BMO Capital Markets Reiterates Market Perform Rating for SBA Communications (NASDAQ:SBAC)

SBA Communications (NASDAQ:SBAC)‘s stock had its “market perform” rating reissued by equities researchers at BMO Capital Markets in a report released on Wednesday, MarketBeat.com reports. They currently have a $230.00 price target on the technology company’s stock, down from their prior price target of $260.00. BMO Capital Markets’ price objective would indicate a potential upside of 16.02% from the stock’s previous close.

Several other brokerages have also weighed in on SBAC. Raymond James boosted their price objective on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 29th. KeyCorp boosted their price target on SBA Communications from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Monday, October 14th. TD Cowen raised their price objective on SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. StockNews.com raised shares of SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased their target price on shares of SBA Communications from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, SBA Communications presently has a consensus rating of “Moderate Buy” and an average target price of $254.92.

SBA Communications Stock Down 1.4 %

Shares of SBAC opened at $198.24 on Wednesday. SBA Communications has a 52-week low of $183.64 and a 52-week high of $256.68. The firm has a market cap of $21.32 billion, a price-to-earnings ratio of 31.27, a PEG ratio of 0.72 and a beta of 0.67. The business’s 50 day moving average is $226.27 and its two-hundred day moving average is $220.24.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.17 by ($0.77). The company had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company’s revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $3.34 earnings per share. On average, equities analysts expect that SBA Communications will post 12.56 earnings per share for the current fiscal year.

Insider Buying and Selling at SBA Communications

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the transaction, the executive vice president now directly owns 33,588 shares of the company’s stock, valued at $7,534,796.04. This represents a 9.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SBAC. Synovus Financial Corp raised its stake in shares of SBA Communications by 13.0% during the third quarter. Synovus Financial Corp now owns 13,222 shares of the technology company’s stock valued at $3,183,000 after purchasing an additional 1,522 shares in the last quarter. Tidal Investments LLC increased its stake in SBA Communications by 8.8% during the 3rd quarter. Tidal Investments LLC now owns 2,868 shares of the technology company’s stock valued at $690,000 after buying an additional 233 shares during the period. Wilmington Savings Fund Society FSB increased its stake in SBA Communications by 19.6% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 1,573 shares of the technology company’s stock valued at $379,000 after buying an additional 258 shares during the period. Sanctuary Advisors LLC raised its position in shares of SBA Communications by 19.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 5,672 shares of the technology company’s stock worth $1,252,000 after buying an additional 921 shares in the last quarter. Finally, TCW Group Inc. acquired a new stake in shares of SBA Communications in the 3rd quarter worth approximately $3,505,000. 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.