Morgan Stanley Increases SBA Communications (NASDAQ:SBAC) Price Target to $252.00

SBA Communications (NASDAQ:SBAC) had its price target lifted by analysts at Morgan Stanley from $232.00 to $252.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 3.90% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company lowered SBA Communications from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $230.00 to $220.00 in a report on Monday, July 15th. Barclays decreased their target price 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. Deutsche Bank Aktiengesellschaft boosted their target price on SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Royal Bank of Canada upped their price objective on SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Finally, KeyCorp upped their price objective on SBA Communications from $227.00 to $230.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $240.00.

SBA Communications Stock Down 1.0 %

SBAC stock traded down $2.45 on Wednesday, reaching $242.55. 148,856 shares of the company’s stock were exchanged, compared to its average volume of 926,036. The stock has a fifty day moving average of $222.13 and a 200-day moving average of $208.68. SBA Communications has a twelve month low of $183.64 and a twelve month high of $258.76. The firm has a market cap of $26.06 billion, a PE ratio of 47.59, a P/E/G ratio of 0.74 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data 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 business had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. During the same period in the prior year, the company earned $3.24 EPS. The company’s revenue was down 2.7% on a year-over-year basis. On average, equities research analysts predict that SBA Communications will post 12.53 EPS for the current fiscal year.

Insider Buying and Selling

In other SBA Communications news, EVP Donald Day sold 1,500 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the sale, the executive vice president now directly owns 4,998 shares in the company, valued at $1,213,814.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Donald Day sold 1,500 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the sale, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,590 shares of company stock worth $11,483,981. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On SBA Communications

A number of large investors have recently modified their holdings of SBAC. Gilbert & Cook Inc. grew its stake in shares of SBA Communications by 8.3% in the fourth quarter. Gilbert & Cook Inc. now owns 2,386 shares of the technology company’s stock valued at $605,000 after buying an additional 183 shares in the last quarter. Private Advisor Group LLC boosted its holdings in SBA Communications by 5.9% in the fourth quarter. Private Advisor Group LLC now owns 1,570 shares of the technology company’s stock valued at $398,000 after purchasing an additional 88 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in SBA Communications by 27.8% in the fourth quarter. Panagora Asset Management Inc. now owns 2,993 shares of the technology company’s stock valued at $759,000 after purchasing an additional 651 shares during the last quarter. Norges Bank purchased a new position in SBA Communications in the fourth quarter valued at about $286,079,000. Finally, Dynamic Technology Lab Private Ltd boosted its holdings in SBA Communications by 27.8% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 3,089 shares of the technology company’s stock valued at $784,000 after purchasing an additional 671 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

About SBA Communications

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.