SBA Communications (NASDAQ:SBAC) Price Target Raised to $408.00 at Credit Suisse Group

SBA Communications (NASDAQ:SBACGet Rating) had its target price raised by Credit Suisse Group from $405.00 to $408.00 in a research note released on Tuesday, Marketbeat reports. They currently have an outperform rating on the technology company’s stock.

Other analysts have also issued research reports about the company. The Goldman Sachs Group lowered their target price on SBA Communications from $424.00 to $381.00 and set a buy rating for the company in a report on Tuesday, July 12th. Cowen upped their target price on SBA Communications from $373.00 to $382.00 in a report on Tuesday, April 26th. Barclays upped their target price on SBA Communications from $378.00 to $385.00 and gave the stock an overweight rating in a report on Tuesday, April 26th. Morgan Stanley reduced their price target on SBA Communications from $389.00 to $361.00 and set an overweight rating on the stock in a research report on Wednesday, July 20th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on SBA Communications from $375.00 to $385.00 in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, SBA Communications currently has an average rating of Moderate Buy and an average target price of $385.88.

SBA Communications Stock Performance

Shares of NASDAQ SBAC opened at $346.28 on Tuesday. The firm has a market capitalization of $37.34 billion, a price-to-earnings ratio of 107.21 and a beta of 0.43. The stock has a 50 day moving average price of $323.56 and a 200 day moving average price of $328.45. SBA Communications has a 52-week low of $286.41 and a 52-week high of $391.15.

SBA Communications (NASDAQ:SBACGet Rating) last posted its earnings results on Monday, August 1st. The technology company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.26). The company had revenue of $652.01 million for the quarter, compared to analysts’ expectations of $626.30 million. SBA Communications had a negative return on equity of 6.73% and a net margin of 14.45%. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.64 EPS. Analysts forecast that SBA Communications will post 11.08 earnings per share for the current year.

SBA Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 20th. Investors of record on Thursday, August 25th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 0.82%. The ex-dividend date of this dividend is Wednesday, August 24th. SBA Communications’s payout ratio is 87.93%.

Insider Activity at SBA Communications

In related news, CEO Jeffrey Stoops sold 30,000 shares of the company’s stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $344.07, for a total value of $10,322,100.00. Following the transaction, the chief executive officer now directly owns 83,668 shares of the company’s stock, valued at approximately $28,787,648.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other SBA Communications news, EVP Mark R. Ciarfella sold 1,000 shares of the stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $338.05, for a total transaction of $338,050.00. Following the sale, the executive vice president now directly owns 23,884 shares of the company’s stock, valued at approximately $8,073,986.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey Stoops sold 30,000 shares of the stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $344.07, for a total value of $10,322,100.00. Following the sale, the chief executive officer now directly owns 83,668 shares in the company, valued at $28,787,648.76. The disclosure for this sale can be found here. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in SBA Communications by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 17,537,146 shares of the technology company’s stock worth $6,034,531,000 after purchasing an additional 173,850 shares during the period. BlackRock Inc. grew its position in SBA Communications by 3.7% during the 4th quarter. BlackRock Inc. now owns 9,895,814 shares of the technology company’s stock worth $3,849,667,000 after purchasing an additional 352,616 shares during the period. State Street Corp grew its position in SBA Communications by 6.3% during the 1st quarter. State Street Corp now owns 5,150,667 shares of the technology company’s stock worth $1,772,345,000 after purchasing an additional 307,233 shares during the period. Cohen & Steers Inc. grew its position in SBA Communications by 4.8% during the 1st quarter. Cohen & Steers Inc. now owns 3,442,391 shares of the technology company’s stock worth $1,184,473,000 after purchasing an additional 156,278 shares during the period. Finally, Deutsche Bank AG grew its position in SBA Communications by 12.1% during the 4th quarter. Deutsche Bank AG now owns 3,048,354 shares of the technology company’s stock worth $1,185,871,000 after purchasing an additional 328,421 shares during the period. 95.41% of the stock is owned by institutional investors and hedge funds.

SBA Communications Company Profile

(Get Rating)

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

Further Reading

Analyst Recommendations for SBA Communications (NASDAQ:SBAC)

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