SBA Communications (NASDAQ:SBAC) Shares Gap Up - Still a Buy?

SBA Communications Co. (NASDAQ:SBAC - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $219.34, but opened at $224.74. SBA Communications shares last traded at $227.54, with a volume of 181,106 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. StockNews.com cut SBA Communications from a "buy" rating to a "hold" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company boosted their target price on SBA Communications from $210.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. JMP Securities assumed coverage on shares of SBA Communications in a report on Monday, January 27th. They set an "outperform" rating and a $250.00 price target on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. Finally, BMO Capital Markets restated a "market perform" rating and issued a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $251.92.

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SBA Communications Stock Performance

The company has a market capitalization of $23.20 billion, a PE ratio of 34.01, a price-to-earnings-growth ratio of 0.74 and a beta of 0.83. The company's fifty day moving average is $213.61 and its 200-day moving average is $218.31.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were paid a dividend of $1.11 per share. This is a boost from SBA Communications's previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $4.44 dividend on an annualized basis and a dividend yield of 2.06%. SBA Communications's payout ratio is 63.98%.

Insider Buying and Selling

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the transaction, the vice president now directly owns 6,079 shares in the company, valued at $1,362,790.22. This represents a 26.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SBA Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dodge & Cox lifted its stake in 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 purchasing an additional 5,722,740 shares in the last quarter. Norges Bank purchased a new stake in shares of SBA Communications in the fourth quarter worth about $268,287,000. Wealthfront Advisers LLC boosted its stake in SBA Communications by 23,553.0% during the fourth 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 during the last quarter. BROOKFIELD Corp ON grew its holdings 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. Finally, JPMorgan Chase & Co. increased its stake in SBA Communications by 16.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company's stock worth $1,024,049,000 after acquiring an additional 605,872 shares during the last quarter. 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.