SBA Communications Corporation (NASDAQ:SBAC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, August 4th.
According to Zacks, “SBA Communications Corp. is a leading independent owner and operator of wireless communications infrastructure in the United States. The company 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 towers to a variety of wireless service providers under long-term lease contracts. (PRESS RELEASE) “
Other analysts have also recently issued research reports about the company. Citigroup Inc. raised their target price on SBA Communications Corporation from $124.00 to $134.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 25th. Deutsche Bank AG reissued a “hold” rating and set a $133.00 price objective (up previously from $121.00) on shares of SBA Communications Corporation in a research report on Saturday, April 22nd. Royal Bank Of Canada reissued a “buy” rating on shares of SBA Communications Corporation in a research report on Wednesday, August 2nd. Barclays PLC boosted their price target on SBA Communications Corporation from $118.00 to $136.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 19th. Finally, BidaskClub cut SBA Communications Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 9th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $141.57.
Shares of SBA Communications Corporation (NASDAQ:SBAC) opened at 140.49 on Friday. SBA Communications Corporation has a 52 week low of $95.66 and a 52 week high of $141.59. The firm has a market cap of $16.91 billion, a PE ratio of 482.78 and a beta of 0.73. The stock’s 50 day moving average is $136.57 and its 200-day moving average is $125.79.
SBA Communications Corporation (NASDAQ:SBAC) last issued its earnings results on Monday, July 31st. The technology company reported $0.19 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.01. The business had revenue of $427.30 million during the quarter, compared to analyst estimates of $426.10 million. SBA Communications Corporation had a negative return on equity of 2.64% and a net margin of 2.19%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the business earned $1.48 EPS. On average, equities analysts predict that SBA Communications Corporation will post $0.94 EPS for the current fiscal year.
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In other SBA Communications Corporation news, Director Brian C. Carr sold 3,475 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $132.54, for a total transaction of $460,576.50. Following the completion of the sale, the director now owns 3,051 shares in the company, valued at approximately $404,379.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeffrey Stoops sold 94,289 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $133.76, for a total transaction of $12,612,096.64. Following the completion of the sale, the chief executive officer now owns 329,124 shares of the company’s stock, valued at approximately $44,023,626.24. The disclosure for this sale can be found here. Insiders have sold a total of 167,179 shares of company stock valued at $22,588,671 in the last quarter. Corporate insiders own 2.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of SBA Communications Corporation by 2,233.0% in the first quarter. BlackRock Inc. now owns 8,450,685 shares of the technology company’s stock valued at $1,017,210,000 after buying an additional 8,088,459 shares during the period. Iridian Asset Management LLC CT bought a new stake in shares of SBA Communications Corporation during the first quarter valued at about $169,022,000. Victory Capital Management Inc. increased its stake in shares of SBA Communications Corporation by 147,836.3% in the second quarter. Victory Capital Management Inc. now owns 687,904 shares of the technology company’s stock valued at $92,799,000 after buying an additional 687,439 shares during the period. American Century Companies Inc. increased its stake in shares of SBA Communications Corporation by 41.4% in the second quarter. American Century Companies Inc. now owns 2,230,739 shares of the technology company’s stock valued at $300,927,000 after buying an additional 652,647 shares during the period. Finally, Voya Investment Management LLC increased its stake in shares of SBA Communications Corporation by 1,343.6% in the second quarter. Voya Investment Management LLC now owns 657,010 shares of the technology company’s stock valued at $88,631,000 after buying an additional 611,497 shares during the period. Institutional investors own 99.23% of the company’s stock.
SBA Communications Corporation Company Profile
SBA Communications Corporation is an independent owner and operator of wireless communications tower structures, rooftops and other structures that support antennas used for wireless communications. The Company’s operating segments include site leasing and site development. The site leasing business includes segments, domestic site leasing and international site leasing.
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