SBA Communications (NASDAQ:SBAC) Given New $227.00 Price Target at KeyCorp

SBA Communications (NASDAQ:SBAC) had its price objective cut by equities researchers at KeyCorp from $276.00 to $227.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would indicate a potential upside of 20.03% from the stock’s previous close.

Several other research firms also recently commented on SBAC. Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a report on Thursday, March 7th. Barclays decreased their target price on shares of SBA Communications from $260.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 17th. Finally, BMO Capital Markets decreased their target price on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 27th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $258.23.

SBA Communications Stock Up 1.6 %

SBAC opened at $189.12 on Tuesday. The firm has a 50-day simple moving average of $209.12 and a two-hundred day simple moving average of $222.52. SBA Communications has a 52 week low of $183.64 and a 52 week high of $258.76. The company has a market capitalization of $20.45 billion, a PE ratio of 37.08, a price-to-earnings-growth ratio of 1.24 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.79%. The business had revenue of $657.86 million during the quarter, compared to the consensus estimate of $671.08 million. During the same quarter in the prior year, the firm earned $3.13 EPS. The business’s revenue was down 2.6% on a year-over-year basis. As a group, sell-side analysts expect that SBA Communications will post 12.61 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total value of $430,966.23. Following the sale, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SBA Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its position in SBA Communications by 72.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 2,389 shares of the technology company’s stock worth $518,000 after purchasing an additional 1,004 shares during the period. BNP Paribas Financial Markets increased its position in shares of SBA Communications by 144.7% during the first quarter. BNP Paribas Financial Markets now owns 359,736 shares of the technology company’s stock worth $77,955,000 after acquiring an additional 212,739 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of SBA Communications by 5.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,603 shares of the technology company’s stock worth $5,982,000 after acquiring an additional 1,309 shares during the period. Principal Financial Group Inc. increased its position in shares of SBA Communications by 54.9% during the first quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock worth $931,844,000 after acquiring an additional 1,524,302 shares during the period. Finally, Lederer & Associates Investment Counsel CA increased its position in shares of SBA Communications by 13.9% during the first quarter. Lederer & Associates Investment Counsel CA now owns 1,000 shares of the technology company’s stock worth $217,000 after acquiring an additional 122 shares during the period. 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.