Morgan Stanley Increases SBA Communications (NASDAQ:SBAC) Price Target to $252.00

SBA Communications (NASDAQ:SBAC) had its price objective upped by equities research analysts at Morgan Stanley from $232.00 to $252.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s target price suggests a potential upside of 5.75% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. KeyCorp lifted their target price on shares of SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their target price on SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. TD Cowen reduced their price target on SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Finally, Wells Fargo & Company downgraded SBA Communications from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $230.00 to $220.00 in a report on Monday, July 15th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $240.00.

SBA Communications Trading Down 0.7 %

Shares of SBAC stock opened at $238.29 on Wednesday. The company has a market capitalization of $25.61 billion, a price-to-earnings ratio of 46.72, a P/E/G ratio of 0.75 and a beta of 0.67. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76. The stock’s fifty day simple moving average is $223.59 and its 200-day simple moving average is $209.10.

SBA Communications (NASDAQ:SBAC) last released its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.56). The business had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $3.24 EPS. On average, sell-side analysts predict that SBA Communications will post 12.53 EPS for the current year.

Insider Buying and Selling

In related news, Chairman Jeffrey Stoops sold 49,765 shares of SBA Communications stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the transaction, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,213,814.28. The disclosure for this sale can be found here. In the last three months, insiders sold 51,590 shares of company stock valued at $11,483,981. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in SBAC. Gilbert & Cook Inc. raised its stake in shares of SBA Communications by 8.3% in the fourth quarter. Gilbert & Cook Inc. now owns 2,386 shares of the technology company’s stock valued at $605,000 after acquiring an additional 183 shares during the last quarter. Private Advisor Group LLC boosted its stake in SBA Communications by 5.9% in the fourth quarter. Private Advisor Group LLC now owns 1,570 shares of the technology company’s stock worth $398,000 after purchasing an additional 88 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in SBA Communications by 27.8% in the fourth quarter. Panagora Asset Management Inc. now owns 2,993 shares of the technology company’s stock worth $759,000 after purchasing an additional 651 shares in the last quarter. Norges Bank bought a new stake in shares of SBA Communications during the fourth quarter worth $286,079,000. Finally, Dynamic Technology Lab Private Ltd increased its stake in shares of SBA Communications by 27.8% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 3,089 shares of the technology company’s stock valued at $784,000 after buying an additional 671 shares in the last quarter. 97.35% of the stock is owned by institutional investors.

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.