SBA Communications (NASDAQ:SBAC) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research report issued on Friday, Zacks.com reports. The firm presently has a $272.00 target price on the technology company's stock. Zacks Investment Research's price target indicates a potential upside of 5.46% from the company's current price.
According to Zacks, "SBA Communications’ robust fourth-quarter results reflected solid operating performance in both its site leasing and development segment. Its 2021 outlook indicates continued growth in its leasing segment. In fact, an increase in data volume, the deployment of 5G network, and additional spectrum are likely to continue to propel wireless carriers to expand and enhance their networks. Capitalizing on the trend, the company is banking on portfolio-growth transactions, positioning it well for significant lease-up opportunity over the long haul. However, a highly-leveraged balance sheet limits its ability to withstand any future negative externalities. Tenant concentration is concerning as any consolidation or reduction in network spending impacts its top line. The company’s shares have also underperformed the industry over the past year."
Several other brokerages also recently commented on SBAC. JPMorgan Chase & Co. downgraded SBA Communications from an "overweight" rating to a "neutral" rating and set a $305.00 target price for the company. in a research note on Monday, February 8th. Morgan Stanley lifted their target price on SBA Communications from $309.00 to $316.00 and gave the stock an "equal weight" rating in a research note on Friday, December 11th. Wells Fargo & Company reduced their target price on SBA Communications from $350.00 to $325.00 and set an "overweight" rating for the company in a research note on Thursday, December 10th. Credit Suisse Group reduced their target price on SBA Communications from $291.00 to $277.00 and set a "neutral" rating for the company in a research note on Tuesday. Finally, Smith Barney Citigroup dropped their price target on SBA Communications from $350.00 to $336.00 in a report on Tuesday, November 3rd. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. SBA Communications has an average rating of "Buy" and a consensus target price of $311.85.
SBAC stock traded up $1.39 during mid-day trading on Friday, reaching $257.91. The company had a trading volume of 26,601 shares, compared to its average volume of 778,090. The stock has a 50 day simple moving average of $267.31 and a two-hundred day simple moving average of $290.00. The company has a market capitalization of $28.66 billion, a price-to-earnings ratio of -1,718.62 and a beta of 0.21. SBA Communications has a 52 week low of $205.20 and a 52 week high of $328.37.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Sunday, February 21st. The technology company reported $0.94 earnings per share for the quarter, beating the Zacks' consensus estimate of $0.52 by $0.42. The company had revenue of $536.00 million during the quarter, compared to the consensus estimate of $530.25 million. The firm's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.55 earnings per share. As a group, equities analysts expect that SBA Communications will post 8.8 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of SBAC. CIBC Private Wealth Group LLC raised its holdings in shares of SBA Communications by 238.9% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 434,981 shares of the technology company's stock worth $138,532,000 after buying an additional 306,618 shares in the last quarter. Morgan Stanley grew its position in SBA Communications by 35.4% during the 4th quarter. Morgan Stanley now owns 870,004 shares of the technology company's stock worth $245,456,000 after acquiring an additional 227,280 shares during the last quarter. Daiwa Securities Group Inc. grew its position in SBA Communications by 3,880.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 197,316 shares of the technology company's stock worth $62,841,000 after acquiring an additional 192,359 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in SBA Communications by 20.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,047,820 shares of the technology company's stock worth $333,710,000 after acquiring an additional 174,568 shares during the last quarter. Finally, Skye Global Management LP grew its position in SBA Communications by 78.7% during the 4th quarter. Skye Global Management LP now owns 381,500 shares of the technology company's stock worth $107,633,000 after acquiring an additional 168,000 shares during the last quarter. 93.90% of the stock is owned by institutional investors.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By ÂBuilding Better Wireless,Â SBA generates revenue from two primary businesses Â- site leasing and site development services.
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