SBA Communications (NASDAQ:SBAC) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Wednesday.
Several other brokerages have also recently weighed in on SBAC. KeyCorp set a $188.00 price target on shares of SBA Communications and gave the company a “buy” rating in a research report on Tuesday, February 27th. Wells Fargo reissued a “market perform” rating and set a $170.00 price target (up previously from $150.00) on shares of SBA Communications in a research report on Tuesday, February 27th. Deutsche Bank increased their price target on shares of SBA Communications from $164.00 to $170.00 and gave the company a “hold” rating in a research report on Tuesday, February 27th. Zacks Investment Research cut shares of SBA Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, January 30th. Finally, ValuEngine upgraded shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. SBA Communications presently has an average rating of “Buy” and an average price target of $175.69.
Shares of SBAC opened at $157.51 on Wednesday. The firm has a market cap of $18.16 billion, a price-to-earnings ratio of 165.97, a PEG ratio of 17.14 and a beta of 0.86. The company has a debt-to-equity ratio of -3.62, a current ratio of 1.21 and a quick ratio of 1.21. SBA Communications has a twelve month low of $156.73 and a twelve month high of $158.06.
SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, April 30th. The technology company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. The business had revenue of $458.30 million during the quarter, compared to analysts’ expectations of $453.50 million. SBA Communications had a net margin of 5.54% and a negative return on equity of 4.79%. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.69 EPS. equities research analysts forecast that SBA Communications will post 0.92 EPS for the current fiscal year.
SBA Communications declared that its Board of Directors has approved a stock buyback program on Monday, February 26th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
In related news, Director Duncan Cocroft acquired 500 shares of the firm’s stock in a transaction on Monday, March 12th. The stock was acquired at an average cost of $167.29 per share, for a total transaction of $83,645.00. Following the acquisition, the director now owns 87,966 shares of the company’s stock, valued at $14,715,832.14. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.70% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the stock. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of SBA Communications by 19.1% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,973 shares of the technology company’s stock worth $320,000 after acquiring an additional 317 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in shares of SBA Communications by 2.0% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 16,213 shares of the technology company’s stock worth $2,771,000 after acquiring an additional 321 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in shares of SBA Communications by 53.7% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 936 shares of the technology company’s stock worth $160,000 after acquiring an additional 327 shares in the last quarter. Checchi Capital Advisers LLC increased its stake in shares of SBA Communications by 25.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 1,984 shares of the technology company’s stock worth $324,000 after acquiring an additional 397 shares in the last quarter. Finally, Norinchukin Bank The increased its stake in shares of SBA Communications by 4.9% in the 4th quarter. Norinchukin Bank The now owns 9,398 shares of the technology company’s stock worth $1,535,000 after acquiring an additional 441 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.
About SBA Communications
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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