Wells Fargo & Company Issues Pessimistic Forecast for SBA Communications (NASDAQ:SBAC) Stock Price

SBA Communications (NASDAQ:SBAC) had its price target reduced by stock analysts at Wells Fargo & Company from $230.00 to $210.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 6.72% from the company’s previous close.

A number of other brokerages have also weighed in on SBAC. KeyCorp boosted their price objective on SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. The Goldman Sachs Group boosted their price objective on SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. TD Cowen boosted their price objective on SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. StockNews.com downgraded SBA Communications from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Finally, Barclays dropped their price target on SBA Communications from $257.00 to $254.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $252.46.

SBA Communications Trading Down 0.8 %

Shares of NASDAQ SBAC traded down $1.63 during mid-day trading on Thursday, reaching $196.77. 12,677 shares of the company’s stock were exchanged, compared to its average volume of 795,551. The firm has a market capitalization of $21.16 billion, a price-to-earnings ratio of 31.04, a PEG ratio of 0.73 and a beta of 0.69. SBA Communications has a twelve month low of $183.64 and a twelve month high of $252.64. The business has a fifty day simple moving average of $210.26 and a 200 day simple moving average of $221.61.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). SBA Communications had a net margin of 25.76% and a negative return on equity of 13.13%. The company had revenue of $667.60 million during the quarter, compared to the consensus estimate of $669.29 million. During the same quarter in the prior year, the business earned $3.34 earnings per share. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts predict that SBA Communications will post 12.57 earnings per share for the current fiscal year.

Insider Transactions at SBA Communications

In other news, EVP Donald Day sold 2,321 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $203.43, for a total transaction of $472,161.03. Following the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at $1,016,743.14. The trade was a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $224.33, for a total transaction of $795,249.85. Following the completion of the transaction, the executive vice president now owns 33,588 shares of the company’s stock, valued at approximately $7,534,796.04. This trade represents a 9.55 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Public Sector Pension Investment Board lifted its holdings in shares of SBA Communications by 17.2% in the second quarter. Public Sector Pension Investment Board now owns 14,912 shares of the technology company’s stock valued at $2,927,000 after purchasing an additional 2,186 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in SBA Communications by 61.1% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 20,705 shares of the technology company’s stock worth $4,064,000 after purchasing an additional 7,853 shares during the last quarter. Squarepoint Ops LLC increased its position in SBA Communications by 238.2% during the second quarter. Squarepoint Ops LLC now owns 10,875 shares of the technology company’s stock worth $2,135,000 after purchasing an additional 7,659 shares during the last quarter. AQR Capital Management LLC increased its position in shares of SBA Communications by 500.0% in the second quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after acquiring an additional 307,530 shares in the last quarter. Finally, APG Asset Management N.V. increased its position in shares of SBA Communications by 17.5% in the second quarter. APG Asset Management N.V. now owns 688,945 shares of the technology company’s stock worth $126,186,000 after acquiring an additional 102,464 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other 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.