CIBC Asset Management Inc reduced its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 7.4% during the second quarter, Holdings Channel reports. The firm owned 7,006 shares of the technology company’s stock after selling 559 shares during the period. CIBC Asset Management Inc’s holdings in SBA Communications Corporation were worth $945,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Creative Planning raised its position in shares of SBA Communications Corporation by 40.7% in the second quarter. Creative Planning now owns 874 shares of the technology company’s stock valued at $118,000 after buying an additional 253 shares during the period. Van ECK Associates Corp raised its position in shares of SBA Communications Corporation by 17.0% in the first quarter. Van ECK Associates Corp now owns 1,217 shares of the technology company’s stock valued at $146,000 after buying an additional 177 shares during the period. Acadian Asset Management LLC acquired a new position in shares of SBA Communications Corporation during the second quarter valued at about $159,000. Toronto Dominion Bank raised its position in shares of SBA Communications Corporation by 25.7% in the first quarter. Toronto Dominion Bank now owns 1,358 shares of the technology company’s stock valued at $163,000 after buying an additional 278 shares during the period. Finally, Kings Point Capital Management acquired a new position in shares of SBA Communications Corporation during the first quarter valued at about $200,000. 96.48% of the stock is currently owned by institutional investors.

SBA Communications Corporation (SBAC) opened at 138.27 on Friday. SBA Communications Corporation has a 52 week low of $95.66 and a 52 week high of $141.59. The firm’s 50-day moving average price is $136.32 and its 200 day moving average price is $125.22. The firm has a market cap of $16.64 billion, a P/E ratio of 475.15 and a beta of 0.73.

SBA Communications Corporation (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, July 31st. The technology company reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.01. The business had revenue of $427.30 million for the quarter, compared to the consensus estimate of $426.10 million. SBA Communications Corporation had a net margin of 2.19% and a negative return on equity of 2.64%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.48 EPS. Equities analysts forecast that SBA Communications Corporation will post $0.97 earnings per share for the current fiscal year.

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Several brokerages have recently issued reports on SBAC. Raymond James Financial, Inc. reaffirmed an “outperform” rating on shares of SBA Communications Corporation in a research note on Monday, June 12th. Stifel Nicolaus set a $148.00 price objective on shares of SBA Communications Corporation and gave the stock a “buy” rating in a research note on Tuesday, May 2nd. Cowen and Company lifted their price target on shares of SBA Communications Corporation from $131.00 to $141.00 and gave the company an “outperform” rating in a research note on Tuesday, May 2nd. BidaskClub lowered shares of SBA Communications Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 9th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $133.00 price target (up previously from $121.00) on shares of SBA Communications Corporation in a research note on Saturday, April 22nd. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $141.57.

In other news, Director Brian C. Carr sold 3,475 shares of SBA Communications Corporation stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $132.54, for a total transaction of $460,576.50. Following the completion of the sale, the director now owns 3,051 shares in the company, valued at approximately $404,379.54. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark R. Ciarfella sold 9,655 shares of SBA Communications Corporation stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $140.74, for a total value of $1,358,844.70. Following the sale, the executive vice president now owns 21,403 shares of the company’s stock, valued at approximately $3,012,258.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 167,179 shares of company stock valued at $22,588,671. Corporate insiders own 2.10% of the company’s stock.

About SBA Communications Corporation

SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.

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

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