Barclays Trims SBA Communications (NASDAQ:SBAC) Target Price to $241.00

SBA Communications (NASDAQ:SBAC) had its price target cut by analysts at Barclays from $255.00 to $241.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Barclays‘s price objective suggests a potential upside of 24.70% from the company’s previous close.

Several other analysts also recently issued reports on the stock. KeyCorp reduced their price target on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating on the stock in a report on Tuesday. BMO Capital Markets reduced their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 27th. Finally, 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 research note on Thursday, March 7th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $263.15.

SBA Communications Price Performance

Shares of NASDAQ SBAC traded down $8.63 during trading on Tuesday, hitting $193.26. 409,364 shares of the company were exchanged, compared to its average volume of 973,843. The company has a market cap of $20.89 billion, a price-to-earnings ratio of 42.13, a PEG ratio of 1.21 and a beta of 0.56. SBA Communications has a 1 year low of $185.23 and a 1 year high of $263.08. The firm’s fifty day moving average price is $209.91 and its 200 day moving average price is $222.86.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. The business had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 9.70% and a net margin of 18.51%. The company’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.13 EPS. On average, research analysts forecast that SBA Communications will post 12.61 earnings per share for the current year.

Insider Transactions at SBA Communications

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 shares were 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 Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SBA Communications

Hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB grew its position in shares of SBA Communications by 6.3% in the 4th quarter. Nordea Investment Management AB now owns 272,065 shares of the technology company’s stock valued at $68,854,000 after acquiring an additional 16,244 shares during the period. Legacy Trust acquired a new position in SBA Communications during the fourth quarter worth approximately $3,256,000. Natixis Advisors L.P. raised its stake in SBA Communications by 18.8% in the third quarter. Natixis Advisors L.P. now owns 36,708 shares of the technology company’s stock valued at $7,348,000 after buying an additional 5,814 shares during the period. Lecap Asset Management Ltd. acquired a new stake in shares of SBA Communications in the fourth quarter valued at approximately $2,122,000. Finally, Wakefield Asset Management LLLP boosted its stake in shares of SBA Communications by 11.0% during the 4th quarter. Wakefield Asset Management LLLP now owns 13,964 shares of the technology company’s stock worth $3,543,000 after acquiring an additional 1,389 shares during the period. 97.35% of the stock is owned by 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.