Credit Agricole S A Sells 12,588 Shares of SBA Communications Corporation (SBAC)

Credit Agricole S A lowered its stake in shares of SBA Communications Corporation (NASDAQ:SBAC) by 37.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,021 shares of the technology company’s stock after selling 12,588 shares during the period. Credit Agricole S A’s holdings in SBA Communications Corporation were worth $2,530,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the stock. Iridian Asset Management LLC CT acquired a new position in SBA Communications Corporation during the first quarter valued at $169,022,000. Wells Fargo & Company MN increased its position in SBA Communications Corporation by 68.8% in the first quarter. Wells Fargo & Company MN now owns 1,268,805 shares of the technology company’s stock valued at $152,725,000 after buying an additional 516,954 shares during the period. American Century Companies Inc. increased its position in SBA Communications Corporation by 30.0% in the first quarter. American Century Companies Inc. now owns 1,578,092 shares of the technology company’s stock valued at $189,955,000 after buying an additional 363,969 shares during the period. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in SBA Communications Corporation during the first quarter valued at $38,104,000. Finally, Norges Bank acquired a new position in SBA Communications Corporation during the fourth quarter valued at $32,567,000. Hedge funds and other institutional investors own 96.17% of the company’s stock.

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

SBA Communications Corporation (NASDAQ SBAC) traded up 0.29% during midday trading on Tuesday, hitting $133.34. 51,670 shares of the company traded hands. The company has a market cap of $16.17 billion, a PE ratio of 276.64 and a beta of 0.77. SBA Communications Corporation has a 12-month low of $95.66 and a 12-month high of $140.38. The stock has a 50 day moving average price of $132.84 and a 200-day moving average price of $116.71.

SBA Communications Corporation (NASDAQ:SBAC) last announced its earnings results on Monday, May 1st. The technology company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $1.48. The firm had revenue of $423.40 million during the quarter, compared to analysts’ expectations of $418.21 million. SBA Communications Corporation had a negative return on equity of 2.23% and a net margin of 3.69%. The company’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.45 earnings per share. Analysts expect that SBA Communications Corporation will post $1.04 EPS for the current year.

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SBAC has been the subject of several recent research reports. Deutsche Bank AG restated a “hold” rating and set a $133.00 target price (up from $121.00) on shares of SBA Communications Corporation in a report on Saturday, April 22nd. Cowen and Company lifted their price target on shares of SBA Communications Corporation from $131.00 to $141.00 and gave the stock an “outperform” rating in a report on Tuesday, May 2nd. Citigroup Inc. lifted their price target on shares of SBA Communications Corporation from $124.00 to $134.00 and gave the stock a “neutral” rating in a report on Tuesday, April 25th. Barclays PLC lifted their price target on shares of SBA Communications Corporation from $136.00 to $137.00 and gave the stock an “overweight” rating in a report on Wednesday, May 3rd. Finally, Jefferies Group LLC lifted their price target on shares of SBA Communications Corporation from $133.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $135.29.

In other SBA Communications Corporation news, EVP Mark R. Ciarfella sold 15,147 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $129.03, for a total transaction of $1,954,417.41. Following the completion of the sale, the executive vice president now owns 14,677 shares of the company’s stock, valued at $1,893,773.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jack Langer sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $137.04, for a total value of $1,233,360.00. Following the sale, the director now directly owns 2,280 shares of the company’s stock, valued at approximately $312,451.20. The disclosure for this sale can be found here. Insiders have sold 171,028 shares of company stock valued at $22,956,475 in the last ninety days. Company insiders own 2.40% 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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