SBA Communications (NASDAQ:SBAC) Given New $230.00 Price Target at Wells Fargo & Company

SBA Communications (NASDAQ:SBAC) had its price objective cut by Wells Fargo & Company from $260.00 to $230.00 in a report issued on Tuesday, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other equities research analysts have also issued reports on SBAC. Barclays cut their price target on shares of SBA Communications from $255.00 to $241.00 and set an overweight rating on the stock in a report on Tuesday. Bank of America upgraded SBA Communications from a neutral rating to a buy rating and set a $260.00 price target on the stock in a report on Thursday, March 7th. BMO Capital Markets dropped their price objective on SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a report on Tuesday, February 27th. TD Cowen reduced their target price on SBA Communications from $266.00 to $253.00 and set a buy rating on the stock in a research note on Tuesday. Finally, KeyCorp decreased their target price on SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, SBA Communications currently has an average rating of Buy and an average target price of $258.23.

SBA Communications Trading Down 0.4 %

Shares of NASDAQ:SBAC traded down $0.78 on Tuesday, reaching $193.09. 1,072,789 shares of the company traded hands, compared to its average volume of 1,010,062. SBA Communications has a 52 week low of $183.64 and a 52 week high of $258.76. The business’s 50-day simple moving average is $208.78 and its 200 day simple moving average is $222.32. The stock has a market capitalization of $20.87 billion, a P/E ratio of 37.86, a price-to-earnings-growth ratio of 1.16 and a beta of 0.59.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.21. The business had revenue of $657.86 million for the quarter, compared to analysts’ expectations of $671.08 million. SBA Communications had a negative return on equity of 10.75% and a net margin of 20.61%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.13 EPS. Sell-side analysts expect that SBA Communications will post 12.61 EPS for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.03%. The ex-dividend date is Wednesday, May 22nd. SBA Communications’s payout ratio is currently 76.86%.

Insiders Place Their Bets

In other news, Director Mary S. Chan sold 1,977 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the sale, the director now directly owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

Several large investors have recently modified their holdings of SBAC. Principal Financial Group Inc. increased its stake in SBA Communications by 54.9% during the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after purchasing an additional 1,524,302 shares in the last quarter. Invesco Ltd. increased its position in shares of SBA Communications by 140.6% during the third quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after acquiring an additional 1,252,764 shares in the last quarter. Brown Advisory Inc. lifted its position in SBA Communications by 7.9% in the 4th quarter. Brown Advisory Inc. now owns 2,091,103 shares of the technology company’s stock valued at $530,492,000 after acquiring an additional 153,299 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in SBA Communications by 9.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,958,156 shares of the technology company’s stock valued at $496,765,000 after purchasing an additional 166,554 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in SBA Communications by 115.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock valued at $271,838,000 after purchasing an additional 727,163 shares during the last quarter. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.