State of Alaska Department of Revenue Raises Stake in SBA Communications Co. (NASDAQ:SBAC)

State of Alaska Department of Revenue raised its holdings in shares of SBA Communications Co. (NASDAQ:SBAC) by 0.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,049 shares of the technology company’s stock after buying an additional 294 shares during the period. State of Alaska Department of Revenue owned about 0.06% of SBA Communications worth $13,051,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Ashton Thomas Securities LLC acquired a new position in shares of SBA Communications during the 3rd quarter valued at $26,000. Evermay Wealth Management LLC acquired a new position in shares of SBA Communications during the fourth quarter worth about $27,000. Capital Performance Advisors LLP purchased a new stake in shares of SBA Communications in the third quarter worth about $35,000. Friedenthal Financial acquired a new stake in shares of SBA Communications in the third quarter valued at about $50,000. Finally, Farther Finance Advisors LLC lifted its position in SBA Communications by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock worth $52,000 after acquiring an additional 53 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Stock Performance

NASDAQ SBAC opened at $203.48 on Thursday. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64. The company has a 50-day simple moving average of $206.31 and a 200-day simple moving average of $221.27. The firm has a market capitalization of $21.88 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 0.70 and a beta of 0.69.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SBAC shares. Wells Fargo & Company lowered their price objective on shares of SBA Communications from $230.00 to $210.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Raymond James raised their target price on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday, October 29th. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $252.29.

Insider Buying and Selling at SBA Communications

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

SBA Communications 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.