SBA Communications (NASDAQ:SBAC) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Friday, BidAskClub reports.
Several other equities research analysts also recently commented on the company. Credit Suisse Group reiterated a “buy” rating and set a $361.00 target price on shares of SBA Communications in a report on Tuesday, August 4th. Barclays began coverage on SBA Communications in a report on Wednesday, July 15th. They set an “equal weight” rating and a $308.00 target price on the stock. Wells Fargo & Company raised their target price on SBA Communications from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Wednesday, September 16th. Morgan Stanley raised their target price on SBA Communications from $298.00 to $309.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Finally, JPMorgan Chase & Co. upgraded SBA Communications from a “neutral” rating to an “overweight” rating and set a $335.00 target price on the stock in a report on Tuesday, June 9th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $317.38.
SBA Communications stock opened at $314.02 on Friday. The stock’s 50-day moving average is $306.29 and its 200-day moving average is $295.61. The company has a market cap of $35.15 billion, a price-to-earnings ratio of -1,962.50 and a beta of 0.37. SBA Communications has a 12 month low of $205.20 and a 12 month high of $328.37.
SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data on Monday, August 3rd. The technology company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.85). The firm had revenue of $507.23 million during the quarter, compared to analysts’ expectations of $500.60 million. SBA Communications had a negative return on equity of 4.24% and a negative net margin of 0.74%. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.09 earnings per share. Analysts expect that SBA Communications will post 8.75 EPS for the current fiscal year.
In related news, Director George R. Krouse, Jr. sold 223 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $314.52, for a total transaction of $70,137.96. Following the completion of the transaction, the director now owns 10,500 shares in the company, valued at approximately $3,302,460. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in SBAC. Global Retirement Partners LLC raised its stake in shares of SBA Communications by 725.0% in the 2nd quarter. Global Retirement Partners LLC now owns 99 shares of the technology company’s stock worth $29,000 after buying an additional 87 shares in the last quarter. Balentine LLC purchased a new position in shares of SBA Communications during the second quarter valued at $30,000. Meeder Asset Management Inc. grew its holdings in shares of SBA Communications by 157.1% during the first 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 in the last quarter. Ameritas Investment Company LLC purchased a new position in shares of SBA Communications during the first quarter valued at $33,000. Finally, Harbor Investment Advisory LLC purchased a new position in shares of SBA Communications during the first quarter valued at $48,000. Institutional investors and hedge funds own 93.48% of the company’s stock.
About SBA Communications
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.
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