Principal Financial Group Inc. Sells 2,181,639 Shares of SBA Communications Co. (NASDAQ:SBAC)

Principal Financial Group Inc. cut its stake in shares of SBA Communications Co. (NASDAQ:SBAC - Free Report) by 52.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,965,522 shares of the technology company's stock after selling 2,181,639 shares during the quarter. Principal Financial Group Inc. owned 1.83% of SBA Communications worth $400,576,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Exchange Traded Concepts LLC lifted its position in shares of SBA Communications by 15.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company's stock worth $78,000 after purchasing an additional 50 shares during the period. Farther Finance Advisors LLC lifted its position in shares of SBA Communications by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company's stock valued at $52,000 after acquiring an additional 53 shares during the period. Versant Capital Management Inc lifted its position in shares of SBA Communications by 17.3% during the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company's stock valued at $73,000 after acquiring an additional 53 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of SBA Communications by 1.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,512 shares of the technology company's stock valued at $1,086,000 after acquiring an additional 64 shares during the period. Finally, Venturi Wealth Management LLC lifted its position in shares of SBA Communications by 23.7% during the 3rd quarter. Venturi Wealth Management LLC now owns 339 shares of the technology company's stock valued at $82,000 after acquiring an additional 65 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

SBA Communications Price Performance

Shares of SBAC stock traded up $1.51 on Wednesday, hitting $207.91. The stock had a trading volume of 240,505 shares, compared to its average volume of 734,494. The business has a 50 day moving average of $202.93 and a 200 day moving average of $220.59. The stock has a market cap of $22.35 billion, a price-to-earnings ratio of 32.78, a price-to-earnings-growth ratio of 0.73 and a beta of 0.69. SBA Communications Co. has a 12-month low of $183.64 and a 12-month high of $252.64.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of research reports. TD Cowen boosted their target price on shares of SBA Communications from $251.00 to $261.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. JMP Securities initiated coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an "outperform" rating and a $250.00 target price on the stock. Barclays dropped their target price on shares of SBA Communications from $257.00 to $254.00 and set an "overweight" rating on the stock in a research report on Monday, January 13th. StockNews.com upgraded shares of SBA Communications from a "hold" rating to a "buy" rating in a research note on Thursday, January 23rd. Finally, Citizens Jmp upgraded shares of SBA Communications to a "strong-buy" rating in a report on Monday, January 27th. 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $252.29.

Insider Buying and Selling

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the firm's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $224.33, for a total transaction of $795,249.85. Following the completion of the sale, the executive vice president now owns 33,588 shares in the company, valued at approximately $7,534,796.04. This trade represents a 9.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 sale, 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 position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

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.