SBA Communications (NASDAQ:SBAC) Now Covered by Analysts at Bank of America

Bank of America began coverage on shares of SBA Communications (NASDAQ:SBAC) in a research report issued to clients and investors on Monday. The brokerage set a “buy” rating and a $260.00 price target on the technology company’s stock. Bank of America‘s target price suggests a potential upside of 11.48% from the stock’s previous close.

Several other equities research analysts also recently weighed in on SBAC. BMO Capital Markets increased their price target on SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Tuesday, April 29th. Barclays raised their target price on SBA Communications from $244.00 to $247.00 and gave the company an “overweight” rating in a report on Tuesday, April 29th. Raymond James reiterated a “strong-buy” rating and set a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research report on Tuesday, April 29th. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Citigroup raised their price target on SBA Communications from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $252.93.

SBA Communications Price Performance

Shares of SBAC stock traded up $0.15 during trading hours on Monday, reaching $233.23. 34,961 shares of the stock were exchanged, compared to its average volume of 898,290. The business’s fifty day moving average is $224.46 and its two-hundred day moving average is $215.83. SBA Communications has a 12-month low of $185.44 and a 12-month high of $252.64. The firm has a market capitalization of $25.10 billion, a P/E ratio of 36.79, a P/E/G ratio of 0.74 and a beta of 0.83.

Insider Activity

In other news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the sale, the vice president now owns 6,079 shares in the company, valued at $1,362,790.22. The trade was a 26.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $240.59, for a total value of $1,202,950.00. Following the transaction, the director now owns 10,522 shares in the company, valued at $2,531,487.98. This trade represents a 32.21% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On SBA Communications

Institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC lifted its stake in SBA Communications by 23.9% in the 4th quarter. NewEdge Advisors LLC now owns 1,276 shares of the technology company’s stock valued at $260,000 after acquiring an additional 246 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of SBA Communications by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock worth $266,675,000 after purchasing an additional 38,725 shares in the last quarter. NEOS Investment Management LLC boosted its holdings in shares of SBA Communications by 29.3% in the 4th quarter. NEOS Investment Management LLC now owns 5,488 shares of the technology company’s stock valued at $1,118,000 after purchasing an additional 1,243 shares in the last quarter. Victory Capital Management Inc. boosted its stake in SBA Communications by 46.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock valued at $363,015,000 after buying an additional 565,137 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in SBA Communications by 35.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 5,476 shares of the technology company’s stock valued at $1,116,000 after buying an additional 1,435 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

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.