TD Cowen Has Lowered Expectations for SBA Communications (NASDAQ:SBAC) Stock Price

SBA Communications (NASDAQ:SBAC) had its target price cut by equities research analysts at TD Cowen from $249.00 to $237.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. TD Cowen’s target price suggests a potential upside of 20.69% from the company’s previous close.

A number of other analysts also recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of SBA Communications in a research report on Tuesday, October 14th. Morgan Stanley reduced their price target on SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Cowen reiterated a “buy” rating on shares of SBA Communications in a report on Tuesday. BMO Capital Markets reduced their price target on SBA Communications from $215.00 to $210.00 and set a “market perform” rating for the company in a report on Tuesday. Finally, Wells Fargo & Company reduced their price objective on SBA Communications from $235.00 to $215.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $238.69.

SBA Communications Stock Up 1.5%

NASDAQ:SBAC traded up $2.85 during trading hours on Tuesday, hitting $196.37. 591,920 shares of the stock were exchanged, compared to its average volume of 961,842. The company’s 50 day moving average is $196.15 and its two-hundred day moving average is $217.92. SBA Communications has a twelve month low of $185.45 and a twelve month high of $245.16. The company has a market capitalization of $21.09 billion, a P/E ratio of 24.95, a price-to-earnings-growth ratio of 2.01 and a beta of 0.82.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $3.21 by $0.09. The company had revenue of $732.33 million for the quarter, compared to the consensus estimate of $715.65 million. SBA Communications had a negative return on equity of 16.83% and a net margin of 31.19%.The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.32 EPS. SBA Communications has set its FY 2025 guidance at EPS. On average, equities research analysts expect that SBA Communications will post 12.57 EPS for the current year.

Hedge Funds Weigh In On SBA Communications

A number of hedge funds have recently added to or reduced their stakes in SBAC. JPMorgan Chase & Co. boosted its stake in SBA Communications by 40.3% during the 1st quarter. JPMorgan Chase & Co. now owns 5,973,657 shares of the technology company’s stock valued at $1,314,265,000 after purchasing an additional 1,715,541 shares during the last quarter. Norges Bank bought a new position in shares of SBA Communications during the 2nd quarter worth approximately $351,084,000. Dodge & Cox lifted its position in shares of SBA Communications by 15.5% during the 1st quarter. Dodge & Cox now owns 8,485,264 shares of the technology company’s stock worth $1,866,843,000 after buying an additional 1,139,009 shares in the last quarter. Nuveen LLC bought a new position in shares of SBA Communications during the 1st quarter worth approximately $152,973,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of SBA Communications by 799.8% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 571,308 shares of the technology company’s stock worth $134,166,000 after buying an additional 507,815 shares in the last quarter. 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.