SBA Communications (NASDAQ:SBAC) PT Raised to $389.00 at KeyCorp

SBA Communications (NASDAQ:SBACGet Rating) had its target price hoisted by KeyCorp from $367.00 to $389.00 in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target indicates a potential upside of 12.34% from the stock’s current price. KeyCorp also issued estimates for SBA Communications’ Q1 2023 earnings at $2.97 EPS.

A number of other analysts also recently issued reports on the stock. Cowen raised their price target on shares of SBA Communications from $373.00 to $382.00 in a report on Tuesday, April 26th. Credit Suisse Group raised their price target on shares of SBA Communications from $405.00 to $408.00 and gave the stock an “outperform” rating in a report on Tuesday. Raymond James raised their price target on shares of SBA Communications from $385.00 to $410.00 and gave the stock a “strong-buy” rating in a report on Tuesday, April 26th. StockNews.com downgraded shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Friday, June 10th. Finally, UBS Group raised their price target on shares of SBA Communications from $400.00 to $410.00 and gave the stock a “buy” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $385.88.

SBA Communications Trading Up 0.7 %

SBAC stock opened at $346.28 on Wednesday. The company has a market cap of $37.34 billion, a price-to-earnings ratio of 107.21 and a beta of 0.43. SBA Communications has a 12 month low of $286.41 and a 12 month high of $391.15. The firm has a 50-day moving average of $323.56 and a two-hundred day moving average of $328.45.

SBA Communications (NASDAQ:SBACGet Rating) last released its quarterly earnings data on Monday, August 1st. The technology company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.26). The business had revenue of $652.01 million during the quarter, compared to analyst estimates of $626.30 million. SBA Communications had a net margin of 14.45% and a negative return on equity of 6.73%. The firm’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.64 EPS. As a group, equities analysts forecast that SBA Communications will post 11.08 earnings per share for the current year.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, CEO Jeffrey Stoops sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 24th. The shares were sold at an average price of $344.07, for a total value of $10,322,100.00. Following the completion of the transaction, the chief executive officer now owns 83,668 shares of the company’s stock, valued at approximately $28,787,648.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Mark R. Ciarfella sold 1,000 shares of SBA Communications stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $338.05, for a total transaction of $338,050.00. Following the completion of the sale, the executive vice president now directly owns 23,884 shares of the company’s stock, valued at approximately $8,073,986.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jeffrey Stoops sold 30,000 shares of SBA Communications stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $344.07, for a total transaction of $10,322,100.00. Following the sale, the chief executive officer now directly owns 83,668 shares of the company’s stock, valued at $28,787,648.76. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SBA Communications

Several institutional investors have recently modified their holdings of the company. Steward Partners Investment Advisory LLC lifted its position in shares of SBA Communications by 7.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,079 shares of the technology company’s stock worth $665,000 after purchasing an additional 153 shares during the last quarter. Heritage Wealth Advisors lifted its position in shares of SBA Communications by 153.1% during the 2nd quarter. Heritage Wealth Advisors now owns 529 shares of the technology company’s stock worth $169,000 after purchasing an additional 320 shares during the last quarter. Securian Asset Management Inc. lifted its position in shares of SBA Communications by 32.1% during the 2nd quarter. Securian Asset Management Inc. now owns 34,759 shares of the technology company’s stock worth $11,125,000 after purchasing an additional 8,453 shares during the last quarter. Kinneret Advisory LLC raised its stake in SBA Communications by 2.2% during the 2nd quarter. Kinneret Advisory LLC now owns 3,191 shares of the technology company’s stock worth $1,021,000 after acquiring an additional 68 shares in the last quarter. Finally, Angeles Wealth Management LLC acquired a new stake in SBA Communications during the 2nd quarter worth $995,000. 95.41% of the stock is owned by hedge funds and other institutional investors.

SBA Communications Company Profile

(Get Rating)

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses – site leasing and site development services.

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Analyst Recommendations for SBA Communications (NASDAQ:SBAC)

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