SBA Communications (NASDAQ:SBAC) Price Target Cut to $260.00

SBA Communications (NASDAQ:SBAC) had its price target dropped by analysts at Citigroup from $290.00 to $260.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would indicate a potential upside of 37.48% from the stock’s current price.

SBAC has been the topic of several other research reports. Barclays decreased their price target on SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a research note on Tuesday. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research note on Thursday, March 7th. BMO Capital Markets decreased their price target on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 27th. TD Cowen decreased their price target on SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company decreased their price target on SBA Communications from $260.00 to $230.00 and set an “overweight” rating on the stock in a research note 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 company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $258.23.

SBA Communications Trading Up 1.6 %

Shares of NASDAQ:SBAC opened at $189.12 on Tuesday. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76. The firm has a market capitalization of $20.45 billion, a PE ratio of 37.08, a PEG ratio of 1.24 and a beta of 0.56. The business’s 50 day moving average is $209.12 and its 200-day moving average is $222.52.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data 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 10.79% and a net margin of 20.61%. The company had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter last year, the firm earned $3.13 EPS. SBA Communications’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, sell-side analysts predict that SBA Communications will post 12.61 EPS for the current year.

Insider Transactions at SBA Communications

In other news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the completion of the sale, the director now owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBAC. Principal Financial Group Inc. increased its holdings in 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 valued at $931,844,000 after purchasing an additional 1,524,302 shares during the last quarter. Invesco Ltd. increased its holdings in SBA Communications by 140.6% in the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after purchasing an additional 1,252,764 shares during the last quarter. Norges Bank bought a new stake in SBA Communications in the fourth quarter valued at about $286,079,000. Ameriprise Financial Inc. increased its holdings in SBA Communications by 115.3% in the third quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock valued at $271,838,000 after purchasing an additional 727,163 shares during the last quarter. Finally, Bristol John W & Co. Inc. NY bought a new stake in SBA Communications in the third quarter valued at about $92,725,000. Institutional investors own 97.35% of the company’s stock.

SBA Communications Company Profile

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.