SBA Communications (NASDAQ:SBAC) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

SBA Communications (NASDAQ:SBAC) had its price objective hoisted by research analysts at Wells Fargo & Company from $195.00 to $220.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 0.59% from the stock’s current price.

A number of other brokerages also recently issued reports on SBAC. Royal Bank Of Canada lifted their price target on shares of SBA Communications from $215.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, March 2nd. Scotiabank dropped their price objective on shares of SBA Communications from $233.00 to $223.00 and set a “sector perform” rating on the stock in a research report on Monday, March 2nd. JPMorgan Chase & Co. reduced their price objective on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of SBA Communications in a research report on Friday, January 9th. Finally, Sanford C. Bernstein began coverage on shares of SBA Communications in a research note on Thursday, March 5th. They set a “market perform” rating and a $218.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Hold” and a consensus price target of $231.42.

SBA Communications Price Performance

Shares of NASDAQ SBAC opened at $218.71 on Tuesday. The company has a market cap of $23.14 billion, a price-to-earnings ratio of 22.95, a price-to-earnings-growth ratio of 2.02 and a beta of 0.88. The stock’s 50-day moving average is $189.60 and its two-hundred day moving average is $191.33. SBA Communications has a 1-year low of $162.41 and a 1-year high of $245.16.

SBA Communications (NASDAQ:SBAC) last announced its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.25 by $0.22. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The business had revenue of $719.58 million during the quarter, compared to analysts’ expectations of $725.80 million. During the same quarter last year, the business posted $3.47 EPS. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. Equities research analysts anticipate that SBA Communications will post 12.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SBAC. Dodge & Cox raised its stake in SBA Communications by 24.1% during the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock worth $2,320,412,000 after acquiring an additional 2,328,837 shares in the last quarter. Norges Bank acquired a new position in SBA Communications in the fourth quarter valued at $302,774,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of SBA Communications by 256.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock worth $211,344,000 after purchasing an additional 785,850 shares during the last quarter. Millennium Management LLC increased its position in shares of SBA Communications by 171.8% during the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock worth $156,977,000 after purchasing an additional 513,002 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in SBA Communications by 1,328.4% during the second quarter. Daiwa Securities Group Inc. now owns 522,215 shares of the technology company’s stock worth $122,637,000 after buying an additional 485,656 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.