SBA Communications (NASDAQ:SBAC) Given “Outperform” Rating at Royal Bank of Canada

SBA Communications (NASDAQ:SBAC)‘s stock had its “outperform” rating restated by research analysts at Royal Bank of Canada in a note issued to investors on Monday,Benzinga reports. They currently have a $255.00 price objective on the technology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 19.00% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. BMO Capital Markets reissued a “market perform” rating and set a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research note on Wednesday, December 18th. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday. TD Cowen lifted their price objective on shares of SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, Raymond James upped their target price on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 29th. Five analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and an average target price of $252.00.

SBA Communications Stock Up 0.6 %

NASDAQ:SBAC traded up $1.29 during trading hours on Monday, hitting $214.29. 222,661 shares of the stock traded hands, compared to its average volume of 736,663. The stock has a 50 day moving average price of $202.62 and a 200 day moving average price of $220.41. The company has a market cap of $23.04 billion, a price-to-earnings ratio of 33.80, a price-to-earnings-growth ratio of 0.74 and a beta of 0.69. SBA Communications has a 1 year low of $183.64 and a 1 year high of $252.64.

Insider Activity at SBA Communications

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the sale, the executive vice president now directly owns 33,588 shares of the company’s stock, valued at $7,534,796.04. This represents a 9.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Donald Day sold 2,321 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $203.43, for a total value of $472,161.03. Following the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,016,743.14. The trade was a 31.71 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SBA Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBAC. Dodge & Cox increased its position in shares of SBA Communications by 352.5% during the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock worth $1,497,167,000 after acquiring an additional 5,722,740 shares during the period. Norges Bank purchased a new stake in shares of SBA Communications in the 4th quarter worth $268,287,000. Victory Capital Management Inc. increased its stake in shares of SBA Communications by 2,821.5% during the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after buying an additional 1,174,469 shares during the period. Wealthfront Advisers LLC increased its stake in shares of SBA Communications by 23,553.0% during the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock valued at $229,648,000 after buying an additional 1,122,064 shares during the period. Finally, BROOKFIELD Corp ON raised its holdings in shares of SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company’s stock valued at $202,016,000 after acquiring an additional 987,647 shares in the last quarter. Institutional investors own 97.35% of the company’s stock.

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.