Royal Bank Of Canada Lowers SBA Communications (NASDAQ:SBAC) Price Target to $210.00

Key Points

• Royal Bank of Canada cut its price target on SBA Communications from $245 to $210, while keeping an outperform rating on the stock. The new target still implies upside from the previous close.
• Other analysts have mixed views on SBAC, with recent price targets ranging from $205 to $245 and the consensus rating sitting at Moderate Buy. The average analyst target is $235.83.
• SBAC shares rose 2.2% and opened at $186.46; the company has a market cap of about $19.78 billion. Hedge funds and other institutional investors continue to hold the vast majority of the stock.

SBA Communications (NASDAQ:SBAC - Get Free Report) had its price target lowered by investment analysts at Royal Bank Of Canada from $245.00 to $210.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the technology company's stock. Royal Bank Of Canada's price target indicates a potential upside of 12.62% from the company's previous close.

SBAC has been the topic of a number of other reports. The Goldman Sachs Group started coverage on SBA Communications in a research note on Friday, June 26th. They issued a "neutral" rating and a $205.00 price target on the stock. Barclays boosted their price target on shares of SBA Communications from $244.00 to $245.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Weiss Ratings upgraded SBA Communications from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, April 22nd. Wells Fargo & Company increased their target price on SBA Communications from $195.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 7th. Finally, Scotiabank raised their target price on SBA Communications from $223.00 to $230.00 and gave the company a "sector perform" rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $235.83.

SBA Communications Stock Up 2.2%

SBAC stock opened at $186.46 on Friday. The firm has a market cap of $19.78 billion, a P/E ratio of 19.60, a PEG ratio of 1.82 and a beta of 1.00. The company's 50-day simple moving average is $198.97 and its 200-day simple moving average is $195.66. SBA Communications has a 52-week low of $162.41 and a 52-week high of $243.16.

Hedge Funds Weigh In On SBA Communications

Hedge funds have recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC grew its holdings in shares of SBA Communications by 523.8% during the fourth quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company's stock worth $25,000 after purchasing an additional 110 shares during the last quarter. DV Equities LLC acquired a new stake in shares of SBA Communications in the 4th quarter worth $29,000. Fulcrum Asset Management LLP purchased a new stake in SBA Communications in the 3rd quarter valued at approximately $32,000. Geneos Wealth Management Inc. boosted its stake in shares of SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company's stock valued at $36,000 after buying an additional 84 shares in the last quarter. Finally, CX Institutional boosted its position in shares of SBA Communications by 44.2% during the 2nd quarter. CX Institutional now owns 212 shares of the technology company's stock worth $37,000 after purchasing an additional 65 shares in the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

SBA Communications Company Profile

SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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