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

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

Several other equities analysts have also weighed in on SBAC. The Goldman Sachs Group raised their price objective on shares of SBA Communications from $212.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. BMO Capital Markets reiterated a “market perform” rating and issued a $230.00 target price (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. StockNews.com cut shares of SBA Communications from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Raymond James raised their target price on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Tuesday, October 29th. Finally, TD Cowen raised their target price on shares of SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and an average price target of $252.46.

SBA Communications Stock Down 0.8 %

Shares of NASDAQ:SBAC traded down $1.63 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 fifty-two week low of $183.64 and a fifty-two week high of $252.64. The business’s 50-day moving average is $210.26 and its two-hundred day moving average is $221.61.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings data 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 negative return on equity of 13.13% and a net margin of 25.76%. The firm had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. During the same period last year, the business earned $3.34 EPS. The firm’s revenue was down 2.2% on a year-over-year basis. Analysts predict that SBA Communications will post 12.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Mark R. Ciarfella sold 3,545 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $224.33, for a total transaction of $795,249.85. Following the sale, the executive vice president now owns 33,588 shares in the company, valued at $7,534,796.04. This represents a 9.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Donald Day sold 2,321 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $203.43, for a total value of $472,161.03. Following the sale, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,016,743.14. This represents a 31.71 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

A number of large investors have recently added to or reduced their stakes in SBAC. Victory Capital Management Inc. raised its stake in SBA Communications by 2,821.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of SBA Communications by 377.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 886,384 shares of the technology company’s stock worth $213,353,000 after purchasing an additional 700,791 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock worth $1,024,049,000 after purchasing an additional 605,872 shares in the last quarter. Long Pond Capital LP acquired a new stake in shares of SBA Communications during the 2nd quarter worth $83,687,000. Finally, AQR Capital Management LLC grew its holdings in shares of SBA Communications by 500.0% during the 2nd quarter. AQR Capital Management LLC now owns 369,037 shares of the technology company’s stock worth $72,375,000 after purchasing an additional 307,530 shares in the last quarter. Institutional investors 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.