Scotiabank Lowers SBA Communications (NASDAQ:SBAC) Price Target to $233.00

SBA Communications (NASDAQ:SBAC) had its target price cut by research analysts at Scotiabank from $252.00 to $233.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price objective would indicate a potential upside of 21.81% from the company’s previous close.

Other research analysts have also issued reports about the stock. Barclays cut their target price on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating for the company in a research report on Monday, December 1st. BMO Capital Markets reduced their price objective on SBA Communications from $215.00 to $210.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 4th. Citigroup decreased their price objective on SBA Communications from $265.00 to $235.00 and set a “buy” rating on the stock in a report on Thursday, October 16th. Cowen reaffirmed a “buy” rating on shares of SBA Communications in a research note on Tuesday, November 4th. Finally, TD Cowen reduced their price target on shares of SBA Communications from $249.00 to $237.00 and set a “buy” rating on the stock in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $233.59.

SBA Communications Trading Up 1.7%

Shares of SBA Communications stock traded up $3.24 on Wednesday, reaching $191.28. The stock had a trading volume of 378,700 shares, compared to its average volume of 781,813. The business’s 50 day moving average is $192.15 and its two-hundred day moving average is $203.99. SBA Communications has a 1 year low of $179.89 and a 1 year high of $245.16. The company has a market cap of $20.38 billion, a P/E ratio of 24.96, a price-to-earnings-growth ratio of 1.63 and a beta of 0.87.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.21 by $0.09. The firm had revenue of $732.33 million for the quarter, compared to analysts’ expectations of $715.65 million. SBA Communications had a net margin of 29.69% and a negative return on equity of 16.60%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.32 earnings per share. On average, equities analysts anticipate that SBA Communications will post 12.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of SBA Communications by 2.3% in the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock worth $3,511,920,000 after purchasing an additional 403,285 shares during the period. Dodge & Cox lifted its stake in shares of SBA Communications by 12.3% during the 3rd quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock valued at $1,869,172,000 after buying an additional 1,058,803 shares in the last quarter. State Street Corp boosted its holdings in SBA Communications by 3.0% in the 3rd quarter. State Street Corp now owns 4,752,877 shares of the technology company’s stock worth $918,969,000 after buying an additional 139,696 shares during the period. Diamond Hill Capital Management Inc. increased its stake in SBA Communications by 24.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock worth $358,728,000 after buying an additional 366,491 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in SBA Communications by 14.7% during the third quarter. Invesco Ltd. now owns 1,805,376 shares of the technology company’s stock valued at $349,069,000 after acquiring an additional 231,838 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

About SBA Communications

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.