TD Cowen Cuts SBA Communications (NASDAQ:SBAC) Price Target to $253.00

SBA Communications (NASDAQ:SBAC) had its price objective reduced by research analysts at TD Cowen from $266.00 to $253.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. TD Cowen’s price objective suggests a potential upside of 30.84% from the company’s previous close.

SBAC has been the subject of a number of other research reports. Barclays reduced their price objective on SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a research report on Tuesday. KeyCorp lowered their price target on shares of 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 cut their price objective 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. Finally, Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research note on Thursday, March 7th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, SBA Communications has a consensus rating of “Buy” and an average price target of $258.23.

SBA Communications Trading Down 4.2 %

SBA Communications stock traded down $8.52 during mid-day trading on Tuesday, reaching $193.37. The company’s stock had a trading volume of 507,327 shares, compared to its average volume of 974,609. SBA Communications has a twelve month low of $185.23 and a twelve month high of $263.08. The business has a 50 day moving average price of $209.91 and a 200-day moving average price of $222.86. The firm has a market cap of $20.91 billion, a price-to-earnings ratio of 41.93, a PEG ratio of 1.21 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The business had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. During the same quarter in the prior year, the firm earned $3.13 EPS. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities analysts expect that SBA Communications will post 12.61 EPS for the current fiscal year.

Insider Buying and Selling at SBA Communications

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

Institutional Investors Weigh In On SBA Communications

A number of institutional investors have recently modified their holdings of the stock. Allworth Financial LP increased its stake in shares of SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after acquiring an additional 45 shares during the last quarter. Quaero Capital S.A. raised its position in SBA Communications by 1.4% during the fourth quarter. Quaero Capital S.A. now owns 3,730 shares of the technology company’s stock valued at $946,000 after acquiring an additional 50 shares in the last quarter. Marks Group Wealth Management Inc lifted its stake in shares of SBA Communications by 4.4% in the 4th quarter. Marks Group Wealth Management Inc now owns 1,274 shares of the technology company’s stock valued at $323,000 after purchasing an additional 54 shares during the last quarter. Ballentine Partners LLC boosted its holdings in SBA Communications by 2.7% in the first quarter. Ballentine Partners LLC now owns 2,068 shares of the technology company’s stock worth $448,000 after purchasing an additional 55 shares in the last quarter. Finally, Warwick Investment Management Inc. increased its position in SBA Communications by 6.1% during the fourth quarter. Warwick Investment Management Inc. now owns 1,061 shares of the technology company’s stock worth $269,000 after buying an additional 61 shares during the last quarter. Institutional investors and hedge funds 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.