SBA Communications (NASDAQ:SBAC) Coverage Initiated by Analysts at Truist Financial

Investment analysts at Truist Financial began coverage on shares of SBA Communications (NASDAQ:SBAC) in a research note issued on Tuesday. The brokerage set a “hold” rating and a $193.00 price target on the technology company’s stock. Truist Financial’s price objective points to a potential upside of 13.64% from the stock’s previous close.

SBAC has been the topic of a number of other research reports. Royal Bank Of Canada raised their price objective on shares of SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. JPMorgan Chase & Co. dropped their target price on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. Sanford C. Bernstein assumed coverage on shares of SBA Communications in a research note on Thursday, March 5th. They set a “market perform” rating and a $218.00 price target on the stock. UBS Group decreased 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 note on Tuesday, January 20th. Finally, Barclays cut their target price on SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a research report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, SBA Communications presently has a consensus rating of “Hold” and a consensus price target of $230.11.

SBA Communications Stock Performance

NASDAQ:SBAC opened at $169.83 on Tuesday. The stock has a 50-day simple moving average of $187.89 and a 200-day simple moving average of $191.31. The stock has a market cap of $17.97 billion, a P/E ratio of 17.82, a P/E/G ratio of 1.66 and a beta of 0.86. SBA Communications has a 1 year low of $162.41 and a 1 year high of $245.16.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, topping the consensus estimate of $3.25 by $0.22. The business had revenue of $719.58 million for the quarter, compared to analyst estimates of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the company earned $3.47 EPS. On average, equities research analysts predict that SBA Communications will post 12.57 EPS for the current year.

Institutional Investors Weigh In On SBA Communications

Several hedge funds have recently made changes to their positions in SBAC. Vanguard Group Inc. raised its stake in SBA Communications by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock valued at $3,511,920,000 after acquiring an additional 403,285 shares during the last quarter. Dodge & Cox lifted its position in SBA Communications by 24.1% during the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock worth $2,320,412,000 after acquiring an additional 2,328,837 shares during the period. State Street Corp grew its stake in shares of SBA Communications by 3.3% in the 4th quarter. State Street Corp now owns 4,911,615 shares of the technology company’s stock valued at $950,054,000 after purchasing an additional 158,738 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of SBA Communications by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,085,112 shares of the technology company’s stock valued at $594,655,000 after purchasing an additional 16,153 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its stake in shares of SBA Communications by 9.7% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,034,920 shares of the technology company’s stock worth $393,615,000 after purchasing an additional 179,591 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

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.