Envestnet Asset Management Inc. Decreases Stake in SBA Communications Co. (NASDAQ:SBAC)

Envestnet Asset Management Inc. reduced its holdings in SBA Communications Co. (NASDAQ:SBACGet Rating) by 4.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,608 shares of the technology company’s stock after selling 6,975 shares during the period. Envestnet Asset Management Inc. owned approximately 0.15% of SBA Communications worth $56,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GHP Investment Advisors Inc. purchased a new position in shares of SBA Communications in the first quarter worth about $25,000. Riverview Trust Co acquired a new stake in SBA Communications during the first quarter worth about $26,000. Curi Wealth Management LLC acquired a new stake in SBA Communications during the fourth quarter worth about $30,000. Benjamin F. Edwards & Company Inc. increased its position in SBA Communications by 331.8% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 95 shares of the technology company’s stock worth $37,000 after purchasing an additional 73 shares during the last quarter. Finally, Capital Analysts LLC acquired a new stake in SBA Communications during the fourth quarter worth about $40,000. 95.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Cowen raised their price objective on shares of SBA Communications from $373.00 to $382.00 in a research report on Tuesday, April 26th. Raymond James lifted their price target on shares of SBA Communications from $385.00 to $410.00 and gave the company a “strong-buy” rating in a research report on Tuesday, April 26th. Morgan Stanley dropped their price target on shares of SBA Communications from $389.00 to $361.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. StockNews.com cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of SBA Communications from $365.00 to $375.00 in a research report on Wednesday, April 27th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $383.06.

SBA Communications Stock Performance

Shares of SBAC stock opened at $335.79 on Friday. The stock has a market capitalization of $36.21 billion, a P/E ratio of 84.80 and a beta of 0.43. The company has a 50 day moving average price of $323.66 and a 200 day moving average price of $328.20. SBA Communications Co. has a fifty-two week low of $286.41 and a fifty-two week high of $391.15.

Insider Buying and Selling

In related news, Director Kevin L. Beebe sold 1,889 shares of SBA Communications stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $347.72, for a total value of $656,843.08. Following the completion of the transaction, the director now owns 14,813 shares in the company, valued at $5,150,776.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Kevin L. Beebe sold 1,889 shares of SBA Communications stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $347.72, for a total value of $656,843.08. Following the completion of the transaction, the director now owns 14,813 shares in the company, valued at $5,150,776.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark R. Ciarfella sold 1,000 shares of SBA Communications stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $338.05, for a total transaction of $338,050.00. Following the completion of the transaction, the executive vice president now owns 23,884 shares of the company’s stock, valued at approximately $8,073,986.20. The disclosure for this sale can be found here. Insiders sold 32,889 shares of company stock worth $11,316,993 over the last 90 days. 1.80% of the stock is owned by insiders.

SBA Communications Profile

(Get Rating)

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.

See Also

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Institutional Ownership by Quarter for SBA Communications (NASDAQ:SBAC)

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