SBA Communications (NASDAQ:SBAC) Price Target Cut to $230.00

SBA Communications (NASDAQ:SBAC) had its price objective dropped by equities research analysts at Wells Fargo & Company from $260.00 to $230.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 21.62% from the stock’s current price.

SBAC has been the subject of several other research reports. TD Cowen dropped their target price on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research report on Tuesday. KeyCorp lowered their price objective on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a research report on Tuesday. Barclays decreased their target price on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a research report on Tuesday. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research report on Thursday, March 7th. Finally, BMO Capital Markets reduced their price target on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a research note on Tuesday, February 27th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, SBA Communications has a consensus rating of “Buy” and an average price target of $258.23.

SBA Communications Trading Up 1.6 %

NASDAQ:SBAC opened at $189.12 on Tuesday. The firm has a market capitalization of $20.45 billion, a price-to-earnings ratio of 37.08, a PEG ratio of 1.24 and a beta of 0.56. The firm’s fifty day simple moving average is $209.12 and its 200 day simple moving average is $222.52. SBA Communications has a twelve month low of $183.64 and a twelve month high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.79%. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the previous year, the business posted $3.13 EPS. The firm’s revenue was down 2.6% compared to the same quarter last year. On average, analysts predict that SBA Communications will post 12.61 earnings per share for the current year.

Insider Activity at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the transaction, the director now owns 4,622 shares in the company, valued at approximately $1,007,549.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. CVA Family Office LLC acquired a new position in shares of SBA Communications during the 4th quarter worth $37,000. Glassman Wealth Services boosted its holdings in shares of SBA Communications by 79.1% during the 4th quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after buying an additional 68 shares during the period. Emerald Advisers LLC bought a new stake in SBA Communications in the 3rd quarter valued at $31,000. Pinnacle Bancorp Inc. boosted its holdings in SBA Communications by 73.6% in the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after purchasing an additional 67 shares during the period. Finally, Allworth Financial LP boosted its holdings in SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after purchasing an additional 45 shares during the period. Institutional investors and hedge funds 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.