Morgan Stanley Increases SBA Communications (NASDAQ:SBAC) Price Target to $252.00

SBA Communications (NASDAQ:SBAC) had its price target hoisted by Morgan Stanley from $232.00 to $252.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Other research analysts have also recently issued reports about the company. StockNews.com cut SBA Communications from a buy rating to a hold rating in a report on Thursday, September 12th. KeyCorp upped their target price on shares of SBA Communications from $227.00 to $230.00 and gave the stock an overweight rating in a research report on Tuesday, July 30th. Royal Bank of Canada lifted their price target on shares of SBA Communications from $235.00 to $245.00 and gave the company an outperform rating in a report on Monday, August 5th. TD Cowen decreased their price target on shares of SBA Communications from $253.00 to $251.00 and set a buy rating on the stock in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company lowered SBA Communications from an overweight rating to an equal weight rating and cut their price objective for the company from $230.00 to $220.00 in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $240.00.

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $239.47 on Wednesday. The company has a market capitalization of $25.73 billion, a P/E ratio of 46.95, a P/E/G ratio of 0.75 and a beta of 0.67. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76. The firm’s 50 day simple moving average is $224.12 and its two-hundred day simple moving average is $209.24.

SBA Communications (NASDAQ:SBAC) last released its earnings results 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). The firm had revenue of $660.50 million for the quarter, compared to analysts’ expectations of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $3.24 EPS. On average, sell-side analysts anticipate that SBA Communications will post 12.53 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Thursday, August 22nd were given 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 yield of 1.64%. SBA Communications’s dividend payout ratio (DPR) is presently 76.86%.

Insider Activity

In other news, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the transaction, the chairman now owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the transaction, the chairman now directly owns 109,583 shares in the company, valued at approximately $24,328,521.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Donald Day sold 1,500 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold 51,590 shares of company stock valued at $11,483,981 in the last ninety days. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On SBA Communications

Large investors have recently bought and sold shares of the business. SG Americas Securities LLC lifted its position in shares of SBA Communications by 191.3% during the first quarter. SG Americas Securities LLC now owns 25,828 shares of the technology company’s stock worth $5,597,000 after purchasing an additional 16,962 shares during the last quarter. Franklin Resources Inc. boosted its position in SBA Communications by 2.8% in the 4th quarter. Franklin Resources Inc. now owns 707,743 shares of the technology company’s stock valued at $179,547,000 after buying an additional 19,462 shares during the period. Nomura Holdings Inc. purchased a new stake in SBA Communications in the 4th quarter valued at about $7,422,000. Wellington Management Group LLP grew its stake in SBA Communications by 596.2% in the 4th quarter. Wellington Management Group LLP now owns 225,128 shares of the technology company’s stock worth $57,113,000 after acquiring an additional 192,791 shares in the last quarter. Finally, Clear Rock Advisors LLC purchased a new position in shares of SBA Communications during the fourth quarter worth approximately $1,900,000. Hedge funds and other institutional investors own 97.35% of the company’s stock.

SBA Communications Company Profile

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.