Hartford Investment Management Co. Trims Position in SBA Communications Co. (NASDAQ:SBAC)

Hartford Investment Management Co. cut its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 1.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,614 shares of the technology company’s stock after selling 128 shares during the quarter. Hartford Investment Management Co.’s holdings in SBA Communications were worth $1,348,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of SBAC. Victory Capital Management Inc. raised its position in SBA Communications by 2,821.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock worth $292,714,000 after buying an additional 1,174,469 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in SBA Communications by 377.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock worth $213,353,000 after buying an additional 700,791 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after purchasing an additional 605,872 shares in the last quarter. KBC Group NV increased its holdings in shares of SBA Communications by 212.3% during the 4th quarter. KBC Group NV now owns 410,023 shares of the technology company’s stock valued at $83,562,000 after purchasing an additional 278,737 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of SBA Communications by 71.0% during the 3rd quarter. Barclays PLC now owns 658,029 shares of the technology company’s stock valued at $158,386,000 after purchasing an additional 273,237 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Trading Down 1.3 %

Shares of SBAC stock opened at $205.37 on Friday. The company’s 50-day moving average price is $203.81 and its 200-day moving average price is $220.97. The stock has a market cap of $22.08 billion, a price-to-earnings ratio of 32.39, a PEG ratio of 0.73 and a beta of 0.69. SBA Communications Co. has a twelve month low of $183.64 and a twelve month high of $252.64.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. TD Cowen lifted their target price on shares of SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. JMP Securities began coverage on shares of SBA Communications in a report on Monday, January 27th. They issued an “outperform” rating and a $250.00 price target for the company. BMO Capital Markets reissued a “market perform” rating and issued a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Finally, Raymond James lifted their target price on shares of 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 issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $252.29.

Insider Buying and Selling at SBA Communications

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

SBA Communications Company Profile

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.