SBA Communications (NASDAQ:SBAC) Price Target Lowered to $260.00 at Citigroup

SBA Communications (NASDAQ:SBAC) had its price objective reduced by research analysts at Citigroup from $290.00 to $260.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s price target indicates a potential upside of 34.46% from the company’s current price.

Several other research analysts have also recently issued reports on SBAC. TD Cowen cut their price target on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a report on Tuesday. Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price objective on the stock in a report on Thursday, March 7th. BMO Capital Markets dropped their target price on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating for the company in a report on Tuesday, February 27th. 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. Finally, KeyCorp dropped their price objective on SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, SBA Communications presently has a consensus rating of “Buy” and a consensus price target of $258.23.

SBA Communications Price Performance

Shares of SBAC traded down $8.52 during mid-day trading on Tuesday, reaching $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 PE ratio of 41.93, a price-to-earnings-growth ratio of 1.21 and a beta of 0.56. The business’s fifty day simple moving average is $209.91 and its 200-day simple moving average is $222.86. SBA Communications has a 52-week low of $185.23 and a 52-week high of $263.08.

SBA Communications (NASDAQ:SBAC) last issued 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. The firm had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the company earned $3.13 earnings per share. Equities research analysts predict that SBA Communications will post 12.61 earnings per share for the current year.

Insider Activity

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were 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 directly owns 4,622 shares in the company, valued at $1,007,549.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. grew its position 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 acquiring an additional 1,524,302 shares in the last quarter. Lederer & Associates Investment Counsel CA grew its stake in SBA Communications by 13.9% during the 1st quarter. Lederer & Associates Investment Counsel CA now owns 1,000 shares of the technology company’s stock valued at $217,000 after purchasing an additional 122 shares in the last quarter. Crescent Grove Advisors LLC raised its position in shares of SBA Communications by 11.1% in the 1st quarter. Crescent Grove Advisors LLC now owns 1,015 shares of the technology company’s stock valued at $220,000 after purchasing an additional 101 shares in the last quarter. Prestige Wealth Management Group LLC grew its position in shares of SBA Communications by 4,306.7% during 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 in the last quarter. Finally, SYSTM Wealth Solutions LLC increased its stake 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 last quarter. Hedge funds and other 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.