SBA Communications (NASDAQ:SBAC) Given New $235.00 Price Target at Royal Bank of Canada

SBA Communications (NASDAQ:SBAC) had its price objective decreased by stock analysts at Royal Bank of Canada from $250.00 to $235.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 18.21% from the stock’s current price.

SBAC has been the topic of a number of other reports. Bank of America raised SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 price target on the stock in a research note on Thursday, March 7th. BMO Capital Markets cut their target price on SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a report on Tuesday, February 27th. Barclays decreased their price target on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating for the company in a research note on Tuesday, April 30th. TD Cowen dropped their price objective on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Finally, Wells Fargo & Company decreased their target price on shares of SBA Communications from $260.00 to $230.00 and set an “overweight” rating for the company in a research report on Tuesday, April 30th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $252.25.

SBA Communications Stock Performance

Shares of SBAC stock traded up $1.58 during trading hours on Thursday, hitting $198.80. 364,205 shares of the company were exchanged, compared to its average volume of 997,967. The company has a 50 day simple moving average of $208.00 and a two-hundred day simple moving average of $222.65. The firm has a market cap of $21.49 billion, a P/E ratio of 39.11, a P/E/G ratio of 0.57 and a beta of 0.59. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The business had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $671.08 million. During the same period last year, the company posted $3.13 earnings per share. The business’s quarterly revenue was down 2.6% on a year-over-year basis. As a group, sell-side analysts expect that SBA Communications will post 12.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Mary S. Chan sold 1,977 shares of the firm’s stock in a transaction 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 completion of 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 SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Institutional Trading of SBA Communications

Large investors have recently added to or reduced their stakes in the stock. CVA Family Office LLC purchased a new position in SBA Communications in the fourth quarter valued at about $37,000. Glassman Wealth Services lifted its stake in 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 during the last quarter. Pinnacle Bancorp Inc. grew its holdings in SBA Communications by 73.6% during the fourth quarter. Pinnacle Bancorp Inc. now owns 158 shares of the technology company’s stock valued at $40,000 after purchasing an additional 67 shares during the period. Allworth Financial LP increased its position in SBA Communications by 37.8% in the fourth quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock worth $42,000 after buying an additional 45 shares during the last quarter. Finally, Quarry LP lifted its position in shares of SBA Communications by 400.0% during the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock valued at $42,000 after buying an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

About SBA Communications

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.