Wells Fargo & Company Trims SBA Communications (NASDAQ:SBAC) Target Price to $230.00

SBA Communications (NASDAQ:SBAC) had its target price decreased by Wells Fargo & Company from $260.00 to $230.00 in a report issued on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

Several other research analysts have also recently weighed in on SBAC. BMO Capital Markets dropped their price objective on shares of SBA Communications from $285.00 to $265.00 and set an outperform rating for the company in a research report on Tuesday, February 27th. Barclays cut their price target on SBA Communications from $255.00 to $241.00 and set an overweight rating on the stock in a research note on Tuesday. KeyCorp dropped their price objective on SBA Communications from $276.00 to $227.00 and set an overweight rating for the company in a report on Tuesday. TD Cowen reduced their target price on shares of SBA Communications from $266.00 to $253.00 and set a buy rating on the stock in a research note on Tuesday. Finally, Bank of America raised shares of SBA Communications from a neutral rating to a buy rating and set a $260.00 price target for the company in a research note on Thursday, March 7th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of Buy and an average price target of $258.23.

SBA Communications Stock Performance

SBA Communications stock opened at $193.09 on Tuesday. The business’s fifty day moving average is $208.78 and its two-hundred day moving average is $222.32. The firm has a market cap of $20.87 billion, a P/E ratio of 37.86, a P/E/G ratio of 1.16 and a beta of 0.59. SBA Communications has a 52 week low of $183.64 and a 52 week high of $258.76.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Monday, April 29th. The technology company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.21. The business had revenue of $657.86 million for the quarter, compared to the consensus estimate of $671.08 million. SBA Communications had a net margin of 20.61% and a negative return on equity of 10.75%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.13 EPS. On average, equities research analysts predict that SBA Communications will post 12.61 earnings per share for the current year.

SBA Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Thursday, May 23rd will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 2.03%. The ex-dividend date is Wednesday, May 22nd. SBA Communications’s payout ratio is presently 76.86%.

Insiders Place Their Bets

In other SBA Communications news, Director Mary S. Chan sold 1,977 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $217.99, for a total value of $430,966.23. Following the completion of the sale, the director now directly owns 4,622 shares in the company, valued at $1,007,549.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP lifted its position in SBA Communications by 37.8% in the 4th quarter. Allworth Financial LP now owns 164 shares of the technology company’s stock valued at $42,000 after acquiring an additional 45 shares in the last quarter. Quaero Capital S.A. boosted its position in shares of SBA Communications by 1.4% during the fourth quarter. Quaero Capital S.A. now owns 3,730 shares of the technology company’s stock worth $946,000 after buying an additional 50 shares during the period. Marks Group Wealth Management Inc grew its holdings in shares of SBA Communications by 4.4% during the fourth quarter. Marks Group Wealth Management Inc now owns 1,274 shares of the technology company’s stock worth $323,000 after buying an additional 54 shares in the last quarter. Ballentine Partners LLC grew its holdings in shares of SBA Communications by 2.7% during the first quarter. Ballentine Partners LLC now owns 2,068 shares of the technology company’s stock worth $448,000 after buying an additional 55 shares in the last quarter. Finally, Warwick Investment Management Inc. boosted its position in SBA Communications by 6.1% during the 4th quarter. Warwick Investment Management Inc. now owns 1,061 shares of the technology company’s stock worth $269,000 after acquiring an additional 61 shares during the last quarter. Institutional investors and hedge funds 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.