Morgan Stanley Initiates Coverage on SBA Communications (NASDAQ:SBAC)

Investment analysts at Morgan Stanley initiated coverage on shares of SBA Communications (NASDAQ:SBAC - Get Free Report) in a report released on Tuesday, MarketBeat reports. The firm set an "equal weight" rating and a $240.00 price target on the technology company's stock. Morgan Stanley's target price points to a potential upside of 9.14% from the company's current price.

A number of other analysts have also issued reports on the company. StockNews.com raised SBA Communications from a "hold" rating to a "buy" rating in a research report on Tuesday, March 25th. JMP Securities began coverage on SBA Communications in a report on Monday, January 27th. They set an "outperform" rating and a $250.00 target price for the company. Barclays boosted their price target on shares of SBA Communications from $240.00 to $244.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. BMO Capital Markets reiterated a "market perform" rating and set a $230.00 target price (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Finally, Citizens Jmp upgraded SBA Communications to a "strong-buy" rating in a research note on Monday, January 27th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, SBA Communications has a consensus rating of "Moderate Buy" and an average price target of $251.92.

Remove Ads

SBA Communications Trading Down 4.7 %

SBA Communications stock traded down $10.96 during midday trading on Tuesday, hitting $219.91. 2,220,135 shares of the stock were exchanged, compared to its average volume of 876,002. The stock's 50-day simple moving average is $213.48 and its 200 day simple moving average is $218.81. SBA Communications has a fifty-two week low of $183.64 and a fifty-two week high of $252.64. The stock has a market capitalization of $23.67 billion, a price-to-earnings ratio of 34.69, a PEG ratio of 0.74 and a beta of 0.74.

Insider Buying and Selling

In other news, VP Joshua Koenig sold 2,209 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the transaction, the vice president now directly owns 6,079 shares of the company's stock, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SBA Communications

Institutional investors have recently added to or reduced their stakes in the company. Evermay Wealth Management LLC purchased a new stake in SBA Communications during the 4th quarter worth approximately $27,000. Graney & King LLC acquired a new stake in shares of SBA Communications during the fourth quarter worth approximately $29,000. Oakworth Capital Inc. increased its stake in shares of SBA Communications by 161.8% in the fourth quarter. Oakworth Capital Inc. now owns 233 shares of the technology company's stock worth $47,000 after buying an additional 144 shares during the last quarter. CKW Financial Group bought a new stake in shares of SBA Communications in the fourth quarter worth $56,000. Finally, State of Wyoming raised its holdings in SBA Communications by 75.8% in the fourth quarter. State of Wyoming now owns 276 shares of the technology company's stock valued at $56,000 after acquiring an additional 119 shares in the last quarter. Institutional investors and hedge funds 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.