SBA Communications (NASDAQ:SBAC) Upgraded by Truist Financial to Buy Rating

SBA Communications (NASDAQ:SBAC) was upgraded by Truist Financial from a “hold” rating to a “buy” rating in a report released on Wednesday, Marketbeat reports. The brokerage currently has a $247.00 price target on the technology company’s stock. Truist Financial’s target price points to a potential upside of 15.91% from the company’s previous close.

Several other research analysts also recently commented on SBAC. UBS Group dropped their price target on SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, January 20th. Barclays lifted their price target on SBA Communications from $212.00 to $244.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. JPMorgan Chase & Co. dropped their price target on SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a research report on Monday, January 12th. Sanford C. Bernstein began coverage on SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price target on the stock. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of SBA Communications in a report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, SBA Communications presently has an average rating of “Moderate Buy” and an average price target of $236.47.

SBA Communications Stock Down 3.3%

Shares of NASDAQ SBAC opened at $213.10 on Wednesday. The business’s 50 day moving average is $196.02 and its two-hundred day moving average is $192.86. The company has a market cap of $22.54 billion, a P/E ratio of 22.36, a P/E/G ratio of 2.19 and a beta of 0.88. SBA Communications has a 12 month low of $162.41 and a 12 month high of $245.16.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 EPS for the quarter, topping the consensus estimate of $3.25 by $0.22. The company had revenue of $719.58 million for the quarter, compared to the consensus estimate of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the business posted $3.47 EPS. Sell-side analysts expect that SBA Communications will post 11.49 earnings per share for the current fiscal year.

Institutional Trading of SBA Communications

Several institutional investors have recently modified their holdings of the company. Aberdeen Group plc boosted its position in SBA Communications by 12.4% in the 4th quarter. Aberdeen Group plc now owns 202,452 shares of the technology company’s stock valued at $39,160,000 after buying an additional 22,293 shares during the last quarter. Nordea Investment Management AB boosted its position in SBA Communications by 5.4% in the 4th quarter. Nordea Investment Management AB now owns 1,245,399 shares of the technology company’s stock valued at $241,234,000 after buying an additional 63,323 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of SBA Communications in the 4th quarter valued at $17,915,000. ProShare Advisors LLC lifted its stake in shares of SBA Communications by 27.5% in the 3rd quarter. ProShare Advisors LLC now owns 38,988 shares of the technology company’s stock valued at $7,538,000 after purchasing an additional 8,404 shares during the period. Finally, VCI Wealth Management LLC acquired a new position in shares of SBA Communications in the 4th quarter valued at $1,786,000. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Company Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.