Traders Sell Shares of SBA Communications (SBAC) on Strength Following Analyst Downgrade

Investors sold shares of SBA Communications Co. (NASDAQ:SBAC) on strength during trading hours on Monday after Morgan Stanley lowered their price target on the stock from $190.00 to $182.00. $42.24 million flowed into the stock on the tick-up and $58.70 million flowed out of the stock on the tick-down, for a money net flow of $16.46 million out of the stock. Of all equities tracked, SBA Communications had the 10th highest net out-flow for the day. SBA Communications traded up $0.27 for the day and closed at $168.96

Other equities research analysts have also recently issued reports about the stock. BidaskClub upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, February 22nd. Barclays restated a “buy” rating and issued a $178.00 price target on shares of SBA Communications in a report on Friday, January 19th. Guggenheim set a $172.00 price objective on shares of SBA Communications and gave the company a “buy” rating in a research note on Wednesday, January 17th. Cowen reaffirmed a “buy” rating and issued a $170.00 price objective (up from $155.00) on shares of SBA Communications in a research note on Tuesday, December 5th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $200.00 price objective on shares of SBA Communications in a research note on Thursday, November 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. SBA Communications currently has a consensus rating of “Buy” and an average target price of $172.50.

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In other SBA Communications news, Director Duncan Cocroft acquired 500 shares of the company’s stock in a transaction on Monday, March 12th. The shares were purchased at an average cost of $167.29 per share, with a total value of $83,645.00. Following the completion of the purchase, the director now owns 87,966 shares of the company’s stock, valued at $14,715,832.14. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.40% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company lifted its position in shares of SBA Communications by 5.8% during the second quarter. The Manufacturers Life Insurance Company now owns 4,497 shares of the technology company’s stock valued at $607,000 after purchasing an additional 245 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of SBA Communications by 10.5% during the third quarter. Pacer Advisors Inc. now owns 3,133 shares of the technology company’s stock valued at $451,000 after purchasing an additional 297 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of SBA Communications by 19.1% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,973 shares of the technology company’s stock valued at $320,000 after purchasing an additional 317 shares in the last quarter. Stifel Financial Corp lifted its position in shares of SBA Communications by 1.6% during the third quarter. Stifel Financial Corp now owns 20,735 shares of the technology company’s stock valued at $2,981,000 after purchasing an additional 336 shares in the last quarter. Finally, Checchi Capital Advisers LLC lifted its position in shares of SBA Communications by 25.0% during the fourth quarter. Checchi Capital Advisers LLC now owns 1,984 shares of the technology company’s stock valued at $324,000 after purchasing an additional 397 shares in the last quarter. 92.87% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of -3.57, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market capitalization of $19,653.57, a PE ratio of 196.47, a price-to-earnings-growth ratio of 16.22 and a beta of 0.92.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, February 26th. The technology company reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $1.60. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. The company had revenue of $443.10 million for the quarter, compared to analyst estimates of $437.01 million. During the same period last year, the firm earned $0.04 earnings per share. The firm’s revenue was up 6.4% on a year-over-year basis. sell-side analysts forecast that SBA Communications Co. will post 1.04 EPS for the current fiscal year.

SBA Communications announced that its board has initiated a share repurchase program on Monday, February 26th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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About SBA Communications

SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.

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