Wells Fargo & Company Cuts SBA Communications (NASDAQ:SBAC) Price Target to $230.00

SBA Communications (NASDAQ:SBAC) had its price objective decreased by equities researchers at Wells Fargo & Company from $260.00 to $230.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 21.62% from the company’s current price.

Several other equities analysts have also recently weighed in on SBAC. BMO Capital Markets dropped their price objective on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 27th. Barclays decreased their price objective on SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a report on Tuesday. Bank of America raised 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. TD Cowen reduced their target price on SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a report on Tuesday. Finally, KeyCorp reduced their target price on SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $258.23.

SBA Communications Stock Up 1.6 %

Shares of SBAC opened at $189.12 on Tuesday. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76. The business’s fifty day moving average is $209.12 and its 200 day moving average is $222.52. The stock has a market cap of $20.45 billion, a P/E ratio of 37.08, a P/E/G ratio of 1.24 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a negative return on equity of 10.79% and a net margin of 20.61%. The company had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. During the same period last year, the business earned $3.13 EPS. SBA Communications’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, analysts expect that SBA Communications will post 12.61 EPS for the current year.

Insiders Place Their Bets

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the sale, the director now owns 4,622 shares of the company’s stock, valued at $1,007,549.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by insiders.

Institutional Trading of SBA Communications

A number of institutional investors have recently made changes to their positions in the stock. Asset Management One Co. Ltd. raised its holdings in shares of SBA Communications by 0.4% during the third quarter. Asset Management One Co. Ltd. now owns 43,284 shares of the technology company’s stock valued at $8,664,000 after acquiring an additional 188 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in shares of SBA Communications during the third quarter valued at $212,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of SBA Communications by 12.0% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 19,618 shares of the technology company’s stock valued at $3,927,000 after acquiring an additional 2,100 shares in the last quarter. Xponance Inc. increased its holdings in shares of SBA Communications by 4.0% during the third quarter. Xponance Inc. now owns 15,499 shares of the technology company’s stock valued at $3,102,000 after acquiring an additional 600 shares in the last quarter. Finally, Raymond James & Associates boosted its position in shares of SBA Communications by 23.3% during the third quarter. Raymond James & Associates now owns 90,188 shares of the technology company’s stock valued at $18,053,000 after buying an additional 17,048 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

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.