SBA Communications (NASDAQ:SBAC) Price Target Cut to $241.00

SBA Communications (NASDAQ:SBAC) had its price target lowered by analysts at Barclays from $255.00 to $241.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Barclays‘s price objective indicates a potential upside of 27.43% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a research note on Thursday, March 7th. 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 note on Tuesday. Finally, BMO Capital Markets lowered their price objective 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 research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $258.23.

SBA Communications Trading Up 1.6 %

NASDAQ SBAC opened at $189.12 on Tuesday. The firm’s fifty day simple moving average is $209.12 and its two-hundred day simple moving average is $222.52. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76. The firm has a market capitalization of $20.45 billion, a P/E ratio of 37.08, a P/E/G ratio of 1.24 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping the consensus estimate 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 business had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. During the same period in the previous year, the firm posted $3.13 earnings per share. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, sell-side analysts predict that SBA Communications will post 12.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the transaction, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Trading of SBA Communications

Institutional investors and hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB increased its stake in shares of SBA Communications by 6.3% during the fourth quarter. Nordea Investment Management AB now owns 272,065 shares of the technology company’s stock worth $68,854,000 after purchasing an additional 16,244 shares in the last quarter. Legacy Trust purchased a new stake in shares of SBA Communications during the fourth quarter worth about $3,256,000. Natixis Advisors L.P. increased its stake in shares of SBA Communications by 18.8% during the third quarter. Natixis Advisors L.P. now owns 36,708 shares of the technology company’s stock worth $7,348,000 after purchasing an additional 5,814 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in shares of SBA Communications during the fourth quarter worth about $2,122,000. Finally, Wakefield Asset Management LLLP increased its stake in shares of SBA Communications by 11.0% during the fourth quarter. Wakefield Asset Management LLLP now owns 13,964 shares of the technology company’s stock worth $3,543,000 after purchasing an additional 1,389 shares in the last quarter. Hedge funds and other 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.