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

California State Teachers Retirement System lessened its position in shares of SBA Communications Corporation (NASDAQ:SBAC) by 3.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. 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 owned approximately 0.16% of SBA Communications worth $29,324,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SBAC. Aberdeen Group plc increased its holdings in SBA Communications by 12.4% in the 4th quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock valued at $39,160,000 after buying an additional 22,293 shares during the period. OFI Invest Asset Management acquired a new position in shares of SBA Communications in the 4th quarter valued at $17,915,000. VCI Wealth Management LLC bought a new position in shares of SBA Communications during the 4th quarter worth about $1,786,000. M&T Bank Corp lifted its holdings in shares of SBA Communications by 8,722.0% during the 4th quarter. M&T Bank Corp now owns 263,601 shares of the technology company’s stock worth $50,988,000 after acquiring an additional 260,613 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of SBA Communications by 5.7% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 267,659 shares of the technology company’s stock valued at $46,067,000 after acquiring an additional 14,317 shares in the last quarter. 97.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SBAC shares. Barclays upped their target price on shares of SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Weiss Ratings restated a “hold (c)” rating on shares of SBA Communications in a research note on Monday, July 20th. The Goldman Sachs Group initiated coverage on SBA Communications in a report on Friday, June 26th. They set a “neutral” rating and a $205.00 price objective on the stock. KeyCorp upped their price objective on SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Royal Bank Of Canada dropped their target price on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, SBA Communications 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 $180.99 on Friday. The company’s fifty day moving average is $189.42 and its 200-day moving average is $194.67. SBA Communications Corporation has a 52 week low of $162.41 and a 52 week high of $234.64. The company has a market capitalization of $19.20 billion, a PE ratio of 19.05, a P/E/G ratio of 1.82 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.