SBA Communications (NASDAQ:SBAC) Price Target Raised to $220.00 at Royal Bank Of Canada

SBA Communications (NASDAQ:SBAC) had its target price boosted by equities research analysts at Royal Bank Of Canada from $215.00 to $220.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 9.30% from the company’s previous close.

A number of other analysts have also issued reports on SBAC. Scotiabank decreased their target price on shares of SBA Communications from $252.00 to $233.00 and set a “sector perform” rating on the stock in a research report on Wednesday, January 14th. Barclays cut their price objective on shares of SBA Communications from $219.00 to $212.00 and set an “overweight” rating on the stock in a report on Monday, December 1st. JPMorgan Chase & Co. lowered their price objective on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating for the company in a research note on Monday, January 12th. Wells Fargo & Company reduced their target price on SBA Communications from $205.00 to $195.00 and set an “equal weight” rating on the stock in a report on Friday. Finally, Williams Trading set a $237.00 price target on SBA Communications in a research note on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $233.88.

SBA Communications Trading Up 0.1%

Shares of SBAC stock traded up $0.12 during trading hours on Monday, hitting $201.28. The company’s stock had a trading volume of 415,095 shares, compared to its average volume of 904,153. SBA Communications has a twelve month low of $177.49 and a twelve month high of $245.16. The stock has a market cap of $21.45 billion, a price-to-earnings ratio of 21.16, a P/E/G ratio of 1.91 and a beta of 0.86. The business has a fifty day moving average of $190.66 and a 200-day moving average of $194.95.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.25 by $0.22. The firm had revenue of $719.58 million for the quarter, compared to analyst estimates of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.SBA Communications’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.47 EPS. On average, equities analysts expect that SBA Communications will post 12.57 EPS for the current fiscal year.

Hedge Funds Weigh In On SBA Communications

Several hedge funds and other institutional investors have recently made changes to their positions in SBAC. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in SBA Communications by 3.0% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 179,706 shares of the technology company’s stock worth $42,202,000 after acquiring an additional 5,246 shares during the period. Impax Asset Management Group plc raised its position in shares of SBA Communications by 58.2% during the 2nd quarter. Impax Asset Management Group plc now owns 5,501 shares of the technology company’s stock worth $1,292,000 after purchasing an additional 2,023 shares during the period. Donoghue Forlines LLC bought a new stake in shares of SBA Communications in the 2nd quarter worth approximately $2,824,000. ProShare Advisors LLC grew its stake in SBA Communications by 27.5% during the 3rd quarter. ProShare Advisors LLC now owns 38,988 shares of the technology company’s stock worth $7,538,000 after buying an additional 8,404 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its stake in SBA Communications by 24.6% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock worth $358,728,000 after buying an additional 366,491 shares during the last quarter. 97.35% of the stock is currently 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.