SBA Communications (NASDAQ:SBAC) Lowered to “Neutral” at New Street Research

SBA Communications (NASDAQ:SBAC) was downgraded by investment analysts at New Street Research from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, The Fly reports. They presently have a $236.00 price target on the technology company’s stock. New Street Research’s price objective indicates a potential upside of 5.12% from the company’s current price.

Several other analysts also recently weighed in on the company. UBS Group downgraded SBA Communications from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $209.00 to $240.00 in a research report on Friday, June 7th. Morgan Stanley raised their target price on SBA Communications from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Monday, May 20th. BidaskClub upgraded SBA Communications from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 9th. ValuEngine upgraded SBA Communications from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Finally, Raymond James lowered SBA Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $204.91.

SBAC stock traded down $2.35 during midday trading on Thursday, hitting $224.50. The stock had a trading volume of 719,630 shares, compared to its average volume of 671,621. The stock has a market cap of $25.29 billion, a P/E ratio of 29.54, a price-to-earnings-growth ratio of 2.88 and a beta of 0.68. SBA Communications has a 52 week low of $146.13 and a 52 week high of $227.47.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, April 29th. The technology company reported $0.23 EPS for the quarter, missing the consensus estimate of $1.89 by ($1.66). SBA Communications had a negative return on equity of 1.44% and a net margin of 2.20%. The firm had revenue of $493.29 million during the quarter, compared to the consensus estimate of $481.06 million. During the same period last year, the business earned $1.85 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts anticipate that SBA Communications will post 7.75 EPS for the current fiscal year.

In related news, EVP Jason V. Silberstein sold 51,369 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $190.71, for a total transaction of $9,796,581.99. Following the transaction, the executive vice president now owns 60,154 shares in the company, valued at approximately $11,471,969.34. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey Stoops sold 37,847 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $218.87, for a total value of $8,283,572.89. Following the transaction, the chief executive officer now owns 255,141 shares in the company, valued at approximately $55,842,710.67. The disclosure for this sale can be found here. In the last three months, insiders sold 105,467 shares of company stock valued at $21,438,176. 2.50% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in SBAC. Norges Bank acquired a new stake in shares of SBA Communications during the fourth quarter worth $138,480,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in SBA Communications in the fourth quarter worth about $363,000. Flinton Capital Management LLC increased its position in SBA Communications by 11.7% in the fourth quarter. Flinton Capital Management LLC now owns 6,188 shares of the technology company’s stock worth $1,001,000 after purchasing an additional 646 shares during the period. RFG Advisory LLC acquired a new stake in SBA Communications in the fourth quarter worth about $522,000. Finally, Swiss National Bank increased its position in SBA Communications by 1.3% in the first quarter. Swiss National Bank now owns 378,551 shares of the technology company’s stock worth $75,581,000 after purchasing an additional 5,000 shares during the period. Institutional investors own 94.28% of the company’s stock.

SBA Communications Company Profile

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By “Building Better Wireless,” SBA 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 communication sites to a variety of wireless service providers under long-term lease contracts.

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