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

SBA Communications (NASDAQ:SBAC) had its target price cut by equities research analysts at Wells Fargo & Company from $260.00 to $230.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 18.94% from the company’s current price.

Other research analysts have also issued research reports about the company. TD Cowen reduced their price objective on SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research report on Tuesday. KeyCorp cut their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a research note on Tuesday. Bank of America upgraded shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research note on Thursday, March 7th. BMO Capital Markets reduced 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. Finally, Barclays cut their price target on shares of SBA Communications from $255.00 to $241.00 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 issued a strong buy rating to the stock. According to data from MarketBeat, SBA Communications has a consensus rating of “Buy” and a consensus price target of $258.23.

SBA Communications Price Performance

SBAC stock traded down $8.52 during midday trading on Tuesday, hitting $193.37. The stock had a trading volume of 507,327 shares, compared to its average volume of 974,609. The business has a 50-day moving average of $209.91 and a two-hundred day moving average of $222.86. The firm has a market cap of $20.91 billion, a price-to-earnings ratio of 41.93, a price-to-earnings-growth ratio of 1.21 and a beta of 0.56. SBA Communications has a 52-week low of $185.23 and a 52-week high of $263.08.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. The company had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. SBA Communications’s revenue was down 2.6% on a year-over-year basis. During the same period last year, the company posted $3.13 EPS. Research analysts predict that SBA Communications will post 12.61 earnings per share for the current year.

Insider Buying and Selling

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 completion of the transaction, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SBA Communications

A number of hedge funds have recently made changes to their positions in SBAC. Principal Financial Group Inc. lifted its holdings in 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 worth $931,844,000 after purchasing an additional 1,524,302 shares in the last quarter. Lederer & Associates Investment Counsel CA raised its position in shares of SBA Communications by 13.9% during the first quarter. Lederer & Associates Investment Counsel CA now owns 1,000 shares of the technology company’s stock valued at $217,000 after buying an additional 122 shares during the last quarter. Crescent Grove Advisors LLC lifted its holdings in shares of SBA Communications by 11.1% in the first quarter. Crescent Grove Advisors LLC now owns 1,015 shares of the technology company’s stock worth $220,000 after buying an additional 101 shares in the last quarter. Prestige Wealth Management Group LLC boosted its position in shares of SBA Communications by 4,306.7% during the first quarter. Prestige Wealth Management Group LLC now owns 1,322 shares of the technology company’s stock worth $286,000 after acquiring an additional 1,292 shares during the last quarter. Finally, SYSTM Wealth Solutions LLC increased its holdings in SBA Communications by 30.8% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 1,360 shares of the technology company’s stock valued at $295,000 after acquiring an additional 320 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

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.