The Goldman Sachs Group Boosts SBA Communications (NASDAQ:SBAC) Price Target to $240.00

SBA Communications (NASDAQ:SBAC) had its price target upped by The Goldman Sachs Group from $212.00 to $240.00 in a research report report published on Thursday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the technology company’s stock.

Several other brokerages have also commented on SBAC. KeyCorp increased their price objective on shares of SBA Communications from $227.00 to $230.00 and gave the company an overweight rating in a research report on Tuesday, July 30th. StockNews.com raised shares of SBA Communications from a hold rating to a buy rating in a research note on Friday, September 20th. Wells Fargo & Company lowered SBA Communications from an overweight rating to an equal weight rating and decreased their price objective for the company from $230.00 to $220.00 in a report on Monday, July 15th. Royal Bank of Canada lifted their price target on SBA Communications from $235.00 to $245.00 and gave the stock an outperform rating in a report on Monday, August 5th. Finally, TD Cowen dropped their target price on SBA Communications from $253.00 to $251.00 and set a buy rating for the company in a research report on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $244.08.

SBA Communications Stock Up 1.0 %

SBA Communications stock opened at $238.64 on Thursday. The company has a market cap of $25.65 billion, a price-to-earnings ratio of 46.79, a PEG ratio of 0.73 and a beta of 0.67. The firm’s fifty day moving average is $226.90 and its 200 day moving average is $209.97. SBA Communications has a 52-week low of $183.64 and a 52-week high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings data on Monday, July 29th. The technology company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm had revenue of $660.50 million for the quarter, compared to the consensus estimate of $665.21 million. During the same quarter last year, the firm earned $3.24 EPS. The company’s revenue was down 2.7% on a year-over-year basis. On average, equities research analysts anticipate that SBA Communications will post 12.53 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.98 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 1.64%. SBA Communications’s dividend payout ratio is 76.86%.

Insider Buying and Selling at SBA Communications

In other news, Director George R. Krouse, Jr. sold 325 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now owns 8,084 shares in the company, valued at approximately $1,775,084.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $242.86, for a total transaction of $364,290.00. Following the completion of the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,213,814.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total value of $71,363.50. Following the sale, the director now directly owns 8,084 shares of the company’s stock, valued at $1,775,084.72. The disclosure for this sale can be found here. Insiders have sold 51,590 shares of company stock worth $11,483,981 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC bought a new position in shares of SBA Communications during the 2nd quarter worth approximately $32,000. Quarry LP increased its position in SBA Communications by 400.0% during the 4th quarter. Quarry LP now owns 165 shares of the technology company’s stock worth $42,000 after buying an additional 132 shares during the period. Family Firm Inc. bought a new position in shares of SBA Communications in the second quarter worth $36,000. Global X Japan Co. Ltd. bought a new position in shares of SBA Communications in the second quarter worth $49,000. Finally, Versant Capital Management Inc grew its position in SBA Communications by 4,500.0% in the second quarter. Versant Capital Management Inc now owns 276 shares of the technology company’s stock valued at $54,000 after acquiring an additional 270 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors.

About SBA Communications

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.