SBA Communications (NASDAQ:SBAC) Price Target Cut to $215.00 by Analysts at Morgan Stanley

SBA Communications (NASDAQ:SBAC) had its price target reduced by stock analysts at Morgan Stanley from $225.00 to $215.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s target price would indicate a potential upside of 7.62% from the company’s current price.

SBAC has been the topic of several other research reports. TD Cowen reissued a “buy” rating on shares of SBA Communications in a research note on Tuesday, November 4th. Williams Trading set a $237.00 price objective on shares of SBA Communications in a research report on Tuesday, November 4th. Barclays lowered their price target on SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a report on Monday, December 1st. Royal Bank Of Canada lifted their price target on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday. Finally, UBS Group reduced their target price on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $233.59.

SBA Communications Trading Down 0.7%

Shares of SBAC traded down $1.39 during trading hours on Monday, hitting $199.77. 556,282 shares of the stock traded hands, compared to its average volume of 907,939. SBA Communications has a 1-year low of $177.49 and a 1-year high of $245.16. The business has a fifty day moving average of $190.66 and a 200-day moving average of $194.95. The firm has a market capitalization of $21.29 billion, a PE ratio of 20.93, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.25 by $0.22. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The business had revenue of $719.58 million for the quarter, compared to analyst estimates of $725.80 million. During the same period last year, the company earned $3.47 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. As a group, equities research analysts expect that SBA Communications will post 12.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SBA Communications

Several hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp raised its holdings in SBA Communications by 272.8% during the first quarter. Jones Financial Companies Lllp now owns 753 shares of the technology company’s stock worth $166,000 after acquiring an additional 551 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of SBA Communications by 12.6% in the 1st quarter. Empowered Funds LLC now owns 2,041 shares of the technology company’s stock valued at $449,000 after buying an additional 229 shares during the last quarter. Focus Partners Wealth grew its stake in shares of SBA Communications by 9.0% in the first quarter. Focus Partners Wealth now owns 3,236 shares of the technology company’s stock valued at $712,000 after buying an additional 266 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in shares of SBA Communications by 105.0% in the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after buying an additional 84 shares in the last quarter. Finally, Assetmark Inc. raised its position in SBA Communications by 66.9% during the second quarter. Assetmark Inc. now owns 1,197 shares of the technology company’s stock worth $281,000 after acquiring an additional 480 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.