SBA Communications (NASDAQ:SBAC) had its target price boosted by Raymond James from $309.00 to $346.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “strong-buy” rating on the technology company’s stock. Raymond James’ price objective would indicate a potential upside of 15.85% from the company’s current price.
Other equities research analysts also recently issued reports about the company. Wolfe Research began coverage on SBA Communications in a report on Thursday, March 18th. They set an “outperform” rating on the stock. Zacks Investment Research upgraded SBA Communications from a “sell” rating to a “hold” rating and set a $272.00 price objective for the company in a research note on Friday, February 26th. Jefferies Financial Group initiated coverage on SBA Communications in a research report on Monday, April 19th. They set a “buy” rating and a $335.00 price target for the company. Barclays boosted their price target on SBA Communications from $305.00 to $310.00 and gave the stock an “overweight” rating in a research report on Monday, March 1st. Finally, Wells Fargo & Company upped their price objective on SBA Communications from $325.00 to $350.00 and gave the company an “overweight” rating in a report on Monday. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $322.23.
SBA Communications stock opened at $298.66 on Tuesday. The stock has a market cap of $32.65 billion, a PE ratio of -1,990.93 and a beta of 0.21. The stock has a 50-day moving average price of $282.63 and a 200 day moving average price of $278.46. SBA Communications has a 52 week low of $232.88 and a 52 week high of $328.37.
In related news, Director Kevin L. Beebe sold 826 shares of the business’s stock in a transaction that occurred on Thursday, March 11th. The stock was sold at an average price of $259.46, for a total value of $214,313.96. Following the completion of the sale, the director now directly owns 15,107 shares in the company, valued at $3,919,662.22. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kurt L. Bagwell sold 4,278 shares of the business’s stock in a transaction that occurred on Tuesday, March 9th. The shares were sold at an average price of $246.09, for a total transaction of $1,052,773.02. Following the transaction, the executive vice president now owns 33,710 shares of the company’s stock, valued at $8,295,693.90. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in SBAC. Price T Rowe Associates Inc. MD increased its holdings in SBA Communications by 1.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,223,415 shares of the technology company’s stock valued at $345,162,000 after purchasing an additional 20,781 shares during the period. Norges Bank bought a new position in SBA Communications in the 4th quarter valued at about $297,815,000. Charles Schwab Investment Management Inc. lifted its position in SBA Communications by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,042,719 shares of the technology company’s stock valued at $294,183,000 after acquiring an additional 25,967 shares in the last quarter. Morgan Stanley lifted its position in SBA Communications by 35.4% in the 4th quarter. Morgan Stanley now owns 870,004 shares of the technology company’s stock valued at $245,456,000 after acquiring an additional 227,280 shares in the last quarter. Finally, Manning & Napier Group LLC lifted its position in SBA Communications by 111.9% in the 1st quarter. Manning & Napier Group LLC now owns 732,688 shares of the technology company’s stock valued at $203,356,000 after acquiring an additional 386,875 shares in the last quarter. Institutional investors own 93.90% 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 and South Africa. By ÂBuilding Better Wireless,Â SBA generates revenue from two primary businesses Â- site leasing and site development services.
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