The Goldman Sachs Group Increases SBA Communications (NASDAQ:SBAC) Price Target to $240.00

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

A number of other brokerages have also recently commented on SBAC. Morgan Stanley lifted their target price on shares of SBA Communications from $232.00 to $252.00 and gave the company an “overweight” rating in a report on Wednesday, September 18th. Wells Fargo & Company downgraded SBA Communications from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $230.00 to $220.00 in a research report on Monday, July 15th. JPMorgan Chase & Co. increased their price objective on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. BMO Capital Markets dropped their price target on SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of SBA Communications from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, SBA Communications currently has an average rating of “Moderate Buy” and a consensus target price of $244.08.

SBA Communications Stock Performance

Shares of SBAC stock opened at $238.64 on Thursday. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $258.76. The company has a 50 day moving average price of $226.31 and a 200 day moving average price of $209.87. The stock has a market capitalization of $25.65 billion, a P/E ratio of 46.79, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67.

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

Insiders Place Their Bets

In other news, EVP Donald Day sold 1,500 shares of the 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 sale, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the transaction, the chairman now owns 109,583 shares in the company, valued at approximately $24,328,521.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Donald Day sold 1,500 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 51,590 shares of company stock valued at $11,483,981 over the last 90 days. 1.30% of the stock is owned by company insiders.

Institutional Trading of SBA Communications

Hedge funds and other institutional investors have recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its holdings in shares of SBA Communications by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 9,265 shares of the technology company’s stock valued at $1,819,000 after buying an additional 53 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of SBA Communications by 2.7% during the 1st quarter. Ballentine Partners LLC now owns 2,068 shares of the technology company’s stock worth $448,000 after purchasing an additional 55 shares in the last quarter. Checchi Capital Advisers LLC raised its position in SBA Communications by 4.1% during the second quarter. Checchi Capital Advisers LLC now owns 1,457 shares of the technology company’s stock valued at $286,000 after acquiring an additional 57 shares in the last quarter. Industrial Alliance Investment Management Inc. lifted its stake in shares of SBA Communications by 3.9% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 1,560 shares of the technology company’s stock valued at $338,000 after purchasing an additional 58 shares during the last quarter. Finally, Warwick Investment Management Inc. increased its holdings in shares of SBA Communications by 6.1% during the 4th quarter. Warwick Investment Management Inc. now owns 1,061 shares of the technology company’s stock valued at $269,000 after acquiring an additional 61 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

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.