SBA Communications (NASDAQ:SBAC) Price Target Cut to $255.00 by Analysts at Barclays

SBA Communications (NASDAQ:SBAC - Get Free Report) had its target price reduced by stock analysts at Barclays from $260.00 to $255.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. Barclays's target price indicates a potential upside of 29.96% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets cut their price target on shares of SBA Communications from $285.00 to $265.00 and set an "outperform" rating on the stock in a research note on Tuesday, February 27th. Bank of America raised shares of SBA Communications from a "neutral" rating to a "buy" rating and set a $260.00 target price on the stock in a research note on Thursday, March 7th. One equities 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 company has a consensus rating of "Buy" and an average price target of $268.00.

SBA Communications Price Performance

NASDAQ:SBAC traded up $1.16 during trading hours on Wednesday, reaching $196.22. 740,500 shares of the company were exchanged, compared to its average volume of 1,003,862. The firm has a market cap of $21.21 billion, a price-to-earnings ratio of 42.56, a PEG ratio of 1.22 and a beta of 0.56. SBA Communications has a 52-week low of $185.23 and a 52-week high of $266.77. The stock has a 50 day simple moving average of $212.12 and a 200 day simple moving average of $222.50.

SBA Communications (NASDAQ:SBAC - Get Free Report) last posted its quarterly earnings results on Monday, February 26th. The technology company reported $1.01 earnings per share for the quarter, missing analysts' consensus estimates of $1.37 by ($0.36). The company had revenue of $675.00 million for the quarter, compared to analysts' expectations of $682.11 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The business's revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $3.11 EPS. On average, analysts predict that SBA Communications will post 12.6 EPS for the current fiscal year.

Insider Activity at SBA Communications

In related news, Director Mary S. Chan sold 1,977 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $1,007,549.78. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On SBA Communications

A number of large investors have recently added to or reduced their stakes in SBAC. Invesco Ltd. grew its holdings in SBA Communications by 140.6% during the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company's stock worth $429,140,000 after acquiring an additional 1,252,764 shares in the last quarter. Norges Bank acquired a new position in SBA Communications during the 4th quarter worth $286,079,000. Ameriprise Financial Inc. grew its holdings in SBA Communications by 115.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company's stock worth $271,838,000 after acquiring an additional 727,163 shares in the last quarter. Millennium Management LLC grew its holdings in SBA Communications by 294.4% during the 4th quarter. Millennium Management LLC now owns 797,089 shares of the technology company's stock worth $223,432,000 after acquiring an additional 594,994 shares in the last quarter. Finally, Bristol John W & Co. Inc. NY acquired a new position in SBA Communications during the 3rd quarter worth $92,725,000. 97.35% of the stock is owned by institutional investors and hedge funds.

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.