SBA Communications’ (SBAC) Market Perform Rating Reiterated at BMO Capital Markets

SBA Communications (NASDAQ:SBAC)‘s stock had its “market perform” rating reiterated by stock analysts at BMO Capital Markets in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $230.00 target price on the technology company’s stock, down from their prior target price of $260.00. BMO Capital Markets’ price objective points to a potential upside of 10.05% from the stock’s current price.

Several other analysts also recently weighed in on SBAC. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. KeyCorp lifted their price objective on shares of SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Raymond James upped their target price on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price target on SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. Finally, TD Cowen raised their price objective on SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $254.92.

SBA Communications Trading Down 1.5 %

Shares of SBAC opened at $208.99 on Wednesday. SBA Communications has a 12-month low of $183.64 and a 12-month high of $256.68. The firm has a fifty day moving average price of $227.66 and a 200-day moving average price of $220.53. The firm has a market capitalization of $22.47 billion, a P/E ratio of 32.96, a P/E/G ratio of 0.72 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). The company had revenue of $667.60 million for the quarter, compared to the consensus estimate of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The business’s revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $3.34 EPS. Analysts predict that SBA Communications will post 12.56 earnings per share for the current year.

Insider Activity

In other news, EVP Mark R. Ciarfella sold 3,545 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the transaction, the executive vice president now directly owns 33,588 shares in the company, valued at $7,534,796.04. This trade represents a 9.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its stake in SBA Communications by 2,821.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in SBA Communications by 377.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock valued at $213,353,000 after purchasing an additional 700,791 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in SBA Communications in the second quarter valued at $134,738,000. Long Pond Capital LP acquired a new stake in SBA Communications during the 2nd quarter worth about $83,687,000. Finally, AQR Capital Management LLC raised its stake in shares of SBA Communications by 500.0% during the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock valued at $72,375,000 after buying an additional 307,530 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

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.