Scotiabank Begins Coverage on SBA Communications (NASDAQ:SBAC)

Stock analysts at Scotiabank started coverage on shares of SBA Communications (NASDAQ:SBAC) in a report released on Thursday, Marketbeat.com reports. The brokerage set a “sector perform” rating and a $252.00 price target on the technology company’s stock. Scotiabank’s price target indicates a potential upside of 7.74% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Raymond James Financial reissued a “strong-buy” rating and set a $268.00 target price (up previously from $265.00) on shares of SBA Communications in a report on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft downgraded shares of SBA Communications from a “buy” rating to a “hold” rating and set a $247.00 price objective for the company. in a report on Tuesday, May 20th. UBS Group raised their target price on shares of SBA Communications from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Bank of America initiated coverage on shares of SBA Communications in a research report on Monday, May 19th. They issued a “buy” rating and a $260.00 price target for the company. Finally, Barclays increased their price target on SBA Communications from $244.00 to $247.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications presently has a consensus rating of “Moderate Buy” and an average target price of $255.31.

SBA Communications Stock Up 0.4%

Shares of NASDAQ:SBAC opened at $233.90 on Thursday. SBA Communications has a 12-month low of $192.55 and a 12-month high of $252.64. The business has a 50 day moving average of $230.92 and a 200-day moving average of $220.32. The stock has a market cap of $25.13 billion, a PE ratio of 32.09, a P/E/G ratio of 1.92 and a beta of 0.78.

Insider Transactions at SBA Communications

In other news, Director Jack Langer sold 5,000 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the transaction, the director owned 10,522 shares of the company’s stock, valued at approximately $2,531,487.98. This trade represents a 32.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.92% of the company’s stock.

Institutional Trading of SBA Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dodge & Cox grew its position in shares of SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock valued at $1,497,167,000 after buying an additional 5,722,740 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of SBA Communications by 40.3% in the first quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company’s stock worth $1,314,265,000 after acquiring an additional 1,715,541 shares during the period. Norges Bank bought a new stake in SBA Communications in the fourth quarter valued at approximately $268,287,000. BROOKFIELD Corp ON boosted its holdings in SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company’s stock valued at $202,016,000 after acquiring an additional 987,647 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in SBA Communications during the 1st quarter valued at approximately $152,973,000. 97.35% of the stock is currently owned by institutional investors and hedge funds.

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.