Analysts Set SBA Communications Co. (NASDAQ:SBAC) Target Price at $252.38

Shares of SBA Communications Co. (NASDAQ:SBAC) have earned an average rating of “Moderate Buy” from the fourteen brokerages that are covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $252.38.

Several research firms have recently commented on SBAC. BMO Capital Markets upped their price objective on SBA Communications from $230.00 to $240.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 29th. Barclays upped their price objective on SBA Communications from $244.00 to $247.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 29th. JMP Securities upped their price objective on SBA Communications from $250.00 to $270.00 and gave the stock a “market outperform” rating in a research note on Tuesday, April 29th. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Morgan Stanley began coverage on SBA Communications in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $240.00 price objective for the company.

Insider Activity

In related news, VP Joshua Koenig sold 2,209 shares of the 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 sale, the vice president now directly owns 6,079 shares of the company’s stock, valued at $1,362,790.22. This represents a 26.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jack Langer sold 5,000 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $240.59, for a total transaction of $1,202,950.00. Following the completion of the sale, the director now directly owns 10,522 shares in the company, valued at $2,531,487.98. This trade represents a 32.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

A number of hedge funds have recently added to or reduced their stakes in SBAC. Dodge & Cox grew its stake in SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock worth $1,497,167,000 after acquiring an additional 5,722,740 shares in the last quarter. Norges Bank bought a new position in shares of SBA Communications during the fourth quarter valued at approximately $268,287,000. Wealthfront Advisers LLC boosted its stake in shares of SBA Communications by 23,553.0% during the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock valued at $229,648,000 after purchasing an additional 1,122,064 shares in the last quarter. BROOKFIELD Corp ON boosted its stake in shares of SBA Communications by 27,449.9% during the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company’s stock valued at $202,016,000 after purchasing an additional 987,647 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of SBA Communications by 16.6% during 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 in the last quarter. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Trading Up 1.3%

NASDAQ:SBAC opened at $239.66 on Wednesday. SBA Communications has a 12 month low of $185.44 and a 12 month high of $252.64. The company has a market cap of $25.79 billion, a PE ratio of 37.80, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The company has a 50 day simple moving average of $223.82 and a two-hundred day simple moving average of $216.07.

SBA Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Thursday, May 22nd will be given a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Thursday, May 22nd. SBA Communications’s dividend payout ratio is 60.91%.

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.