Royal Bank Of Canada Issues Pessimistic Forecast for SBA Communications (NASDAQ:SBAC) Stock Price

SBA Communications (NASDAQ:SBAC) had its price target decreased by analysts at Royal Bank Of Canada from $245.00 to $210.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 12.62% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Wells Fargo & Company lifted their target price on shares of SBA Communications from $195.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 7th. Morgan Stanley increased their target price on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 9th. Barclays raised their price objective on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. KeyCorp lifted their price objective on shares of SBA Communications from $235.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Truist Financial reaffirmed a “buy” rating and set a $248.00 target price (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $235.83.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $186.46 on Friday. The stock has a market cap of $19.78 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 1.82 and a beta of 1.00. SBA Communications has a one year low of $162.41 and a one year high of $243.16. The business’s fifty day moving average price is $198.97 and its two-hundred day moving average price is $195.66.

Institutional Investors Weigh In On SBA Communications

Several large investors have recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC increased its holdings in shares of SBA Communications by 523.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after acquiring an additional 110 shares during the period. DV Equities LLC bought a new stake in SBA Communications during the fourth quarter worth approximately $29,000. Fulcrum Asset Management LLP acquired a new stake in shares of SBA Communications in the third quarter valued at $32,000. Geneos Wealth Management Inc. lifted its holdings in SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock valued at $36,000 after acquiring an additional 84 shares during the last quarter. Finally, CX Institutional lifted its stake in SBA Communications by 44.2% during the second quarter. CX Institutional now owns 212 shares of the technology company’s stock valued at $37,000 after purchasing an additional 65 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

About SBA Communications

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.