Morgan Stanley Lowers SBA Communications (SBAC) Price Target to $176.00

SBA Communications (NASDAQ:SBAC) had its price objective decreased by research analysts at Morgan Stanley from $180.00 to $176.00 in a research report issued to clients and investors on Thursday. The brokerage presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective indicates a potential upside of 13.04% from the company’s current price.

A number of other equities research analysts have also recently issued reports on SBAC. BidaskClub cut shares of SBA Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 11th. Zacks Investment Research upgraded shares of SBA Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, August 1st. Deutsche Bank raised their price objective on shares of SBA Communications from $170.00 to $183.00 and gave the company a “hold” rating in a research report on Wednesday, August 1st. Finally, ValuEngine cut shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $181.40.

Shares of SBA Communications stock traded up $0.65 during mid-day trading on Thursday, reaching $155.70. 941,119 shares of the stock were exchanged, compared to its average volume of 1,039,852. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of -3.18. SBA Communications has a fifty-two week low of $140.62 and a fifty-two week high of $177.67.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 30th. The technology company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.68). The firm had revenue of $456.30 million for the quarter, compared to analyst estimates of $457.43 million. SBA Communications had a negative return on equity of 1.26% and a net margin of 1.73%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.73 EPS. analysts predict that SBA Communications will post 7.43 EPS for the current year.

In other news, EVP Mark R. Ciarfella sold 1,850 shares of the firm’s stock in a transaction dated Wednesday, June 13th. The shares were sold at an average price of $160.01, for a total value of $296,018.50. Following the transaction, the executive vice president now owns 15,663 shares of the company’s stock, valued at approximately $2,506,236.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kurt L. Bagwell sold 126,605 shares of the firm’s stock in a transaction dated Friday, June 29th. The shares were sold at an average price of $165.06, for a total transaction of $20,897,421.30. Following the completion of the transaction, the executive vice president now directly owns 42,089 shares in the company, valued at approximately $6,947,210.34. The disclosure for this sale can be found here. Insiders sold a total of 221,612 shares of company stock valued at $36,384,275 in the last 90 days. Corporate insiders own 2.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of SBAC. Flagship Harbor Advisors LLC bought a new position in shares of SBA Communications in the 2nd quarter valued at about $115,000. Bronfman E.L. Rothschild L.P. boosted its stake in shares of SBA Communications by 53.7% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 936 shares of the technology company’s stock valued at $160,000 after purchasing an additional 327 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of SBA Communications in the 2nd quarter valued at about $165,000. Bray Capital Advisors bought a new position in shares of SBA Communications in the 1st quarter valued at about $171,000. Finally, Cornerstone Wealth Management LLC bought a new position in shares of SBA Communications in the 2nd quarter valued at about $193,000. 92.91% of the stock is currently owned by institutional investors.

SBA Communications Company Profile

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.

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