SBA Communications (NASDAQ:SBAC) Price Target Cut to $235.00

SBA Communications (NASDAQ:SBAC - Get Free Report) had its target price dropped by equities researchers at Royal Bank of Canada from $250.00 to $235.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an "outperform" rating on the technology company's stock. Royal Bank of Canada's price objective suggests a potential upside of 18.40% from the company's current price.

A number of other brokerages have also recently issued reports on SBAC. Wells Fargo & Company reduced their target price on SBA Communications from $260.00 to $230.00 and set an "overweight" rating on the stock in a report on Tuesday, April 30th. BMO Capital Markets lowered their target price on shares of SBA Communications from $285.00 to $265.00 and set an "outperform" rating for the company in a research note on Tuesday, February 27th. Citigroup reduced their price target on shares of SBA Communications from $290.00 to $260.00 and set a "buy" rating on the stock in a research report on Tuesday, April 30th. Barclays reduced their target price on SBA Communications from $255.00 to $241.00 and set an "overweight" rating on the stock in a report on Tuesday, April 30th. Finally, TD Cowen lowered their price target on SBA Communications from $266.00 to $253.00 and set a "buy" rating for the company in a report on Tuesday, April 30th. 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's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $252.25.

SBA Communications Price Performance

Shares of NASDAQ SBAC traded up $1.26 during mid-day trading on Thursday, hitting $198.48. The company's stock had a trading volume of 827,521 shares, compared to its average volume of 1,003,440. The stock has a market cap of $21.46 billion, a price-to-earnings ratio of 38.92, a price-to-earnings-growth ratio of 0.57 and a beta of 0.59. The company's fifty day simple moving average is $207.84 and its 200-day simple moving average is $222.47. SBA Communications has a one year low of $183.64 and a one year high of $258.76.

SBA Communications (NASDAQ:SBAC - Get Free Report) last released its earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.21 by $0.21. The firm had revenue of $657.86 million during the quarter, compared to analyst estimates of $671.08 million. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The business's quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.13 EPS. On average, sell-side analysts predict that SBA Communications will post 12.53 EPS for the current year.

Insider Transactions at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the sale, the director now directly owns 4,622 shares in the company, valued at approximately $1,007,549.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB raised its holdings in shares of SBA Communications by 6.3% in the 4th quarter. Nordea Investment Management AB now owns 272,065 shares of the technology company's stock valued at $68,854,000 after purchasing an additional 16,244 shares during the period. Legacy Trust bought a new position in shares of SBA Communications in the fourth quarter valued at about $3,256,000. Lecap Asset Management Ltd. acquired a new stake in shares of SBA Communications during the 4th quarter worth about $2,122,000. Natixis Advisors L.P. grew its stake in SBA Communications by 18.8% in the 3rd quarter. Natixis Advisors L.P. now owns 36,708 shares of the technology company's stock valued at $7,348,000 after buying an additional 5,814 shares during the last quarter. Finally, Machina Capital S.A.S. bought a new position in SBA Communications in the 4th quarter valued at about $343,000. 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.