Barclays Lowers SBA Communications (NASDAQ:SBAC) Price Target to $240.00

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

A number of other brokerages have also weighed in on SBAC. JMP Securities assumed coverage on SBA Communications in a report on Monday, January 27th. They issued an “outperform” rating and a $250.00 price objective on the stock. StockNews.com raised SBA Communications from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. Citizens Jmp raised SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Wells Fargo & Company cut their price objective on SBA Communications from $230.00 to $210.00 and set an “equal weight” rating on the stock in a report on Thursday, January 23rd. Finally, TD Cowen increased 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. Five analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $251.29.

SBA Communications Price Performance

Shares of NASDAQ:SBAC opened at $210.03 on Thursday. The business’s 50-day moving average is $202.64 and its 200 day moving average is $220.43. The firm has a market capitalization 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. SBA Communications has a 1 year low of $183.64 and a 1 year high of $252.64.

Insiders Place Their Bets

In other SBA Communications news, EVP Donald Day sold 2,321 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $203.43, for a total transaction of $472,161.03. Following the transaction, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,016,743.14. This represents a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark R. Ciarfella sold 3,545 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 33,588 shares in the company, valued at $7,534,796.04. This represents a 9.55 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SBA Communications

A number of hedge funds have recently bought and sold shares of SBAC. Dodge & Cox lifted its position in shares of SBA Communications by 352.5% in the fourth quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock valued at $1,497,167,000 after acquiring an additional 5,722,740 shares in the last quarter. Norges Bank purchased a new position in shares of SBA Communications in the fourth quarter valued at approximately $268,287,000. Victory Capital Management Inc. lifted its position in shares of SBA Communications by 2,821.5% in the third quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company’s stock valued at $292,714,000 after acquiring an additional 1,174,469 shares in the last quarter. Wealthfront Advisers LLC lifted its position in shares of SBA Communications by 23,553.0% in the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock valued at $229,648,000 after acquiring an additional 1,122,064 shares in the last quarter. Finally, BROOKFIELD Corp ON lifted its position in shares of SBA Communications by 27,449.9% in the fourth quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company’s stock valued at $202,016,000 after acquiring an additional 987,647 shares in the last quarter. 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.