Wells Fargo & Company Cuts SBA Communications (NASDAQ:SBAC) Price Target to $210.00

SBA Communications (NASDAQ:SBAC) had its price objective decreased by Wells Fargo & Company from $230.00 to $210.00 in a research note issued to investors on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology company’s stock.

SBAC has been the subject of a number of other reports. Barclays lowered their price target on SBA Communications from $257.00 to $254.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Raymond James upped their price objective on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. StockNews.com cut SBA Communications from a “buy” rating to a “hold” rating in a report on Monday, January 13th. The Goldman Sachs Group increased their price target on shares of SBA Communications from $212.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $230.00 price target (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $252.46.

SBA Communications Stock Performance

Shares of SBA Communications stock opened at $196.83 on Thursday. The business’s 50 day moving average price is $209.38 and its 200 day moving average price is $221.47. The company has a market cap of $21.16 billion, a price-to-earnings ratio of 31.05, a PEG ratio of 0.70 and a beta of 0.69. SBA Communications has a one year low of $183.64 and a one year high of $252.64.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.77). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The firm had revenue of $667.60 million for the quarter, compared to analyst estimates of $669.29 million. During the same period in the previous year, the firm posted $3.34 EPS. The company’s revenue was down 2.2% compared to the same quarter last year. On average, analysts predict that SBA Communications will post 12.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction on Friday, December 20th. The shares were sold at an average price of $203.43, for a total value of $472,161.03. Following the transaction, the executive vice president now directly owns 4,998 shares in the company, valued at $1,016,743.14. This trade represents a 31.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark R. Ciarfella sold 3,545 shares of SBA Communications stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $224.33, for a total transaction of $795,249.85. Following the completion of the sale, the executive vice president now directly owns 33,588 shares in the company, valued at approximately $7,534,796.04. The trade was a 9.55 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp grew its position in SBA Communications by 1.8% during the third quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock worth $1,117,697,000 after buying an additional 81,566 shares during the period. JPMorgan Chase & Co. grew its holdings in SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after purchasing an additional 605,872 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in SBA Communications by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,269,786 shares of the technology company’s stock valued at $305,637,000 after acquiring an additional 62,555 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after purchasing an additional 1,174,469 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of SBA Communications by 377.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock valued at $213,353,000 after purchasing an additional 700,791 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.