The SBA Communications (NASDAQ:SBAC) Price Target Boosted to $309.00
June 03, 2020
SBA Communications (NASDAQ:SBAC) had its price target boosted by analysts at Morgan Stanley from $298.00 to $309.00 in a report released on Monday, BenzingaRatingsTable reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price objective points to a potential downside of 2.91% from the stock’s current price.
A number of other research firms also recently commented on SBAC. KeyCorp raised their target price on SBA Communications from $292.00 to $317.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Raymond James cut their price target on SBA Communications from $276.00 to $273.00 and set an “outperform” rating for the company in a research note on Thursday, March 26th. Royal Bank of Canada lifted their price target on SBA Communications from $313.00 to $317.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Citigroup lifted their price target on SBA Communications from $270.00 to $338.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, New Street Research raised SBA Communications from a “neutral” rating to a “buy” rating in a research note on Thursday, March 12th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. SBA Communications presently has a consensus rating of “Buy” and a consensus price target of $301.31.
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SBA Communications stock opened at $318.26 on Monday. SBA Communications has a one year low of $205.20 and a one year high of $320.77. The business has a fifty day moving average of $297.12 and a two-hundred day moving average of $266.28. The company has a market cap of $35.06 billion, a P/E ratio of -3,977.75 and a beta of 0.41.
SBA Communications (NASDAQ:SBAC) last released its earnings results on Tuesday, May 5th. The technology company reported ($1.14) EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($3.22). SBA Communications had a negative net margin of 0.30% and a negative return on equity of 4.24%. The business had revenue of $517.10 million during the quarter, compared to analyst estimates of $512.93 million. During the same period last year, the business posted $2.07 EPS. SBA Communications’s revenue was up 4.8% compared to the same quarter last year. On average, equities analysts anticipate that SBA Communications will post 8.65 EPS for the current fiscal year.
In other SBA Communications news, CEO Jeffrey Stoops sold 12,616 shares of SBA Communications stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $317.47, for a total value of $4,005,201.52. Following the completion of the sale, the chief executive officer now owns 256,500 shares in the company, valued at approximately $81,431,055. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kurt L. Bagwell sold 65,009 shares of SBA Communications stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $298.02, for a total value of $19,373,982.18. Following the completion of the sale, the executive vice president now owns 69,842 shares of the company’s stock, valued at approximately $20,814,312.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 248,186 shares of company stock valued at $74,576,818. 2.20% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of SBAC. Meeder Asset Management Inc. grew its holdings in SBA Communications by 157.1% in the 1st quarter. Meeder Asset Management Inc. now owns 108 shares of the technology company’s stock valued at $29,000 after buying an additional 66 shares during the period. Key Financial Inc purchased a new stake in SBA Communications in the 1st quarter valued at about $31,000. Engrave Wealth Partners LLC purchased a new stake in SBA Communications in the 4th quarter valued at about $32,000. Ameritas Investment Company LLC purchased a new stake in SBA Communications in the 1st quarter valued at about $33,000. Finally, Advisory Services Network LLC grew its holdings in SBA Communications by 34.1% in the 4th quarter. Advisory Services Network LLC now owns 173 shares of the technology company’s stock valued at $42,000 after buying an additional 44 shares during the period. Institutional investors own 94.07% of the company’s stock.
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.