a “buy” rating and set a $248.00 price target (up from $247.00) on shares of SBA Communications 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 decreased their price objective for the stock from $220.00 to $210.00 in a report on Friday, July 17th. Weiss Ratings restated a “hold (c)” rating on shares of SBA Communications in a research report on Monday, July 20th. Finally, Scotiabank boosted their target price 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 analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and a consensus price target of $235.28.

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.