The Goldman Sachs Group Initiates Coverage on SBA Communications (NASDAQ:SBAC)

Analysts at The Goldman Sachs Group initiated coverage on shares of SBA Communications (NASDAQ:SBAC) in a research note issued to investors on Monday, Benzinga reports. The firm set a “neutral” rating and a $212.00 price target on the technology company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 12.17% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. KeyCorp cut their price target on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Friday, June 28th. Royal Bank of Canada cut their price target on shares of SBA Communications from $250.00 to $235.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Barclays cut their price target on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, Citigroup dropped their target price on shares of SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $249.08.

SBA Communications Stock Performance

SBAC stock opened at $189.00 on Monday. SBA Communications has a 52 week low of $183.64 and a 52 week high of $258.76. The firm’s fifty day moving average is $194.79 and its 200 day moving average is $213.21. The firm has a market cap of $20.31 billion, a P/E ratio of 37.05, a P/E/G ratio of 0.62 and a beta of 0.65.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) 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 net margin of 20.61% and a negative return on equity of 10.75%. The company’s revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.13 EPS. As a group, analysts forecast that SBA Communications will post 12.51 EPS for the current year.

Institutional Trading of SBA Communications

Large investors have recently made changes to their positions in the stock. CVA Family Office LLC bought a new stake in shares of SBA Communications in the fourth quarter worth approximately $37,000. Glassman Wealth Services grew its stake in shares of SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock worth $39,000 after acquiring an additional 68 shares during the period. Pinnacle Bancorp Inc. grew its stake in shares of SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after acquiring an additional 67 shares during the period. Allworth Financial LP grew 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 period. Finally, Quarry LP grew its stake in shares of SBA Communications by 400.0% in the fourth quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after acquiring an additional 132 shares during the period. 97.35% of the stock is currently owned by institutional investors.

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.