SBA Communications (NASDAQ:SBAC) PT Lowered to $260.00 at Citigroup

SBA Communications (NASDAQ:SBAC) had its target price decreased by Citigroup from $290.00 to $260.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 37.48% from the company’s previous close.

SBAC has been the topic of a number of other research reports. BMO Capital Markets reduced their price objective on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 27th. TD Cowen reduced their price target on SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research report on Tuesday. Wells Fargo & Company reduced their price target on SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday. KeyCorp reduced their price target on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, Barclays reduced their price target on SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $258.23.

SBA Communications Stock Up 1.6 %

Shares of SBAC stock opened at $189.12 on Tuesday. 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 has a twelve month low of $183.64 and a twelve month high of $258.76. The stock’s fifty day simple moving average is $209.12 and its 200 day simple moving average is $222.52.

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

Insider Activity

In other news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the transaction, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its stake in SBA Communications by 72.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 2,389 shares of the technology company’s stock worth $518,000 after buying an additional 1,004 shares during the period. BNP Paribas Financial Markets raised its stake in SBA Communications by 144.7% during the 1st quarter. BNP Paribas Financial Markets now owns 359,736 shares of the technology company’s stock worth $77,955,000 after buying an additional 212,739 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in SBA Communications by 5.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,603 shares of the technology company’s stock worth $5,982,000 after buying an additional 1,309 shares during the period. Principal Financial Group Inc. raised its stake in SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after buying an additional 1,524,302 shares during the period. Finally, Lederer & Associates Investment Counsel CA raised its stake in SBA Communications by 13.9% during the 1st quarter. Lederer & Associates Investment Counsel CA now owns 1,000 shares of the technology company’s stock worth $217,000 after buying an additional 122 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Company Profile

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.