SBA Communications (NASDAQ:SBAC) Downgraded by Wells Fargo & Company to “Equal Weight”

SBA Communications (NASDAQ:SBAC) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued on Monday, Briefing.com reports. They presently have a $220.00 price objective on the technology company’s stock, down from their previous price objective of $230.00. Wells Fargo & Company‘s price target suggests a potential upside of 3.37% from the company’s previous close.

A number of other equities analysts have also recently weighed in on SBAC. Royal Bank of Canada decreased their price target on SBA Communications from $250.00 to $235.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Barclays dropped their price target on shares of SBA Communications from $241.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. TD Cowen decreased their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research report on Tuesday, April 30th. StockNews.com lowered SBA Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, Citigroup reduced their price target on SBA Communications from $290.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, April 30th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $248.31.

SBA Communications Stock Up 1.4 %

SBA Communications stock opened at $212.83 on Monday. The firm has a market capitalization of $22.87 billion, a P/E ratio of 41.73, a PEG ratio of 0.68 and a beta of 0.65. The firm has a fifty day moving average of $195.11 and a 200-day moving average of $209.83. SBA Communications has a 52-week low of $183.64 and a 52-week high of $258.76.

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, beating the consensus estimate of $1.21 by $0.21. The firm 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 10.75% and a net margin of 20.61%. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.13 EPS. On average, research analysts expect that SBA Communications will post 12.51 EPS for the current fiscal year.

Institutional Trading of SBA Communications

A number of institutional investors and hedge funds have recently modified their holdings of the business. CVA Family Office LLC bought a new stake in shares of SBA Communications during the 4th quarter valued at about $37,000. Glassman Wealth Services grew its holdings in shares of 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 last quarter. Pinnacle Bancorp Inc. raised its position in shares of SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after purchasing an additional 67 shares during the period. Allworth Financial LP lifted its holdings in shares of SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after purchasing an additional 45 shares during the last quarter. Finally, Quarry LP boosted its position in SBA Communications by 400.0% during the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after purchasing an additional 132 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

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.