Citigroup Issues Positive Forecast for SBA Communications (NASDAQ:SBAC) Stock Price

SBA Communications (NASDAQ:SBAC - Get Free Report) had its price objective upped by stock analysts at Citigroup from $250.00 to $265.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Citigroup's price target would suggest a potential upside of 12.45% from the company's previous close.

A number of other equities analysts also recently issued reports on SBAC. Wells Fargo & Company lifted their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. Royal Bank of Canada restated an "outperform" rating and issued a $255.00 price objective on shares of SBA Communications in a research note on Monday, February 24th. Morgan Stanley initiated coverage on shares of SBA Communications in a research report on Tuesday, April 1st. They issued an "equal weight" rating and a $240.00 price objective for the company. Barclays raised their price target on shares of SBA Communications from $244.00 to $247.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, Raymond James restated a "strong-buy" rating and set a $268.00 price objective (up previously from $265.00) on shares of SBA Communications in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, SBA Communications has an average rating of "Moderate Buy" and a consensus price target of $250.85.

SBA Communications Trading Up 5.5 %

NASDAQ SBAC traded up $12.38 during mid-day trading on Tuesday, hitting $235.66. The company's stock had a trading volume of 560,916 shares, compared to its average volume of 942,912. The company's 50 day simple moving average is $219.45 and its 200 day simple moving average is $216.36. SBA Communications has a twelve month low of $183.64 and a twelve month high of $252.64. The firm has a market capitalization of $25.36 billion, a price-to-earnings ratio of 37.16, a PEG ratio of 0.74 and a beta of 0.83.

Insider Buying and Selling

In related news, VP Joshua Koenig sold 2,209 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the sale, the vice president now owns 6,079 shares of the company's stock, valued at $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.92% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SBA Communications

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dodge & Cox boosted its stake in SBA Communications by 352.5% during the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company's stock valued at $1,497,167,000 after purchasing an additional 5,722,740 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of SBA Communications by 16.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock worth $1,024,049,000 after purchasing an additional 605,872 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of SBA Communications by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 2,886,158 shares of the technology company's stock worth $586,827,000 after purchasing an additional 71,023 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of SBA Communications by 5.9% in the 4th quarter. Deutsche Bank AG now owns 2,411,920 shares of the technology company's stock worth $491,549,000 after purchasing an additional 134,624 shares in the last quarter. Finally, Cohen & Steers Inc. increased its holdings in shares of SBA Communications by 29.8% in the 4th quarter. Cohen & Steers Inc. now owns 1,883,065 shares of the technology company's stock worth $383,762,000 after purchasing an additional 432,644 shares in the last quarter. 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.

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