SBA Communications Chairman Sells $7,551,000 in Stock (SBAC)
SBA Communications (NASDAQ:SBAC) Chairman Steven E. Bernstein sold 75,000 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $100.68, for a total value of $7,551,000.00. Following the completion of the sale, the chairman now directly owns 8,932 shares in the company, valued at approximately $899,274. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of SBA Communications (NASDAQ:SBAC) traded down 0.88% on Friday, hitting $100.60. The stock had a trading volume of 975,439 shares. SBA Communications has a 52 week low of $70.55 and a 52 week high of $101.90. The stock’s 50-day moving average is $93.67 and its 200-day moving average is $91.5. The company’s market cap is $12.958 billion.
SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $1.23. The company had revenue of $345.50 million for the quarter, compared to the consensus estimate of $334.60 million. During the same quarter in the previous year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts expect that SBA Communications will post $0.03 EPS for the current fiscal year.
A number of research firms have recently commented on SBAC. Analysts at Jefferies Group raised their price target on shares of SBA Communications from $100.00 to $115.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Canaccord Genuity upgraded shares of SBA Communications in a research note on Tuesday, May 6th. Finally, analysts at Raymond James raised their price target on shares of SBA Communications from $110.00 to $118.00 in a research note on Monday, May 5th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. SBA Communications currently has a consensus rating of “Buy” and an average price target of $107.75.
SBA Communications Corporation (NASDAQ:SBAC) is an independent owner and operator of wireless communications towers.
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