Barclays Cuts SBA Communications (NASDAQ:SBAC) Price Target to $254.00

SBA Communications (NASDAQ:SBAC) had its price objective lowered by stock analysts at Barclays from $257.00 to $254.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Barclays‘s target price indicates a potential upside of 30.24% from the company’s previous close.

Several other analysts also recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Morgan Stanley upped their price target on shares of SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Wells Fargo & Company lifted their price objective on SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Raymond James boosted their price objective on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th. Finally, TD Cowen raised their target price on SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $254.77.

SBA Communications Price Performance

Shares of SBAC opened at $195.02 on Monday. The business’s 50-day moving average is $212.49 and its 200-day moving average is $221.36. The company has a market capitalization of $20.97 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 0.72 and a beta of 0.69. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $252.64.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The company had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a negative return on equity of 13.13% and a net margin of 25.76%. The company’s revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company posted $3.34 earnings per share. Equities research analysts expect that SBA Communications will post 12.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Donald Day sold 2,321 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the completion of the transaction, the executive vice president now owns 4,998 shares in the company, valued at $1,016,743.14. This trade represents a 31.71 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark R. Ciarfella sold 3,545 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the sale, the executive vice president now directly owns 33,588 shares in the company, valued at approximately $7,534,796.04. This represents a 9.55 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SBAC. State Street Corp increased its position in shares of SBA Communications by 1.8% during the 3rd quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock worth $1,117,697,000 after purchasing an additional 81,566 shares in the last quarter. JPMorgan Chase & Co. grew its stake in SBA Communications by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock worth $1,024,049,000 after buying an additional 605,872 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of SBA Communications by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company’s stock worth $305,637,000 after buying an additional 62,555 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock valued at $213,353,000 after acquiring an additional 700,791 shares during the last quarter. 97.35% of the stock is 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.