SBA Communications (NASDAQ:SBAC) Price Target Increased to $261.00 by Analysts at TD Cowen

SBA Communications (NASDAQ:SBAC) had its price objective upped by TD Cowen from $251.00 to $261.00 in a report published on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other equities research analysts also recently commented on the stock. JPMorgan Chase & Co. upped their target price on shares of SBA Communications from $228.00 to $250.00 and gave the company a “neutral” rating in a research note on Monday, September 23rd. Raymond James upped their target price on shares of SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday, September 20th. Wells Fargo & Company upped their target price on shares of SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada upped their price target on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $257.23.

SBA Communications Price Performance

SBAC opened at $231.75 on Tuesday. The company has a market cap of $24.91 billion, a price-to-earnings ratio of 48.89, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. The firm has a 50 day simple moving average of $237.52 and a 200 day simple moving average of $214.04. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

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). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The business had revenue of $667.60 million for the quarter, compared to the consensus estimate of $669.29 million. During the same period last year, the firm earned $3.34 earnings per share. The company’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, analysts expect that SBA Communications will post 12.52 EPS for the current year.

Insider Transactions at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the sale, the director now directly owns 8,084 shares in the company, valued at $1,775,084.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,590 shares of company stock worth $11,483,981 in the last three months. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in SBA Communications by 0.5% in the first quarter. Vanguard Group Inc. now owns 17,368,209 shares of the technology company’s stock valued at $3,763,691,000 after buying an additional 88,339 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in SBA Communications by 13.4% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,973,867 shares of the technology company’s stock valued at $387,470,000 after purchasing an additional 233,179 shares during the last quarter. American Century Companies Inc. boosted its position in SBA Communications by 15.5% during the second quarter. American Century Companies Inc. now owns 1,190,288 shares of the technology company’s stock worth $233,654,000 after purchasing an additional 159,433 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of SBA Communications by 3.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 986,487 shares of the technology company’s stock valued at $213,773,000 after purchasing an additional 33,507 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in shares of SBA Communications by 34.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 792,147 shares of the technology company’s stock valued at $155,498,000 after purchasing an additional 203,938 shares during the period. 97.35% of the stock is currently 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.