SBA Communications (NASDAQ:SBAC) Price Target Cut to $230.00 by Analysts at Wells Fargo & Company

SBA Communications (NASDAQ:SBAC) had its target price dropped by Wells Fargo & Company from $260.00 to $230.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 18.94% from the stock’s current price.

SBAC has been the topic of several other reports. Barclays lowered their price objective on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a research report 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 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 note on Tuesday, February 27th. TD Cowen decreased their price objective on SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, KeyCorp dropped their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a report on Tuesday. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $258.23.

SBA Communications Trading Down 4.2 %

SBAC stock traded down $8.52 during trading on Tuesday, hitting $193.37. 507,327 shares of the company’s stock were exchanged, compared to its average volume of 974,609. The stock has a market capitalization of $20.91 billion, a price-to-earnings ratio of 41.93, a PEG ratio of 1.21 and a beta of 0.56. SBA Communications has a 52-week low of $185.23 and a 52-week high of $263.08. The business has a 50-day moving average price of $209.91 and a two-hundred day moving average price of $222.86.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 18.51% and a negative return on equity of 9.70%. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same period last year, the business earned $3.13 EPS. SBA Communications’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities research analysts anticipate that SBA Communications will post 12.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of SBA Communications

Institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its position 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 valued at $931,844,000 after buying an additional 1,524,302 shares in the last quarter. Invesco Ltd. grew its stake in SBA Communications by 140.6% in the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after acquiring an additional 1,252,764 shares during the last quarter. Brown Advisory Inc. increased its holdings in SBA Communications by 7.9% during the 4th quarter. Brown Advisory Inc. now owns 2,091,103 shares of the technology company’s stock valued at $530,492,000 after acquiring an additional 153,299 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in SBA Communications by 9.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,958,156 shares of the technology company’s stock valued at $496,765,000 after acquiring an additional 166,554 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in SBA Communications by 115.3% during the third quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock worth $271,838,000 after acquiring an additional 727,163 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

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.