SBA Communications (SBAC) Upgraded to “Buy” by Citigroup

Citigroup upgraded shares of SBA Communications (NASDAQ:SBAC) from a neutral rating to a buy rating in a report published on Wednesday, MarketBeat reports. Citigroup currently has $187.00 price objective on the technology company’s stock, up from their prior price objective of $175.00.

A number of other brokerages also recently weighed in on SBAC. Zacks Investment Research downgraded shares of SBA Communications from a hold rating to a strong sell rating in a research report on Tuesday, July 10th. BidaskClub downgraded shares of SBA Communications from a buy rating to a hold rating in a research report on Thursday, July 19th. ValuEngine downgraded shares of SBA Communications from a buy rating to a hold rating in a research report on Thursday, August 2nd. Deutsche Bank increased their price target on shares of SBA Communications from $170.00 to $183.00 and gave the company a hold rating in a research report on Wednesday, August 1st. Finally, Macquarie cut their price target on shares of SBA Communications from $166.00 to $161.00 and set a neutral rating on the stock in a research report on Wednesday, August 29th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $179.30.

Shares of NASDAQ:SBAC traded up $1.04 during mid-day trading on Wednesday, reaching $164.87. The stock had a trading volume of 737,961 shares, compared to its average volume of 852,093. SBA Communications has a twelve month low of $146.13 and a twelve month high of $177.67.

In related news, Director Brian C. Carr sold 800 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $155.00, for a total transaction of $124,000.00. Following the completion of the sale, the director now directly owns 3,070 shares of the company’s stock, valued at approximately $475,850. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jeffrey Stoops sold 40,000 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $160.05, for a total value of $6,402,000.00. Following the sale, the chief executive officer now directly owns 252,180 shares of the company’s stock, valued at $40,361,409. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,805 shares of company stock valued at $12,693,203. 2.70% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $115,000. FNY Investment Advisers LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $165,000. Cornerstone Wealth Management LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $193,000. HRT Financial LLC bought a new stake in SBA Communications during the 2nd quarter worth approximately $201,000. Finally, Dupont Capital Management Corp increased its stake in SBA Communications by 71.6% during the 2nd quarter. Dupont Capital Management Corp now owns 1,227 shares of the technology company’s stock worth $203,000 after purchasing an additional 512 shares in the last quarter. 94.68% of the stock is owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for SBA Communications (NASDAQ:SBAC)

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