BMO Capital Markets Increases SBA Communications (NASDAQ:SBAC) Price Target to $260.00

SBA Communications (NASDAQ:SBAC) had its price objective boosted by BMO Capital Markets from $255.00 to $260.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the technology company’s stock.

A number of other equities research analysts have also recently commented on the company. KeyCorp increased their price target on SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Royal Bank of Canada lifted their target price on shares of SBA Communications from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Raymond James upped their price target on shares of SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Tuesday. Morgan Stanley lifted their price objective on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Finally, Barclays upped their target price on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $257.23.

SBA Communications Stock Down 3.4 %

Shares of SBA Communications stock opened at $231.75 on Tuesday. SBA Communications has a 52-week low of $183.64 and a 52-week high of $258.76. The firm’s 50 day moving average price is $237.52 and its 200-day moving average price is $214.04. The company has a market cap of $24.91 billion, a P/E ratio of 48.89, a PEG ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The firm had revenue of $667.60 million during the quarter, compared to analysts’ expectations of $669.29 million. During the same period in the prior year, the firm posted $3.34 earnings per share. SBA Communications’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that SBA Communications will post 12.52 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction dated 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 owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, 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 transaction 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 approximately $1,213,814.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at $24,328,521.83. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,590 shares of company stock valued at $11,483,981. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its stake in shares of SBA Communications by 12.8% during the 3rd quarter. Van ECK Associates Corp now owns 25,644 shares of the technology company’s stock worth $6,249,000 after acquiring an additional 2,905 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in SBA Communications by 23.9% in the third quarter. Harbor Capital Advisors Inc. now owns 2,777 shares of the technology company’s stock valued at $668,000 after purchasing an additional 536 shares during the period. Janney Montgomery Scott LLC increased its position in shares of SBA Communications by 59.7% in the third quarter. Janney Montgomery Scott LLC now owns 4,041 shares of the technology company’s stock valued at $973,000 after buying an additional 1,511 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in shares of SBA Communications during the 3rd quarter worth approximately $403,000. Finally, Farther Finance Advisors LLC lifted its position in shares of SBA Communications by 32.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 216 shares of the technology company’s stock valued at $52,000 after buying an additional 53 shares in 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.