Magellan Asset Management Ltd trimmed its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 3.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 84,444 shares of the technology company’s stock after selling 3,206 shares during the quarter. Magellan Asset Management Ltd owned about 0.07% of SBA Communications worth $13,564,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC purchased a new stake in SBA Communications during the 2nd quarter valued at about $115,000. Quantbot Technologies LP purchased a new stake in SBA Communications during the 3rd quarter valued at about $179,000. Cornerstone Wealth Management LLC purchased a new stake in SBA Communications during the 2nd quarter valued at about $193,000. HRT Financial LLC purchased a new stake in SBA Communications during the 2nd quarter valued at about $201,000. Finally, Dupont Capital Management Corp grew its position in SBA Communications by 71.6% during the 2nd quarter. Dupont Capital Management Corp now owns 1,227 shares of the technology company’s stock valued at $203,000 after purchasing an additional 512 shares during the last quarter. 94.25% of the stock is currently owned by institutional investors.

Shares of NASDAQ SBAC opened at $169.83 on Thursday. SBA Communications Co. has a 52-week low of $146.13 and a 52-week high of $177.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, November 5th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.78 by ($1.64). The company had revenue of $467.20 million for the quarter, compared to analysts’ expectations of $459.17 million. SBA Communications had a negative net margin of 0.11% and a negative return on equity of 0.65%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.75 EPS. As a group, sell-side analysts forecast that SBA Communications Co. will post 7.15 earnings per share for the current year.

SBAC has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of SBA Communications from $187.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday, November 6th. BidaskClub raised shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 1st. Guggenheim set a $180.00 price target on shares of SBA Communications and gave the company a “buy” rating in a report on Wednesday, October 17th. Zacks Investment Research raised shares of SBA Communications from a “hold” rating to a “buy” rating and set a $192.00 price target on the stock in a report on Thursday, November 15th. Finally, Bank of America set a $189.00 price target on shares of SBA Communications and gave the company a “buy” rating in a report on Thursday, November 15th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $180.90.

In related news, VP Thomas P. Hunt sold 79,908 shares of the firm’s stock in a transaction that occurred on Monday, November 19th. The shares were sold at an average price of $172.47, for a total value of $13,781,732.76. Following the transaction, the vice president now owns 133,652 shares of the company’s stock, valued at $23,050,960.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark R. Ciarfella sold 8,377 shares of the firm’s stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $171.00, for a total transaction of $1,432,467.00. Following the completion of the transaction, the executive vice president now directly owns 22,190 shares in the company, valued at approximately $3,794,490. The disclosure for this sale can be found here. In the last three months, insiders sold 529,017 shares of company stock worth $90,372,570. 2.70% of the stock is currently owned by insiders.

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SBA Communications Company Profile

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

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

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