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

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

Several other research analysts have also recently weighed in on SBAC. KeyCorp decreased their price target on SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a research note on Tuesday. Bank of America raised shares of SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research report on Thursday, March 7th. Finally, BMO Capital Markets dropped their price target on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 27th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $263.15.

SBA Communications Price Performance

NASDAQ SBAC traded down $8.63 during trading hours on Tuesday, reaching $193.26. 409,364 shares of the company’s stock traded hands, compared to its average volume of 973,843. SBA Communications has a 52-week low of $185.23 and a 52-week high of $263.08. The firm has a 50-day simple moving average of $209.91 and a 200 day simple moving average of $222.86. The firm has a market cap of $20.89 billion, a PE ratio of 42.13, a PEG ratio of 1.21 and a beta of 0.56.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.21 by $0.21. The business had revenue of $657.86 million for the quarter, compared to the consensus estimate 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 for the quarter was down 2.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.13 earnings per share. Sell-side analysts forecast that SBA Communications will post 12.61 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Mary S. Chan sold 1,977 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total transaction of $430,966.23. Following the sale, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently modified their holdings of SBAC. CVA Family Office LLC purchased a new position in shares of SBA Communications in the 4th quarter valued at about $37,000. Glassman Wealth Services grew its holdings in shares of SBA Communications by 79.1% in the fourth quarter. Glassman Wealth Services now owns 154 shares of the technology company’s stock valued at $39,000 after purchasing an additional 68 shares in the last quarter. Emerald Advisers LLC acquired a new stake in shares of SBA Communications in the third quarter valued at $31,000. Pinnacle Bancorp Inc. lifted its stake in SBA Communications by 73.6% in the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock worth $40,000 after acquiring an additional 67 shares during the last quarter. Finally, Allworth Financial LP increased its holdings in SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after buying an additional 45 shares during the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Company Profile

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.