SBA Communications (NASDAQ:SBAC) Price Target Raised to $240.00 at The Goldman Sachs Group

SBA Communications (NASDAQ:SBAC) had its price target hoisted by The Goldman Sachs Group from $212.00 to $240.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 1.70% from the company’s previous close.

Several other equities research analysts have also recently commented on SBAC. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a research note on Friday, September 20th. KeyCorp increased their price objective on shares of SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Morgan Stanley lifted their target price on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. Royal Bank of Canada upped their target price on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Finally, Barclays reduced their price target on SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $244.08.

SBA Communications Trading Down 1.4 %

Shares of SBA Communications stock traded down $3.34 during trading on Thursday, reaching $235.99. The company’s stock had a trading volume of 200,933 shares, compared to its average volume of 919,809. The stock has a 50-day moving average price of $225.81 and a two-hundred day moving average price of $209.68. The stock has a market capitalization of $25.36 billion, a P/E ratio of 46.27, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. SBA Communications has a one year low of $183.64 and a one year high of $258.76.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The company had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.21 million. During the same period in the prior year, the firm posted $3.24 earnings per share. The company’s revenue was down 2.7% on a year-over-year basis. As a group, sell-side analysts anticipate that SBA Communications will post 12.53 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director George R. Krouse, Jr. sold 325 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the sale, the director now owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,213,814.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of SBA Communications stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the transaction, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,590 shares of company stock valued at $11,483,981. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

A number of institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. grew its stake in SBA Communications by 54.9% in the 1st quarter. Principal Financial Group Inc. now owns 4,300,157 shares of the technology company’s stock valued at $931,844,000 after buying an additional 1,524,302 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of SBA Communications during the second quarter worth approximately $134,738,000. Long Pond Capital LP acquired a new position in shares of SBA Communications in the second quarter valued at approximately $83,687,000. The Manufacturers Life Insurance Company increased its stake in shares of SBA Communications by 111.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 734,795 shares of the technology company’s stock worth $186,410,000 after purchasing an additional 387,855 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in SBA Communications by 500.0% during the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after purchasing an additional 307,530 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.