SBA Communications (NASDAQ:SBAC) Price Target Cut to $240.00 by Analysts at Barclays

SBA Communications (NASDAQ:SBAC) had its target price cut by Barclays from $254.00 to $240.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the company. Raymond James boosted their target price on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. TD Cowen boosted their price objective on SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. BMO Capital Markets restated a “market perform” rating and set a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Finally, Wells Fargo & Company dropped their price objective on SBA Communications from $230.00 to $210.00 and set an “equal weight” rating for the company in a report on Thursday, January 23rd. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $251.29.

SBA Communications Stock Performance

NASDAQ SBAC opened at $210.03 on Thursday. The company has a market cap of $22.58 billion, a P/E ratio of 33.13, a P/E/G ratio of 0.74 and a beta of 0.69. The business’s 50 day moving average price is $202.64 and its 200-day moving average price is $220.43. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $252.64.

Insiders Place Their Bets

In other news, EVP Mark R. Ciarfella sold 3,545 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the transaction, the executive vice president now directly owns 33,588 shares of the company’s stock, valued at approximately $7,534,796.04. The trade was a 9.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Donald Day sold 2,321 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $203.43, for a total value of $472,161.03. Following the completion of the transaction, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,016,743.14. The trade was a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SBAC. Dodge & Cox raised its position in shares of SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock worth $1,497,167,000 after acquiring an additional 5,722,740 shares in the last quarter. Norges Bank bought a new position in shares of SBA Communications in the 4th quarter worth $268,287,000. Victory Capital Management Inc. increased its position in SBA Communications by 2,821.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after buying an additional 1,174,469 shares in the last quarter. Wealthfront Advisers LLC increased its position in SBA Communications by 23,553.0% during the 4th quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock valued at $229,648,000 after buying an additional 1,122,064 shares in the last quarter. Finally, BROOKFIELD Corp ON increased its position in SBA Communications by 27,449.9% during the 4th quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company’s stock valued at $202,016,000 after buying an additional 987,647 shares in the last quarter. 97.35% of the stock is 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.