SBA Communications (NASDAQ:SBAC) Given New $230.00 Price Target at Wells Fargo & Company

SBA Communications (NASDAQ:SBAC) had its target price cut by Wells Fargo & Company from $260.00 to $230.00 in a report published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other analysts have also recently commented on the company. Bank of America upgraded SBA Communications from a neutral rating to a buy rating and set a $260.00 price objective for the company in a research report on Thursday, March 7th. BMO Capital Markets reduced their price objective on SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a research report on Tuesday, February 27th. TD Cowen cut their price target on SBA Communications from $266.00 to $253.00 and set a buy rating for the company in a report on Tuesday. KeyCorp cut their price target on SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a report on Tuesday. Finally, Barclays cut their price target on SBA Communications from $255.00 to $241.00 and set an overweight rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $258.23.

SBA Communications Price Performance

SBAC stock opened at $186.12 on Tuesday. SBA Communications has a 1-year low of $185.23 and a 1-year high of $263.08. The business has a fifty day moving average price of $209.49 and a 200-day moving average price of $222.75. The stock has a market capitalization of $20.12 billion, a P/E ratio of 40.37, a P/E/G ratio of 1.21 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.21. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The firm had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. During the same quarter in the previous year, the business earned $3.13 earnings per share. The company’s revenue was down 2.6% on a year-over-year basis. As a group, analysts anticipate that SBA Communications will post 12.61 earnings per share for the current year.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Stockholders of record on Thursday, May 23rd will be paid a $0.98 dividend. This represents a $3.92 dividend on an annualized basis and a dividend yield of 2.11%. SBA Communications’s dividend payout ratio (DPR) is 85.03%.

Insider Buying and Selling

In related news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the sale, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On SBA Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its holdings in shares of SBA Communications by 54.9% in the first quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after buying an additional 1,524,302 shares during the period. Lederer & Associates Investment Counsel CA raised its holdings in shares of SBA Communications by 13.9% in the first quarter. Lederer & Associates Investment Counsel CA now owns 1,000 shares of the technology company’s stock worth $217,000 after buying an additional 122 shares during the period. Crescent Grove Advisors LLC raised its holdings in shares of SBA Communications by 11.1% in the first quarter. Crescent Grove Advisors LLC now owns 1,015 shares of the technology company’s stock worth $220,000 after buying an additional 101 shares during the period. Prestige Wealth Management Group LLC raised its holdings in shares of SBA Communications by 4,306.7% in the first quarter. Prestige Wealth Management Group LLC now owns 1,322 shares of the technology company’s stock worth $286,000 after buying an additional 1,292 shares during the period. Finally, SYSTM Wealth Solutions LLC raised its holdings in shares of SBA Communications by 30.8% in the first quarter. SYSTM Wealth Solutions LLC now owns 1,360 shares of the technology company’s stock worth $295,000 after buying an additional 320 shares during the period. 97.35% of the stock is currently owned by hedge funds and other 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.