SBA Communications (NASDAQ:SBAC) Given New $241.00 Price Target at Barclays

SBA Communications (NASDAQ:SBAC) had its price objective trimmed by Barclays from $255.00 to $241.00 in a research note released on Tuesday, Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

A number of other analysts also recently issued reports on SBAC. Bank of America raised SBA Communications from a neutral rating to a buy rating and set a $260.00 price objective on the stock in a research note on Thursday, March 7th. KeyCorp reduced their price target on shares of SBA Communications from $276.00 to $227.00 and set an overweight rating on the stock in a research report on Tuesday. Finally, BMO Capital Markets lowered 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 report on Tuesday, February 27th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications has a consensus rating of Buy and an average target price of $258.23.

SBA Communications Price Performance

Shares of SBAC stock traded down $0.78 during mid-day trading on Tuesday, hitting $193.09. The company had a trading volume of 1,072,789 shares, compared to its average volume of 1,010,062. The company has a market capitalization of $20.87 billion, a P/E ratio of 37.86, a P/E/G ratio of 1.16 and a beta of 0.59. The stock’s 50 day moving average price is $208.78 and its 200-day moving average price is $222.32. SBA Communications has a 52-week low of $183.64 and a 52-week high of $258.76.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. 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 business’s revenue was down 2.6% on a year-over-year basis. On average, equities research analysts expect that SBA Communications will post 12.61 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Thursday, May 23rd will be issued a $0.98 dividend. This represents a $3.92 annualized dividend and a yield of 2.03%. The ex-dividend date is Wednesday, May 22nd. SBA Communications’s dividend payout ratio is presently 76.86%.

Insider Activity

In other SBA Communications 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 sale, 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 legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Institutional investors and hedge funds have recently modified their holdings of the company. Emerald Advisers LLC purchased a new position in SBA Communications during the 3rd quarter worth approximately $31,000. CVA Family Office LLC purchased a new position in shares of SBA Communications during the fourth quarter worth $37,000. Glassman Wealth Services lifted its position in SBA Communications by 79.1% during the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after purchasing an additional 68 shares during the period. Pinnacle Bancorp Inc. boosted its holdings in SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after purchasing an additional 67 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after purchasing an additional 45 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.