Jennison Associates LLC Sells 451,147 Shares of SBA Communications Co. (SBAC)

Jennison Associates LLC lessened its holdings in SBA Communications Co. (NASDAQ:SBAC) by 34.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 843,945 shares of the technology company’s stock after selling 451,147 shares during the quarter. Jennison Associates LLC owned 0.73% of SBA Communications worth $135,563,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in SBAC. Flagship Harbor Advisors LLC bought a new stake in shares of SBA Communications in the second quarter valued at about $115,000. FNY Investment Advisers LLC bought a new stake in shares of SBA Communications in the second quarter valued at about $165,000. Cornerstone Wealth Management LLC bought a new stake in shares of SBA Communications in the second quarter valued at about $193,000. HRT Financial LLC bought a new stake in shares of SBA Communications in the second quarter valued at about $201,000. Finally, Dupont Capital Management Corp boosted its position in shares of SBA Communications by 71.6% in the second quarter. Dupont Capital Management Corp now owns 1,227 shares of the technology company’s stock valued at $203,000 after acquiring an additional 512 shares during the period. 93.98% of the stock is owned by institutional investors.

In related news, CEO Jeffrey Stoops sold 80,000 shares of the company’s stock in a transaction dated Friday, November 9th. The shares were sold at an average price of $171.10, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer now owns 214,943 shares of the company’s stock, valued at $36,776,747.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George R. Krouse, Jr. sold 416 shares of the company’s stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $171.75, for a total transaction of $71,448.00. Following the sale, the director now directly owns 12,069 shares of the company’s stock, valued at approximately $2,072,850.75. The disclosure for this sale can be found here. Insiders have sold 188,832 shares of company stock valued at $31,071,038 in the last ninety days. 2.70% of the stock is currently owned by company insiders.

SBAC opened at $172.02 on Friday. SBA Communications Co. has a twelve month low of $146.13 and a twelve month high of $177.67.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, November 5th. The technology company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($1.64). SBA Communications had a negative return on equity of 0.65% and a negative net margin of 0.11%. The firm had revenue of $467.20 million for the quarter, compared to the consensus estimate of $459.17 million. During the same period in the prior year, the company earned $1.75 EPS. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, analysts expect that SBA Communications Co. will post 7.15 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of SBA Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Macquarie reduced their target price on shares of SBA Communications from $166.00 to $161.00 and set a “neutral” rating for the company in a research report on Wednesday, August 29th. ValuEngine cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. BidaskClub raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Finally, Bank of America set a $189.00 target price on shares of SBA Communications and gave the company a “buy” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. SBA Communications has an average rating of “Buy” and an average target price of $181.58.

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SBA Communications Company Profile

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By "Building Better Wireless," SBA generates revenue from two primary businesses – site leasing and site development services.

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

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