SBA Communications (NASDAQ:SBAC) PT Raised to $215.00

SBA Communications (NASDAQ:SBAC) had its price objective boosted by analysts at KeyCorp from $195.00 to $215.00 in a research note issued on Tuesday, April 30th, The Fly reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price points to a potential upside of 3.95% from the stock’s previous close. KeyCorp also issued estimates for SBA Communications’ Q3 2019 earnings at $1.99 EPS. The analysts noted that the move was a valuation call.

SBAC has been the topic of a number of other research reports. BidaskClub cut shares of SBA Communications from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 20th. Morgan Stanley boosted their price objective on shares of SBA Communications from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, March 11th. ValuEngine cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. Bank of America upped their price target on shares of SBA Communications from $189.00 to $211.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Finally, SunTrust Banks restated a “buy” rating and issued a $217.00 price target on shares of SBA Communications in a report on Thursday, April 11th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. SBA Communications has a consensus rating of “Buy” and a consensus target price of $197.56.

SBA Communications stock traded up $1.34 during mid-day trading on Tuesday, reaching $206.84. 468,400 shares of the company’s stock traded hands, compared to its average volume of 667,065. The company has a market cap of $23.27 billion, a price-to-earnings ratio of 27.22, a PEG ratio of 2.71 and a beta of 0.82. SBA Communications has a 12-month low of $146.13 and a 12-month high of $214.93.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, April 29th. The technology company reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.89 by ($1.66). The business had revenue of $493.29 million for the quarter, compared to analysts’ expectations of $481.06 million. SBA Communications had a net margin of 2.20% and a negative return on equity of 1.44%. SBA Communications’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.85 EPS. As a group, sell-side analysts anticipate that SBA Communications will post 7.75 EPS for the current year.

In other SBA Communications news, EVP Kurt L. Bagwell sold 92,154 shares of the stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $181.89, for a total transaction of $16,761,891.06. Following the completion of the sale, the executive vice president now directly owns 82,878 shares of the company’s stock, valued at $15,074,679.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kurt L. Bagwell sold 22,400 shares of the stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $181.53, for a total transaction of $4,066,272.00. Following the sale, the executive vice president now directly owns 82,878 shares of the company’s stock, valued at $15,044,843.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 255,916 shares of company stock worth $47,405,473. 2.50% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc raised its position in shares of SBA Communications by 2.1% in the 3rd quarter. Vanguard Group Inc now owns 18,461,664 shares of the technology company’s stock valued at $2,965,496,000 after purchasing an additional 380,936 shares during the last quarter. Cohen & Steers Inc. raised its position in shares of SBA Communications by 428.1% in the 4th quarter. Cohen & Steers Inc. now owns 3,636,352 shares of the technology company’s stock valued at $588,689,000 after purchasing an additional 2,947,789 shares during the last quarter. American Century Companies Inc. raised its position in shares of SBA Communications by 3.5% in the 4th quarter. American Century Companies Inc. now owns 2,035,936 shares of the technology company’s stock valued at $329,598,000 after purchasing an additional 68,669 shares during the last quarter. Geode Capital Management LLC raised its position in shares of SBA Communications by 6.0% in the 1st quarter. Geode Capital Management LLC now owns 1,588,485 shares of the technology company’s stock valued at $316,609,000 after purchasing an additional 90,391 shares during the last quarter. Finally, Commonwealth Bank of Australia raised its position in shares of SBA Communications by 24.7% in the 1st quarter. Commonwealth Bank of Australia now owns 1,280,749 shares of the technology company’s stock valued at $255,703,000 after purchasing an additional 253,552 shares during the last quarter. 94.69% of the stock is owned by institutional investors and hedge funds.

SBA Communications Company Profile

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By “Building Better Wireless,” SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.

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