SBA Communications (NASDAQ:SBAC) Downgraded to Hold Rating by StockNews.com

SBA Communications (NASDAQ:SBAC) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

A number of other brokerages also recently issued reports on SBAC. JMP Securities started coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective for the company. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. Barclays increased their price objective on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Morgan Stanley assumed coverage on SBA Communications in a research note on Tuesday. They set an “equal weight” rating and a $240.00 target price on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a research note on Monday, February 24th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and a consensus target price of $251.92.

SBA Communications Price Performance

Shares of SBAC stock opened at $220.42 on Wednesday. The stock’s 50-day moving average is $211.96 and its 200 day moving average is $218.90. SBA Communications has a 1-year low of $183.64 and a 1-year high of $252.64. The company has a market cap of $23.72 billion, a P/E ratio of 34.77, a PEG ratio of 0.74 and a beta of 0.74.

Insider Buying and Selling at SBA Communications

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the transaction, the vice president now owns 6,079 shares in the company, valued at approximately $1,362,790.22. This represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SBAC. FMR LLC lifted its holdings in SBA Communications by 18.1% during the third quarter. FMR LLC now owns 387,967 shares of the technology company’s stock valued at $93,384,000 after purchasing an additional 59,368 shares in the last quarter. Townsquare Capital LLC lifted its stake in SBA Communications by 36.2% in the 3rd quarter. Townsquare Capital LLC now owns 1,867 shares of the technology company’s stock valued at $449,000 after buying an additional 496 shares in the last quarter. Erste Asset Management GmbH purchased a new position in SBA Communications in the 3rd quarter valued at about $265,000. Concentric Capital Strategies LP acquired a new stake in SBA Communications in the 3rd quarter worth about $785,000. Finally, HighTower Advisors LLC increased its stake in SBA Communications by 1.4% during the 3rd quarter. HighTower Advisors LLC now owns 46,252 shares of the technology company’s stock worth $11,062,000 after buying an additional 655 shares in the last quarter. Hedge funds and other institutional investors 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.