Bank of America cut shares of SBA Communications (NASDAQ:SBAC) from a buy rating to a neutral rating in a report released on Monday morning, 24/7 WallStreet reports. They currently have $245.00 target price on the technology company’s stock. The analysts noted that the move was a valuation call.
Other equities analysts have also recently issued research reports about the company. ValuEngine cut Valero Energy from a hold rating to a sell rating in a report on Wednesday, May 8th. New Street Research cut CROWN CASTLE IN/SH SH from a neutral rating to a sell rating and set a $113.00 price target for the company. in a report on Thursday, June 13th. Moffett Nathanson reissued a neutral rating and set a $246.00 price target on shares of SBA Communications in a report on Monday, July 8th. KeyCorp boosted their price target on SBA Communications from $195.00 to $215.00 and gave the stock an overweight rating in a report on Tuesday, April 30th. They noted that the move was a valuation call. Finally, Raymond James reissued an average rating and set a $16.00 price target on shares of Aeroflex in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $214.25.
Shares of NASDAQ SBAC opened at $231.80 on Monday. The firm has a market cap of $26.20 billion, a PE ratio of 30.50, a PEG ratio of 3.00 and a beta of 0.67. The firm has a fifty day moving average of $227.16. SBA Communications has a fifty-two week low of $146.13 and a fifty-two week high of $236.90.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, April 29th. The technology company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $1.89 by ($1.66). SBA Communications had a negative return on equity of 1.44% and a net margin of 2.20%. The business had revenue of $493.29 million for the quarter, compared to analyst estimates of $481.06 million. During the same period last year, the firm posted $1.85 EPS. SBA Communications’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, equities analysts anticipate that SBA Communications will post 7.75 earnings per share for the current year.
In other SBA Communications news, Director George R. Krouse, Jr. sold 1,899 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $204.16, for a total value of $387,699.84. Following the completion of the transaction, the director now owns 10,481 shares of the company’s stock, valued at approximately $2,139,800.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Kurt L. Bagwell sold 14,320 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $225.53, for a total value of $3,229,589.60. Following the completion of the transaction, the executive vice president now directly owns 58,375 shares of the company’s stock, valued at approximately $13,165,313.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,978 shares of company stock valued at $14,787,645. Insiders own 2.50% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of SBAC. Pinnacle Bank acquired a new position in SBA Communications in the 4th quarter worth about $25,000. Spectrum Management Group Inc. acquired a new position in SBA Communications in the 1st quarter worth about $27,000. CWM LLC increased its holdings in SBA Communications by 31.4% in the 1st quarter. CWM LLC now owns 243 shares of the technology company’s stock worth $49,000 after purchasing an additional 58 shares in the last quarter. Parallel Advisors LLC increased its holdings in SBA Communications by 27.0% in the 1st quarter. Parallel Advisors LLC now owns 268 shares of the technology company’s stock worth $53,000 after purchasing an additional 57 shares in the last quarter. Finally, Stone House Investment Management LLC acquired a new position in SBA Communications in the 1st quarter worth about $56,000. 94.24% of the stock is owned by institutional investors and hedge funds.
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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