Bank of America Reiterates Neutral Rating for SBA Communications (NASDAQ:SBAC)

SBA Communications (NASDAQ:SBAC)‘s stock had its “neutral” rating restated by Bank of America in a note issued to investors on Wednesday, Briefing.com Automated Import reports. They currently have a $260.00 price target on the technology company’s stock, up from their previous price target of $245.00. Bank of America‘s target price would suggest a potential upside of 0.55% from the stock’s previous close.

Other analysts have also issued research reports about the company. UBS Group lowered SBA Communications from a “buy” rating to a “neutral” rating and increased their target price for the stock from $209.00 to $240.00 in a research note on Friday, June 7th. JPMorgan Chase & Co. downgraded SBA Communications from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $220.00 to $270.00 in a report on Thursday, August 1st. KeyCorp lifted their target price on SBA Communications from $252.00 to $259.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Raymond James cut SBA Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Finally, Moffett Nathanson restated a “neutral” rating and issued a $246.00 price objective on shares of SBA Communications in a research report on Monday, July 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $228.31.

SBA Communications stock traded down $1.20 during mid-day trading on Wednesday, reaching $258.57. 14,843 shares of the company traded hands, compared to its average volume of 644,297. The stock’s 50 day moving average price is $237.09. The stock has a market capitalization of $29.42 billion, a price-to-earnings ratio of 34.02, a price-to-earnings-growth ratio of 3.25 and a beta of 0.69. SBA Communications has a 52-week low of $146.13 and a 52-week high of $260.50.

SBA Communications (NASDAQ:SBAC) last announced its earnings results on Monday, July 29th. The technology company reported $0.28 EPS for the quarter, missing the Zacks’ consensus estimate of $1.86 by ($1.58). The business had revenue of $500.10 million for the quarter, compared to the consensus estimate of $489.09 million. SBA Communications had a net margin of 6.75% and a negative return on equity of 4.12%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.50) EPS. Equities research analysts expect that SBA Communications will post 7.83 EPS for the current fiscal year.

In other SBA Communications news, CEO Jeffrey Stoops sold 37,847 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $218.87, for a total transaction of $8,283,572.89. Following the transaction, the chief executive officer now owns 255,141 shares in the company, valued at $55,842,710.67. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Kurt L. Bagwell sold 17,055 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $254.72, for a total value of $4,344,249.60. Following the transaction, the executive vice president now owns 57,573 shares in the company, valued at approximately $14,664,994.56. The disclosure for this sale can be found here. Insiders have sold 77,762 shares of company stock valued at $17,727,224 in the last three months. 2.50% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in SBA Communications by 5.0% in the second quarter. BlackRock Inc. now owns 10,196,949 shares of the technology company’s stock valued at $2,292,683,000 after buying an additional 486,674 shares during the last quarter. Cohen & Steers Inc. lifted its position in SBA Communications by 28.0% in the second quarter. Cohen & Steers Inc. now owns 4,522,092 shares of the technology company’s stock worth $1,016,747,000 after purchasing an additional 990,368 shares during the period. Canada Pension Plan Investment Board lifted its position in SBA Communications by 6.5% in the second quarter. Canada Pension Plan Investment Board now owns 2,164,605 shares of the technology company’s stock worth $486,690,000 after purchasing an additional 132,509 shares during the period. Geode Capital Management LLC lifted its position in shares of SBA Communications by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,498,094 shares of the technology company’s stock valued at $242,108,000 after acquiring an additional 80,550 shares during the last quarter. Finally, Commonwealth Bank of Australia lifted its position in shares of SBA Communications by 24.7% during the 1st quarter. Commonwealth Bank of Australia now owns 1,280,749 shares of the technology company’s stock valued at $255,703,000 after acquiring an additional 253,552 shares during the last quarter. 94.07% of the stock is currently owned by institutional investors and hedge funds.

About SBA Communications

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By “Building Better Wireless,” SBA generates revenue from two primary businesses – site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.

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Analyst Recommendations for SBA Communications (NASDAQ:SBAC)

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