SBA Communications (NASDAQ:SBAC) Price Target Raised to $235.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company raised the price target for SBA Communications from $225.00 to $235.00, indicating a potential upside of 6.36% from its current price.
• SBA Communications reported $3.17 earnings per share for the last quarter, surpassing analysts' expectations of $3.10, and showed 5.8% revenue growth year-over-year.
• The stock has received various ratings, with a consensus of "Moderate Buy" and an average price target of $258.44 from 18 analysts.

SBA Communications (NASDAQ:SBAC - Get Free Report) had its target price lifted by stock analysts at Wells Fargo & Company from $225.00 to $235.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the technology company's stock. Wells Fargo & Company's price target would indicate a potential upside of 6.36% from the company's current price.

Other equities research analysts also recently issued reports about the company. Raymond James Financial reiterated a "strong-buy" rating and issued a $268.00 target price (up from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Citigroup boosted their price objective on SBA Communications from $250.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. JMP Securities boosted their price objective on SBA Communications from $270.00 to $280.00 and gave the stock a "market outperform" rating in a research report on Tuesday. Wall Street Zen cut SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. Finally, UBS Group increased their target price on SBA Communications from $280.00 to $285.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $258.44.

SBA Communications Price Performance

NASDAQ SBAC traded down $9.45 on Tuesday, hitting $220.96. 503,637 shares of the company were exchanged, compared to its average volume of 855,097. The company's 50 day moving average price is $231.26 and its 200-day moving average price is $223.10. The firm has a market capitalization of $23.74 billion, a P/E ratio of 30.31, a price-to-earnings-growth ratio of 1.89 and a beta of 0.77. SBA Communications has a twelve month low of $192.55 and a twelve month high of $252.64.

SBA Communications (NASDAQ:SBAC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The technology company reported $3.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.10 by $0.07. The company had revenue of $698.98 million for the quarter, compared to analysts' expectations of $670.73 million. SBA Communications had a negative return on equity of 15.30% and a net margin of 29.29%. The business's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.29 EPS. As a group, equities analysts expect that SBA Communications will post 12.57 EPS for the current year.

Institutional Trading of SBA Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Independence Bank of Kentucky purchased a new stake in SBA Communications in the first quarter worth about $28,000. CVA Family Office LLC grew its stake in SBA Communications by 106.3% during the 2nd quarter. CVA Family Office LLC now owns 130 shares of the technology company's stock valued at $31,000 after purchasing an additional 67 shares during the last quarter. Stone House Investment Management LLC acquired a new position in shares of SBA Communications in the 1st quarter valued at about $33,000. Allworth Financial LP grew its position in shares of SBA Communications by 62.0% in the first quarter. Allworth Financial LP now owns 162 shares of the technology company's stock valued at $36,000 after purchasing an additional 62 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position 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 purchasing an additional 84 shares in the last quarter. Hedge funds and other 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.

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