SBA Communications (NASDAQ:SBAC) had its target price lowered by Morgan Stanley from $190.00 to $182.00 in a research report issued to clients and investors on Friday, March 16th. The firm presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 7.23% from the company’s previous close.
Several other research analysts have also recently commented on SBAC. Zacks Investment Research cut shares of SBA Communications from a “hold” rating to a “sell” rating in a report on Tuesday, January 30th. BidaskClub cut shares of SBA Communications from a “hold” rating to a “sell” rating in a report on Friday, December 15th. Cowen restated a “buy” rating and issued a $170.00 target price (up previously from $155.00) on shares of SBA Communications in a report on Tuesday, December 5th. Guggenheim set a $172.00 price target on shares of SBA Communications and gave the company a “buy” rating in a research report on Wednesday, January 17th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $200.00 price target on shares of SBA Communications in a research report on Thursday, November 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $172.50.
SBAC traded down $1.96 on Friday, reaching $169.73. 849,631 shares of the company’s stock were exchanged, compared to its average volume of 989,733. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of -3.57. SBA Communications has a twelve month low of $119.53 and a twelve month high of $177.67. The firm has a market capitalization of $20,003.09, a PE ratio of 171.44, a PEG ratio of 18.03 and a beta of 0.86.
SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, February 26th. The technology company reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $1.60. SBA Communications had a net margin of 6.00% and a negative return on equity of 5.43%. The company had revenue of $443.10 million for the quarter, compared to the consensus estimate of $437.01 million. During the same period in the previous year, the firm earned $0.04 earnings per share. SBA Communications’s quarterly revenue was up 6.4% compared to the same quarter last year. analysts predict that SBA Communications will post 0.95 earnings per share for the current fiscal year.
SBA Communications declared that its board has approved a stock buyback plan on Monday, February 26th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other SBA Communications news, Director Duncan Cocroft purchased 500 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The shares were purchased at an average price of $167.29 per share, for a total transaction of $83,645.00. Following the completion of the acquisition, the director now owns 87,966 shares of the company’s stock, valued at approximately $14,715,832.14. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its position in shares of SBA Communications by 5.8% during the second quarter. The Manufacturers Life Insurance Company now owns 4,497 shares of the technology company’s stock worth $607,000 after buying an additional 245 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of SBA Communications by 10.5% during the third quarter. Pacer Advisors Inc. now owns 3,133 shares of the technology company’s stock worth $451,000 after buying an additional 297 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. grew its position in shares of SBA Communications by 19.1% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,973 shares of the technology company’s stock worth $320,000 after buying an additional 317 shares in the last quarter. Stifel Financial Corp boosted its holdings in SBA Communications by 1.6% in the third quarter. Stifel Financial Corp now owns 20,735 shares of the technology company’s stock worth $2,981,000 after purchasing an additional 336 shares during the period. Finally, Checchi Capital Advisers LLC boosted its holdings in SBA Communications by 25.0% in the fourth quarter. Checchi Capital Advisers LLC now owns 1,984 shares of the technology company’s stock worth $324,000 after purchasing an additional 397 shares during the period. 92.87% of the stock is owned by institutional investors and hedge funds.
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SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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