SBA Communications (NASDAQ:SBAC) PT Lowered to $253.00 at TD Cowen

SBA Communications (NASDAQ:SBAC) had its price target cut by investment analysts at TD Cowen from $266.00 to $253.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. TD Cowen’s price target points to a potential upside of 30.84% from the stock’s previous close.

A number of other equities research analysts have also issued reports on SBAC. BMO Capital Markets dropped their price target 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. Barclays dropped their price target on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a research note on Tuesday. Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Thursday, March 7th. Finally, KeyCorp decreased their price target on SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock 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 given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $258.23.

SBA Communications Stock Down 4.2 %

Shares of NASDAQ SBAC traded down $8.52 during midday trading on Tuesday, reaching $193.37. 507,327 shares of the stock were exchanged, compared to its average volume of 974,609. The firm has a market cap of $20.91 billion, a price-to-earnings ratio of 41.93, a PEG ratio of 1.21 and a beta of 0.56. The firm has a 50-day simple moving average of $209.91 and a two-hundred day simple moving average of $222.86. SBA Communications has a twelve month low of $185.23 and a twelve month high of $263.08.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $671.08 million. During the same quarter last year, the company earned $3.13 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. Research analysts expect that SBA Communications will post 12.61 EPS for the current fiscal year.

Insider Transactions at SBA Communications

In related news, Director Mary S. Chan sold 1,977 shares of the company’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 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 Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

A number of large investors have recently modified their holdings of the company. CVA Family Office LLC purchased a new stake in shares of SBA Communications during the 4th quarter worth $37,000. Glassman Wealth Services raised its stake in SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after buying an additional 68 shares in the last quarter. Emerald Advisers LLC purchased a new stake in SBA Communications during the third quarter worth approximately $31,000. Pinnacle Bancorp Inc. lifted its position in shares of SBA Communications by 73.6% during the 4th quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after buying an additional 67 shares during the last quarter. Finally, Allworth Financial LP lifted its position in SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after acquiring an additional 45 shares during the last quarter. 97.35% of the stock is 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.