KeyCorp Increases SBA Communications (NASDAQ:SBAC) Price Target to $292.00

SBA Communications (NASDAQ:SBAC) had its price objective increased by equities researchers at KeyCorp from $259.00 to $292.00 in a research note issued on Monday, The Fly reports. The firm presently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price suggests a potential upside of 12.29% from the stock’s current price.

Other research analysts have also issued research reports about the company. Bank of America reaffirmed a “neutral” rating and set a $260.00 price objective (up previously from $245.00) on shares of SBA Communications in a research report on Wednesday, August 14th. Raymond James lowered SBA Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. They noted that the move was a valuation call. BidaskClub raised SBA Communications from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 9th. Cowen raised their price objective on SBA Communications from $203.00 to $250.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. lowered SBA Communications from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $220.00 to $270.00 in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. SBA Communications has an average rating of “Hold” and a consensus target price of $230.85.

Shares of NASDAQ:SBAC opened at $260.05 on Monday. SBA Communications has a 52-week low of $146.13 and a 52-week high of $263.04. The firm has a market capitalization of $29.44 billion, a P/E ratio of 34.22, a P/E/G ratio of 3.32 and a beta of 0.69. The stock has a 50 day moving average price of $241.91 and a 200-day moving average price of $211.73.



SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.86 by ($1.58). SBA Communications had a net margin of 6.75% and a negative return on equity of 4.12%. The company had revenue of $500.10 million for the quarter, compared to the consensus estimate of $489.09 million. During the same period last year, the business earned ($0.50) EPS. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. On average, analysts forecast that SBA Communications will post 7.83 earnings per share for the current fiscal year.

In other SBA Communications news, CEO Jeffrey Stoops sold 37,847 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $218.87, for a total transaction of $8,283,572.89. Following the sale, the chief executive officer now directly owns 255,141 shares in the company, valued at approximately $55,842,710.67. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Duncan Cocroft sold 6,453 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $209.71, for a total value of $1,353,258.63. Following the sale, the director now owns 69,774 shares in the company, valued at $14,632,305.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,524 shares of company stock worth $23,666,407. Company insiders own 2.50% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of SBAC. FMR LLC boosted its stake in SBA Communications by 3,456.5% during the 1st quarter. FMR LLC now owns 1,245,173 shares of the technology company’s stock valued at $248,612,000 after purchasing an additional 1,210,162 shares during the last quarter. Cohen & Steers Inc. boosted its stake in SBA Communications by 28.0% during the 2nd quarter. Cohen & Steers Inc. now owns 4,522,092 shares of the technology company’s stock valued at $1,016,747,000 after purchasing an additional 990,368 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in SBA Communications by 3,484.0% during the 2nd quarter. Nuveen Asset Management LLC now owns 958,013 shares of the technology company’s stock valued at $215,400,000 after purchasing an additional 931,283 shares during the last quarter. BlackRock Inc. boosted its stake in SBA Communications by 5.0% during the 2nd quarter. BlackRock Inc. now owns 10,196,949 shares of the technology company’s stock valued at $2,292,683,000 after purchasing an additional 486,674 shares during the last quarter. Finally, USS Investment Management Ltd purchased a new stake in SBA Communications during the 2nd quarter valued at $92,341,000. Institutional investors and hedge funds own 93.54% of the company’s stock.

About SBA Communications

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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