SBA Communications (SBAC) Stock Rating Lowered by Zacks Investment Research

SBA Communications (NASDAQ:SBAC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.

According to Zacks, “SBA Communications continues to face headwinds like high customer concentration and consolidation in the wireless industry, which is likely to affect the company's top line. Evolution of new technologies may reduce demand for site leases and increase costs. On the flip side, the company is poised to gain from rapid technological improvement in the telecommunication industry. Based on its tower operations, the company is optimistic about the global growth of wireless and thus anticipates international expansion. The company’s tower buyouts in emerging markets and long-term tower leases with major wireless carriers have driven its top line and lend it a competitive edge. Over the past six months, the stock rallied 19.7% as against the industry's growth of 10.7%. “

Several other equities analysts have also issued reports on the company. BidaskClub raised SBA Communications from a “sell” rating to a “hold” rating in a research note on Friday, February 2nd. Barclays reissued a “buy” rating and issued a $178.00 price target on shares of SBA Communications in a research note on Friday, January 19th. Guggenheim set a $172.00 price target on SBA Communications and gave the company a “buy” rating in a research note on Wednesday, January 17th. Cowen reissued a “buy” rating and issued a $170.00 price target (up from $155.00) on shares of SBA Communications in a research note on Tuesday, December 5th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $200.00 price target on shares of SBA Communications in a research note on Thursday, November 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. SBA Communications presently has an average rating of “Buy” and an average target price of $165.07.

SBA Communications (SBAC) opened at $160.01 on Friday. SBA Communications has a 12 month low of $105.74 and a 12 month high of $177.67. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of -3.63. The stock has a market capitalization of $19,571.92, a P/E ratio of 190.30 and a beta of 0.85.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Toronto Dominion Bank increased its holdings in shares of SBA Communications by 9.5% during the second quarter. Toronto Dominion Bank now owns 1,487 shares of the technology company’s stock valued at $201,000 after acquiring an additional 129 shares in the last quarter. State Treasurer State of Michigan bought a new stake in shares of SBA Communications during the third quarter valued at approximately $5,258,000. Oakbrook Investments LLC bought a new stake in shares of SBA Communications during the third quarter valued at approximately $828,000. GSA Capital Partners LLP grew its holdings in SBA Communications by 198.3% during the third quarter. GSA Capital Partners LLP now owns 5,530 shares of the technology company’s stock worth $797,000 after buying an additional 3,676 shares in the last quarter. Finally, New York State Teachers Retirement System grew its holdings in SBA Communications by 26,162.1% during the third quarter. New York State Teachers Retirement System now owns 183,835 shares of the technology company’s stock worth $26,481,000 after buying an additional 183,135 shares in the last quarter. Hedge funds and other institutional investors own 95.87% of the company’s stock.

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SBA Communications 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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