Guggenheim set a $190.00 price objective on SBA Communications (NASDAQ:SBAC) in a research note issued to investors on Tuesday, February 27th. The brokerage currently has a buy rating on the technology company’s stock.
A number of other equities research analysts have also recently commented on the company. Morgan Stanley raised their price objective on SBA Communications from $169.00 to $190.00 and gave the company an overweight rating in a research note on Tuesday, November 14th. Zacks Investment Research cut SBA Communications from a hold rating to a sell rating in a research note on Tuesday, January 30th. BidaskClub cut SBA Communications from a hold rating to a sell rating in a research report on Friday, December 15th. Cowen reaffirmed a buy rating and set a $170.00 target price (up previously from $155.00) on shares of SBA Communications in a research report on Tuesday, December 5th. Finally, KeyCorp reaffirmed a buy rating and set a $179.00 target price (up previously from $170.00) on shares of SBA Communications in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. SBA Communications has a consensus rating of Buy and an average target price of $172.50.
SBAC stock traded down $0.54 during midday trading on Tuesday, reaching $168.87. The company had a trading volume of 1,312,817 shares, compared to its average volume of 1,290,552. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of -3.57. SBA Communications has a fifty-two week low of $115.40 and a fifty-two week high of $177.67. The firm has a market capitalization of $19,674.54, a PE ratio of 196.36, a P/E/G ratio of 17.73 and a beta of 0.92.
SBA Communications announced that its Board of Directors has approved a share buyback program on Monday, February 26th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In other SBA Communications news, Director Duncan Cocroft purchased 500 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The shares were acquired at an average cost of $167.29 per share, for a total transaction of $83,645.00. Following the completion of the acquisition, the director now owns 87,966 shares of the company’s stock, valued at approximately $14,715,832.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.10% of the company’s stock.
A number of institutional investors have recently modified their holdings of SBAC. Renaissance Technologies LLC lifted its holdings in SBA Communications by 156.0% during the fourth quarter. Renaissance Technologies LLC now owns 1,224,149 shares of the technology company’s stock worth $199,977,000 after acquiring an additional 745,900 shares during the period. Goldman Sachs Group Inc. lifted its holdings in SBA Communications by 26.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,582,045 shares of the technology company’s stock worth $421,803,000 after acquiring an additional 545,374 shares during the period. Ameriprise Financial Inc. raised its stake in shares of SBA Communications by 88.9% in the third quarter. Ameriprise Financial Inc. now owns 1,070,110 shares of the technology company’s stock valued at $154,151,000 after buying an additional 503,526 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of SBA Communications by 70.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,166,994 shares of the technology company’s stock valued at $168,105,000 after buying an additional 480,852 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of SBA Communications by 79.2% in the third quarter. JPMorgan Chase & Co. now owns 938,873 shares of the technology company’s stock valued at $134,971,000 after buying an additional 415,078 shares during the period. Institutional investors and hedge funds own 92.87% 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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