SBA Communications (NASDAQ:SBAC) Price Target Cut to $235.00 by Analysts at Royal Bank of Canada

SBA Communications (NASDAQ:SBAC) had its price target reduced by Royal Bank of Canada from $250.00 to $235.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price points to a potential upside of 18.21% from the stock’s previous close.

Several other research firms also recently commented on SBAC. Bank of America upgraded SBA Communications from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research report on Thursday, March 7th. Barclays lowered their target price on shares of SBA Communications from $255.00 to $241.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. KeyCorp cut their price target on shares of SBA Communications from $276.00 to $227.00 and set an “overweight” rating for the company in a report on Tuesday, April 30th. BMO Capital Markets decreased their price objective on shares of SBA Communications from $285.00 to $265.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 27th. Finally, TD Cowen cut their target price on shares of SBA Communications from $266.00 to $253.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, SBA Communications has a consensus rating of “Buy” and an average target price of $252.25.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC traded up $1.58 during trading on Thursday, hitting $198.80. 364,205 shares of the stock were exchanged, compared to its average volume of 997,967. The company’s fifty day simple moving average is $208.00 and its 200-day simple moving average is $222.65. The company has a market capitalization of $21.49 billion, a price-to-earnings ratio of 39.11, a price-to-earnings-growth ratio of 0.57 and a beta of 0.59. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.21. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $671.08 million. During the same quarter in the previous year, the firm posted $3.13 EPS. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. On average, research analysts forecast that SBA Communications will post 12.53 earnings per share for the current fiscal year.

Insider Transactions at SBA Communications

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of SBA Communications stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $217.99, for a total transaction of $430,966.23. Following the completion of the sale, the director now owns 4,622 shares of the company’s stock, valued at approximately $1,007,549.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SBA Communications

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its stake in SBA Communications by 54.9% in the first 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% in the 3rd quarter. Invesco Ltd. now owns 2,143,877 shares of the technology company’s stock valued at $429,140,000 after buying an additional 1,252,764 shares in the last quarter. Brown Advisory Inc. raised its stake in SBA Communications by 7.9% during the 4th quarter. Brown Advisory Inc. now owns 2,091,103 shares of the technology company’s stock worth $530,492,000 after buying an additional 153,299 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in SBA Communications by 9.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,958,156 shares of the technology company’s stock worth $496,765,000 after acquiring an additional 166,554 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in SBA Communications by 115.3% in the third quarter. Ameriprise Financial Inc. now owns 1,358,037 shares of the technology company’s stock valued at $271,838,000 after acquiring an additional 727,163 shares during the period. 97.35% of the stock is currently owned by institutional investors and hedge funds.

About SBA Communications

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.