SBA Communications’ (SBAC) “Market Perform” Rating Reiterated at BMO Capital Markets

SBA Communications (NASDAQ:SBAC)‘s stock had its “market perform” rating reiterated by stock analysts at BMO Capital Markets in a research report issued on Wednesday,Benzinga reports. They currently have a $230.00 price objective on the technology company’s stock, down from their prior price objective of $260.00. BMO Capital Markets’ price target indicates a potential upside of 10.05% from the stock’s current price.

Several other brokerages have also recently weighed in on SBAC. StockNews.com upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th. Barclays lifted their price target on shares of SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Raymond James raised their price objective on SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. Morgan Stanley boosted their price objective on SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Finally, KeyCorp raised their target price on shares of SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Four 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $254.92.

SBA Communications Stock Down 1.5 %

Shares of SBAC stock opened at $208.99 on Wednesday. The company has a 50 day moving average price of $227.66 and a 200-day moving average price of $220.53. SBA Communications has a 52 week low of $183.64 and a 52 week high of $256.68. The firm has a market capitalization of $22.47 billion, a PE ratio of 32.96, a P/E/G ratio of 0.72 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company had revenue of $667.60 million for the quarter, compared to analysts’ expectations of $669.29 million. During the same quarter in the prior year, the firm posted $3.34 earnings per share. SBA Communications’s quarterly revenue was down 2.2% on a year-over-year basis. Analysts anticipate that SBA Communications will post 12.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the sale, the executive vice president now owns 33,588 shares in the company, valued at approximately $7,534,796.04. The trade was a 9.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

Institutional investors and hedge funds have recently made changes to their positions in the business. Synovus Financial Corp raised its position in SBA Communications by 13.0% during the third quarter. Synovus Financial Corp now owns 13,222 shares of the technology company’s stock valued at $3,183,000 after purchasing an additional 1,522 shares during the period. Tidal Investments LLC boosted its stake in SBA Communications by 8.8% during the third quarter. Tidal Investments LLC now owns 2,868 shares of the technology company’s stock worth $690,000 after buying an additional 233 shares during the period. Wilmington Savings Fund Society FSB increased its position in SBA Communications by 19.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 1,573 shares of the technology company’s stock valued at $379,000 after acquiring an additional 258 shares during the last quarter. Sanctuary Advisors LLC raised its stake in shares of SBA Communications by 19.4% in the third quarter. Sanctuary Advisors LLC now owns 5,672 shares of the technology company’s stock valued at $1,252,000 after acquiring an additional 921 shares during the period. Finally, TCW Group Inc. bought a new stake in shares of SBA Communications in the 3rd quarter worth about $3,505,000. 97.35% of the stock is owned by hedge funds and other 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.