The Goldman Sachs Group Cuts SBA Communications (NASDAQ:SBAC) Price Target to $220.00

Key Points

• The Goldman Sachs Group has cut its price target for SBA Communications (NASDAQ:SBAC) from $250.00 to $220.00, maintaining a "neutral" rating on the stock.
• Despite the downgrade, the new price target suggests a potential upside of 14.65% from the current share price of $191.89.
• SBA Communications reported quarterly earnings of $3.17 per share, exceeding analysts' expectations, and showing a 5.8% increase in revenue year-over-year.

SBA Communications (NASDAQ:SBAC - Get Free Report) had its target price lowered by equities researchers at The Goldman Sachs Group from $250.00 to $220.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. The Goldman Sachs Group's price objective would suggest a potential upside of 14.65% from the company's current price.

SBAC has been the topic of a number of other research reports. Wells Fargo & Company increased their price objective on SBA Communications from $225.00 to $235.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 5th. Bank of America cut SBA Communications from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $260.00 to $230.00 in a research report on Wednesday, August 27th. UBS Group increased their price objective on SBA Communications from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Morgan Stanley raised their target price on SBA Communications from $255.00 to $260.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Citigroup restated an "outperform" rating on shares of SBA Communications in a report on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $250.40.

SBA Communications Trading Down 0.8%

SBAC stock traded down $1.46 during trading on Wednesday, hitting $191.89. The company had a trading volume of 615,154 shares, compared to its average volume of 941,252. SBA Communications has a fifty-two week low of $186.81 and a fifty-two week high of $252.64. The firm has a market capitalization of $20.61 billion, a price-to-earnings ratio of 24.38, a P/E/G ratio of 1.85 and a beta of 0.80. The business has a 50 day moving average of $211.03 and a 200 day moving average of $222.26.

SBA Communications (NASDAQ:SBAC - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The technology company reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates of $3.10 by $0.07. SBA Communications had a net margin of 31.19% and a negative return on equity of 16.83%. The company had revenue of $698.98 million during the quarter, compared to the consensus estimate of $670.73 million. During the same period in the prior year, the company earned $3.29 EPS. SBA Communications's revenue was up 5.8% on a year-over-year basis. SBA Communications has set its FY 2025 guidance at EPS. As a group, equities analysts predict that SBA Communications will post 12.57 EPS for the current year.

Institutional Trading of SBA Communications

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of SBA Communications by 0.5% in the second quarter. Vanguard Group Inc. now owns 17,760,251 shares of the technology company's stock valued at $4,170,817,000 after purchasing an additional 93,582 shares in the last quarter. Dodge & Cox boosted its holdings in shares of SBA Communications by 1.5% in the 2nd quarter. Dodge & Cox now owns 8,608,494 shares of the technology company's stock worth $2,021,619,000 after purchasing an additional 123,230 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of SBA Communications by 40.3% in the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company's stock valued at $1,314,265,000 after acquiring an additional 1,715,541 shares during the last quarter. State Street Corp lifted its stake in shares of SBA Communications by 0.5% in the 2nd quarter. State Street Corp now owns 4,613,181 shares of the technology company's stock valued at $1,083,359,000 after acquiring an additional 24,793 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in shares of SBA Communications by 7.3% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 1,996,773 shares of the technology company's stock worth $439,310,000 after acquiring an additional 135,682 shares in 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.