Zacks Investment Research upgraded shares of SBA Communications Corp. (NASDAQ:SBAC) from a hold rating to a buy rating in a report published on Thursday morning. The firm currently has $127.00 price objective on the stock.
According to Zacks, “SBA Communications Corp. is a leading independent owner and operator of wireless communications infrastructure in the United States. The company 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 towers to a variety of wireless service providers under long-term lease contracts. (PRESS RELEASE) “
Several other research analysts also recently issued reports on SBAC. Citigroup Inc. restated a buy rating and set a $132.00 price objective (up from $112.00) on shares of SBA Communications Corp. in a research report on Monday, July 11th. BTIG Research restated a buy rating and set a $142.00 price objective (up from $135.00) on shares of SBA Communications Corp. in a research report on Tuesday, July 19th. Barclays PLC lifted their price objective on SBA Communications Corp. from $115.00 to $118.00 and gave the stock an overweight rating in a research report on Thursday, July 21st. Morgan Stanley restated an overweight rating and set a $132.00 price objective on shares of SBA Communications Corp. in a research report on Friday, July 22nd. Finally, Jefferies Group lifted their price objective on SBA Communications Corp. from $115.00 to $133.00 and gave the stock a buy rating in a research report on Friday, July 29th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. SBA Communications Corp. presently has a consensus rating of Buy and an average price target of $123.07.
Shares of SBA Communications Corp. (NASDAQ:SBAC) opened at 111.78 on Thursday. SBA Communications Corp. has a 52-week low of $82.80 and a 52-week high of $121.45. The stock’s market capitalization is $13.93 billion. The stock has a 50 day moving average price of $112.84 and a 200-day moving average price of $106.73.
SBA Communications Corp. (NASDAQ:SBAC) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.12. SBA Communications Corp. had a negative net margin of 2.41% and a negative return on equity of 3.93%. The company earned $405.50 million during the quarter, compared to the consensus estimate of $403.37 million. During the same period last year, the firm earned $1.42 EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities research analysts predict that SBA Communications Corp. will post $0.94 EPS for the current fiscal year.
In other SBA Communications Corp. news, Director Duncan Cocroft purchased 500 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was purchased at an average cost of $109.14 per share, with a total value of $54,570.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jason V. Silberstein sold 22,192 shares of the company’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $115.83, for a total transaction of $2,570,499.36. Following the sale, the executive vice president now directly owns 21,727 shares of the company’s stock, valued at $2,516,638.41. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. Sachem Head Capital Management LP acquired a new stake in shares of SBA Communications Corp. during the first quarter worth $144,746,000. Massachusetts Financial Services Co. MA boosted its stake in shares of SBA Communications Corp. by 88.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,479,251 shares of the company’s stock worth $267,611,000 after buying an additional 1,160,641 shares during the period. FMR LLC boosted its stake in shares of SBA Communications Corp. by 40.7% in the second quarter. FMR LLC now owns 2,884,446 shares of the company’s stock worth $311,347,000 after buying an additional 833,990 shares during the period. Principal Financial Group Inc. boosted its stake in shares of SBA Communications Corp. by 13.7% in the second quarter. Principal Financial Group Inc. now owns 5,186,970 shares of the company’s stock worth $559,881,000 after buying an additional 624,846 shares during the period. Finally, Norges Bank acquired a new stake in shares of SBA Communications Corp. during the fourth quarter worth $49,182,000. 95.54% of the stock is owned by hedge funds and other institutional investors.
About SBA Communications Corp.
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.
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