Pitcairn Co. decreased its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 2.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 21,115 shares of the technology company’s stock after selling 433 shares during the period. Pitcairn Co.’s holdings in SBA Communications Corporation were worth $2,848,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. First Mercantile Trust Co. boosted its position in SBA Communications Corporation by 15.0% in the second quarter. First Mercantile Trust Co. now owns 3,007 shares of the technology company’s stock valued at $406,000 after buying an additional 393 shares during the period. First Trust Advisors LP boosted its position in SBA Communications Corporation by 851.0% in the second quarter. First Trust Advisors LP now owns 47,142 shares of the technology company’s stock valued at $6,359,000 after buying an additional 42,185 shares during the period. Schwab Charles Investment Management Inc. boosted its position in SBA Communications Corporation by 5.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 271,277 shares of the technology company’s stock valued at $36,596,000 after buying an additional 14,077 shares during the period. Canada Pension Plan Investment Board boosted its position in SBA Communications Corporation by 119.6% in the second quarter. Canada Pension Plan Investment Board now owns 317,812 shares of the technology company’s stock valued at $42,873,000 after buying an additional 173,094 shares during the period. Finally, Stoneridge Investment Partners LLC acquired a new position in SBA Communications Corporation during the second quarter valued at $3,040,000. 96.48% of the stock is currently owned by institutional investors.

Shares of SBA Communications Corporation (SBAC) opened at 138.27 on Friday. The firm has a market capitalization of $16.64 billion, a price-to-earnings ratio of 475.15 and a beta of 0.73. SBA Communications Corporation has a 12-month low of $95.66 and a 12-month high of $141.59. The company has a 50-day moving average price of $136.32 and a 200 day moving average price of $125.22.

SBA Communications Corporation (NASDAQ:SBAC) last released its quarterly earnings data 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. SBA Communications Corporation had a net margin of 2.19% and a negative return on equity of 2.64%. The business had revenue of $427.30 million during the quarter, compared to analyst estimates of $426.10 million. During the same period in the previous year, the business earned $1.48 earnings per share. The business’s quarterly revenue was up 5.4% on a year-over-year basis. Equities research analysts expect that SBA Communications Corporation will post $0.97 earnings per share for the current fiscal year.

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Several research firms have weighed in on SBAC. BidaskClub raised SBA Communications Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research lowered SBA Communications Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Royal Bank Of Canada reiterated a “buy” rating on shares of SBA Communications Corporation in a report on Wednesday, August 2nd. Barclays PLC reiterated an “overweight” rating and set a $148.00 price target on shares of SBA Communications Corporation in a report on Tuesday, August 1st. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $160.00 price target (up from $148.00) on shares of SBA Communications Corporation in a report on Tuesday, August 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. SBA Communications Corporation has a consensus rating of “Buy” and a consensus target price of $141.57.

In other news, CEO Jeffrey Stoops sold 94,289 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $133.76, for a total value of $12,612,096.64. Following the completion of the sale, the chief executive officer now directly owns 329,124 shares of the company’s stock, valued at $44,023,626.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark R. Ciarfella sold 9,655 shares of SBA Communications Corporation stock in a transaction that occurred on Friday, August 4th. The stock was 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 directly owns 21,403 shares of the company’s stock, valued at $3,012,258.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 167,179 shares of company stock valued at $22,588,671. 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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