SBA Communications (NASDAQ:SBAC) Given New $260.00 Price Target at Citigroup

SBA Communications (NASDAQ:SBAC) had its price target lowered by research analysts at Citigroup from $290.00 to $260.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price objective points to a potential upside of 34.46% from the stock’s current price.

SBAC has been the subject of a number of other research reports. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a research note on Thursday, March 7th. KeyCorp cut their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a research report on Tuesday. BMO Capital Markets reduced their price target on shares of 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 dropped their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Wells Fargo & Company reduced their target price on SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a report on Tuesday. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $258.23.

SBA Communications Trading Down 4.2 %

NASDAQ:SBAC traded down $8.52 during trading hours on Tuesday, hitting $193.37. 507,327 shares of the company traded hands, compared to its average volume of 974,609. The stock has a market capitalization of $20.91 billion, a price-to-earnings ratio of 41.93, a P/E/G ratio of 1.21 and a beta of 0.56. The firm has a 50-day moving average of $209.91 and a 200 day moving average of $222.86. SBA Communications has a twelve month low of $185.23 and a twelve month high of $263.08.

SBA Communications (NASDAQ:SBAC) last announced 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. The company had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The company’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company earned $3.13 EPS. Equities research analysts predict that SBA Communications will post 12.61 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Mary S. Chan sold 1,977 shares of the business’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 transaction of $430,966.23. Following the completion of the sale, the director now directly owns 4,622 shares of the company’s stock, valued at $1,007,549.78. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

Several hedge funds have recently added to or reduced their stakes in SBAC. Principal Financial Group Inc. increased its stake in shares of SBA Communications by 54.9% in the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after acquiring an additional 1,524,302 shares during the last quarter. Invesco Ltd. grew its holdings in SBA Communications by 140.6% during the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after purchasing an additional 1,252,764 shares during the period. Norges Bank bought a new stake in SBA Communications in the fourth quarter valued at approximately $286,079,000. Ameriprise Financial Inc. raised its holdings in SBA Communications by 115.3% in the third quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after purchasing an additional 727,163 shares during the period. Finally, Bristol John W & Co. Inc. NY bought a new position in shares of SBA Communications during the third quarter worth $92,725,000. 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.