Truist Financial Reaffirms “Buy” Rating for SBA Communications (NASDAQ:SBAC)

SBA Communications (NASDAQ:SBAC)‘s stock had its “buy” rating reissued by Truist Financial in a research report issued on Tuesday,Benzinga reports. They presently have a $248.00 price target on the technology company’s stock, up from their prior price target of $247.00. Truist Financial’s price target suggests a potential upside of 13.44% from the stock’s current price.

A number of other equities analysts have also recently commented on the stock. UBS Group reduced their price objective on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, January 20th. Sanford C. Bernstein began coverage on SBA Communications in a report on Thursday, March 5th. They set a “market perform” rating and a $218.00 target price for the company. KeyCorp lifted their target price on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Scotiabank lifted their target price on SBA Communications from $223.00 to $230.00 and gave the stock a “sector perform” rating in a report on Friday. Finally, Weiss Ratings raised SBA Communications from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $237.74.

SBA Communications Stock Up 0.3%

Shares of NASDAQ:SBAC traded up $0.71 during midday trading on Tuesday, hitting $218.62. The stock had a trading volume of 52,049 shares, compared to its average volume of 1,108,786. SBA Communications has a 12 month low of $162.41 and a 12 month high of $245.16. The business’s 50-day simple moving average is $198.62 and its 200-day simple moving average is $194.27. The company has a market cap of $23.13 billion, a P/E ratio of 22.91, a PEG ratio of 2.17 and a beta of 1.03.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, beating the consensus estimate of $3.25 by $0.22. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%. The business had revenue of $719.58 million during the quarter, compared to analysts’ expectations of $725.80 million. During the same period last year, the business earned $3.47 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis. As a group, equities analysts predict that SBA Communications will post 11.49 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Dodge & Cox increased its stake in shares of SBA Communications by 24.1% in the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after buying an additional 2,328,837 shares during the period. Norges Bank acquired a new position in shares of SBA Communications in the fourth quarter valued at approximately $302,774,000. Arrowstreet Capital Limited Partnership increased its stake in shares of SBA Communications by 256.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock valued at $211,344,000 after buying an additional 785,850 shares during the period. Millennium Management LLC increased its stake in shares of SBA Communications by 171.8% in the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock valued at $156,977,000 after buying an additional 513,002 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of SBA Communications by 65.0% in the third quarter. Nordea Investment Management AB now owns 1,182,076 shares of the technology company’s stock valued at $229,145,000 after buying an additional 465,558 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Company Profile

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.