SBA Communications Corporation (NASDAQ:SBAC) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• SBA Communications has a “Moderate Buy” consensus rating from 18 analysts, including nine buys, eight holds and one strong buy. The average 12-month price target is $235.28.
• Recent analyst actions were mixed: Wells Fargo upgraded the stock to overweight, while Royal Bank of Canada cut its target to $210; other firms set targets ranging from $210 to $250.
• Shares opened at $181.90, down 2.4%, below their 50-day and 200-day moving averages. Institutional investors own a substantial 97.35% of the company.

Shares of SBA Communications Corporation (NASDAQ:SBAC - Get Free Report) have received an average recommendation of "Moderate Buy" from the eighteen ratings firms that are presently covering the firm, MarketBeat reports. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $235.2778.

A number of analysts recently commented on the stock. Royal Bank Of Canada dropped their price target on shares of SBA Communications from $245.00 to $210.00 and set an "outperform" rating on the stock in a research note on Friday, July 10th. KeyCorp lifted their price objective on shares of SBA Communications from $235.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Wells Fargo & Company raised shares of SBA Communications from an "equal weight" rating to an "overweight" rating and lowered their target price for the company from $220.00 to $210.00 in a report on Friday, July 17th. Morgan Stanley increased their target price on SBA Communications from $215.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 9th. Finally, Barclays raised their price target on SBA Communications from $244.00 to $245.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th.

SBA Communications Stock Down 2.4%

Shares of NASDAQ:SBAC opened at $181.90 on Friday. The firm has a market capitalization of $19.29 billion, a PE ratio of 19.15, a P/E/G ratio of 1.86 and a beta of 1.00. SBA Communications has a twelve month low of $162.41 and a twelve month high of $234.64. The company has a 50-day moving average price of $189.91 and a two-hundred day moving average price of $194.77.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SBAC. Aberdeen Group plc boosted its position in shares of SBA Communications by 12.4% in the fourth quarter. Aberdeen Group plc now owns 202,452 shares of the technology company's stock valued at $39,160,000 after acquiring an additional 22,293 shares during the period. OFI Invest Asset Management purchased a new position in SBA Communications during the fourth quarter valued at approximately $17,915,000. VCI Wealth Management LLC bought a new stake in SBA Communications during the 4th quarter worth approximately $1,786,000. M&T Bank Corp lifted its stake in SBA Communications by 8,722.0% in the 4th quarter. M&T Bank Corp now owns 263,601 shares of the technology company's stock worth $50,988,000 after purchasing an additional 260,613 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in SBA Communications by 5.7% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 267,659 shares of the technology company's stock worth $46,067,000 after purchasing an additional 14,317 shares in the last quarter. Institutional investors own 97.35% of the company's stock.

About SBA Communications

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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