SBA Communications (NASDAQ:SBAC) Given New $240.00 Price Target at The Goldman Sachs Group

SBA Communications (NASDAQ:SBAC) had its target price lifted by investment analysts at The Goldman Sachs Group from $212.00 to $240.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 0.57% from the company’s previous close.

Several other research firms also recently issued reports on SBAC. Wells Fargo & Company downgraded SBA Communications from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $230.00 to $220.00 in a report on Monday, July 15th. Barclays reduced their price objective on shares of SBA Communications from $240.00 to $236.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of SBA Communications from $230.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. BMO Capital Markets decreased their price objective on SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. Finally, Morgan Stanley raised their price target on shares of SBA Communications from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $244.08.

SBA Communications Price Performance

Shares of SBAC stock opened at $238.64 on Thursday. The stock’s fifty day simple moving average is $226.31 and its 200 day simple moving average is $209.87. SBA Communications has a one year low of $183.64 and a one year high of $258.76. The firm has a market cap of $25.65 billion, a price-to-earnings ratio of 46.79, a P/E/G ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.21 million. During the same quarter last year, the firm posted $3.24 EPS. The business’s revenue was down 2.7% on a year-over-year basis. On average, research analysts anticipate that SBA Communications will post 12.53 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Donald Day sold 1,500 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $242.86, for a total value of $364,290.00. Following the completion of the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other SBA Communications news, Director George R. Krouse, Jr. sold 325 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the transaction, the director now directly owns 8,084 shares in the company, valued at approximately $1,775,084.72. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The disclosure for this sale can be found here. Insiders have sold 51,590 shares of company stock valued at $11,483,981 over the last 90 days. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SBA Communications

A number of hedge funds have recently added to or reduced their stakes in SBAC. Gilbert & Cook Inc. grew its stake in shares of SBA Communications by 8.3% in the 4th quarter. Gilbert & Cook Inc. now owns 2,386 shares of the technology company’s stock worth $605,000 after acquiring an additional 183 shares in the last quarter. Commerce Bank lifted its position in shares of SBA Communications by 4.5% during the 4th quarter. Commerce Bank now owns 2,405 shares of the technology company’s stock valued at $610,000 after buying an additional 103 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of SBA Communications by 1.5% during the 4th quarter. Orion Portfolio Solutions LLC now owns 10,260 shares of the technology company’s stock worth $2,549,000 after acquiring an additional 148 shares during the period. Hsbc Holdings PLC lifted its holdings in SBA Communications by 26.8% during the fourth quarter. Hsbc Holdings PLC now owns 178,701 shares of the technology company’s stock valued at $45,285,000 after purchasing an additional 37,768 shares during the last quarter. Finally, TD Asset Management Inc boosted its position in SBA Communications by 4.5% during the fourth quarter. TD Asset Management Inc now owns 39,239 shares of the technology company’s stock worth $9,955,000 after purchasing an additional 1,673 shares during the period. 97.35% of the stock is currently owned by institutional investors.

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.