SBA Communications (NASDAQ:SBAC) Stock Rating Lowered by StockNews.com

Posted by on Jun 2nd, 2022

SBA Communications (NASDAQ:SBAC – Get Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

SBAC has been the topic of several other reports. Barclays upped their target price on shares of SBA Communications from $378.00 to $385.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 26th. Cowen upped their target price on shares of SBA Communications from $373.00 to $382.00 in a research note on Tuesday, April 26th. Deutsche Bank Aktiengesellschaft upped their target price on shares of SBA Communications from $365.00 to $375.00 in a research note on Wednesday, April 27th. KeyCorp increased their price objective on shares of SBA Communications from $384.00 to $393.00 and gave the company an “overweight” rating in a research report on Tuesday, April 26th. Finally, Wells Fargo & Company increased their price objective on shares of SBA Communications from $375.00 to $390.00 and gave the company an “overweight” rating in a research report on Monday, April 18th. 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 company. According to data from MarketBeat, SBA Communications has an average rating of “Buy” and a consensus target price of $392.67.

Shares of SBAC stock traded down $5.53 during trading hours on Wednesday, hitting $331.08. The company had a trading volume of 669,415 shares, compared to its average volume of 730,485. The company’s fifty day moving average is $344.88 and its 200 day moving average is $339.87. SBA Communications has a fifty-two week low of $286.41 and a fifty-two week high of $391.15. The stock has a market capitalization of $35.70 billion, a PE ratio of 83.61 and a beta of 0.41.

SBA Communications (NASDAQ:SBAC – Get Rating) last announced its earnings results on Monday, April 25th. The technology company reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.72. SBA Communications had a net margin of 18.40% and a negative return on equity of 8.54%. The firm had revenue of $619.77 million for the quarter, compared to the consensus estimate of $603.91 million. During the same period in the prior year, the firm earned $2.58 EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts expect that SBA Communications will post 11.09 earnings per share for the current year.

In related news, CEO Jeffrey Stoops sold 30,000 shares of the stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $344.07, for a total transaction of $10,322,100.00. Following the completion of the sale, the chief executive officer now owns 83,668 shares in the company, valued at approximately $28,787,648.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kevin L. Beebe sold 1,889 shares of the stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $347.72, for a total transaction of $656,843.08. Following the sale, the director now owns 14,813 shares of the company’s stock, valued at approximately $5,150,776.36. The disclosure for this sale can be found here. Insiders sold a total of 36,146 shares of company stock worth $12,383,193 over the last ninety days. Insiders own 1.80% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV lifted its stake in shares of SBA Communications by 2.8% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 11,149 shares of the technology company’s stock worth $4,337,000 after acquiring an additional 303 shares during the period. Gilbert & Cook Inc. lifted its stake in shares of SBA Communications by 1.9% in the fourth quarter. Gilbert & Cook Inc. now owns 2,753 shares of the technology company’s stock valued at $1,071,000 after purchasing an additional 52 shares during the period. Yousif Capital Management LLC acquired a new stake in shares of SBA Communications in the fourth quarter valued at about $7,539,000. Orion Portfolio Solutions LLC acquired a new stake in shares of SBA Communications in the fourth quarter valued at about $249,000. Finally, Commonwealth Equity Services LLC lifted its stake in shares of SBA Communications by 72.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 10,286 shares of the technology company’s stock valued at $4,001,000 after purchasing an additional 4,315 shares during the period. Institutional investors own 95.41% of the company’s stock.

SBA Communications Company Profile (Get Rating)

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.

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