State of New Jersey Common Pension Fund D Sells 3,218 Shares of SBA Communications Co. (NASDAQ:SBAC)

State of New Jersey Common Pension Fund D lessened its position in shares of SBA Communications Co. (NASDAQ:SBAC) by 7.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,520 shares of the technology company’s stock after selling 3,218 shares during the period. State of New Jersey Common Pension Fund D’s holdings in SBA Communications were worth $7,850,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SBAC. Victory Capital Management Inc. boosted its holdings in shares of SBA Communications by 2,821.5% during the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock worth $292,714,000 after acquiring an additional 1,174,469 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock valued at $213,353,000 after buying an additional 700,791 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after buying an additional 605,872 shares during the period. KBC Group NV boosted its stake in shares of SBA Communications by 212.3% in the fourth quarter. KBC Group NV now owns 410,023 shares of the technology company’s stock valued at $83,562,000 after buying an additional 278,737 shares during the period. Finally, Barclays PLC boosted its stake in shares of SBA Communications by 71.0% in the third quarter. Barclays PLC now owns 658,029 shares of the technology company’s stock valued at $158,386,000 after buying an additional 273,237 shares during the period. Institutional investors own 97.35% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SBAC. Barclays cut their price target on SBA Communications from $257.00 to $254.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. Wells Fargo & Company cut their price target on SBA Communications from $230.00 to $210.00 and set an “equal weight” rating for the company in a research note on Thursday, January 23rd. TD Cowen upped their target price on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Finally, Raymond James upped their target price on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $252.29.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 2,321 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $203.43, for a total value of $472,161.03. Following the completion of the sale, the executive vice president now directly owns 4,998 shares in the company, valued at $1,016,743.14. This represents a 31.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the sale, the executive vice president now owns 33,588 shares of the company’s stock, valued at $7,534,796.04. The trade was a 9.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $206.40 on Wednesday. The company has a fifty day moving average of $203.15 and a 200-day moving average of $220.76. The company has a market capitalization of $22.19 billion, a PE ratio of 32.56, a price-to-earnings-growth ratio of 0.73 and a beta of 0.69. SBA Communications Co. has a 52-week low of $183.64 and a 52-week high of $252.64.

About SBA Communications

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.