Morgan Stanley Issues Positive Forecast for SBA Communications (NASDAQ:SBAC) Stock Price

SBA Communications (NASDAQ:SBAC - Free Report) had its price target raised by Morgan Stanley from $255.00 to $260.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the technology company's stock.

A number of other equities analysts also recently commented on the company. Citigroup upped their target price on SBA Communications from $250.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Scotiabank assumed coverage on SBA Communications in a research report on Thursday, July 17th. They set a "sector perform" rating and a $252.00 price objective for the company. Wall Street Zen lowered SBA Communications from a "buy" rating to a "hold" rating in a research report on Friday, April 18th. BMO Capital Markets raised their price objective on SBA Communications from $230.00 to $240.00 and gave the company a "market perform" rating in a research report on Tuesday, April 29th. Finally, JMP Securities raised their price objective on SBA Communications from $250.00 to $270.00 and gave the company a "market outperform" rating in a research report on Tuesday, April 29th. 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's stock. Based on data from MarketBeat.com, SBA Communications has an average rating of "Moderate Buy" and an average price target of $257.19.

SBA Communications Stock Performance

Shares of SBA Communications stock traded down $1.20 during midday trading on Tuesday, reaching $233.92. 500,387 shares of the company's stock traded hands, compared to its average volume of 857,695. The company has a market cap of $25.13 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 1.96 and a beta of 0.78. The stock has a 50 day moving average of $231.69 and a 200-day moving average of $221.29. SBA Communications has a 12 month low of $192.55 and a 12 month high of $252.64.

SBA Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Thursday, May 22nd were issued a $1.11 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $4.44 annualized dividend and a yield of 1.90%. SBA Communications's payout ratio is 60.91%.

Insider Buying and Selling

In related news, Director Jack Langer sold 5,000 shares of SBA Communications stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total value of $1,202,950.00. Following the completion of the sale, the director directly owned 10,522 shares in the company, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.92% of the company's stock.

Institutional Investors Weigh In On SBA Communications

Several large investors have recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. increased its holdings in SBA Communications by 6.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,156 shares of the technology company's stock worth $741,000 after buying an additional 192 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in SBA Communications by 7.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,616 shares of the technology company's stock worth $849,000 after buying an additional 262 shares in the last quarter. MGO One Seven LLC increased its holdings in SBA Communications by 64.2% in the 2nd quarter. MGO One Seven LLC now owns 2,558 shares of the technology company's stock worth $601,000 after buying an additional 1,000 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in SBA Communications by 1.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 84,923 shares of the technology company's stock worth $20,275,000 after purchasing an additional 809 shares during the last quarter. Finally, CWM LLC boosted its position in SBA Communications by 11.1% in the second quarter. CWM LLC now owns 14,982 shares of the technology company's stock worth $3,518,000 after purchasing an additional 1,494 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

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.