SBA Communications (NASDAQ:SBAC - Get Free Report) had its target price increased by equities researchers at Wells Fargo & Company from $210.00 to $225.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the technology company's stock. Wells Fargo & Company's price target suggests a potential upside of 3.26% from the company's previous close.
Other equities research analysts have also recently issued research reports about the stock. Raymond James raised their target price on shares of SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a report on Tuesday, October 29th. BMO Capital Markets reaffirmed 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. TD Cowen boosted their price target on SBA Communications from $251.00 to $261.00 and gave the stock a "buy" rating in a report on Tuesday, October 29th. StockNews.com cut SBA Communications from a "buy" rating to a "hold" rating in a report on Thursday, February 20th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $255.00 target price on shares of SBA Communications in a report on Monday, February 24th. Five analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, SBA Communications has an average rating of "Moderate Buy" and an average price target of $253.07.
Check Out Our Latest Stock Analysis on SBAC
SBA Communications Stock Down 0.1 %
Shares of NASDAQ SBAC traded down $0.30 during trading on Wednesday, reaching $217.90. The company had a trading volume of 1,093,981 shares, compared to its average volume of 853,182. SBA Communications has a 12-month low of $183.64 and a 12-month high of $252.64. The stock has a market cap of $23.43 billion, a PE ratio of 34.37, a P/E/G ratio of 0.74 and a beta of 0.69. The business's 50-day moving average is $203.81 and its 200 day moving average is $220.39.
Insider Transactions at SBA Communications
In related news, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction 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 completion of the sale, the executive vice president now directly owns 4,998 shares of the company's stock, valued at $1,016,743.14. The trade was a 31.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark R. Ciarfella sold 3,545 shares of the company's stock in a transaction dated 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 directly owns 33,588 shares of the company's stock, valued at $7,534,796.04. This represents a 9.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company's stock.
Institutional Investors Weigh In On SBA Communications
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Dodge & Cox increased its holdings in SBA Communications by 352.5% in the fourth 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 bought a new position in SBA Communications in the 4th quarter worth approximately $268,287,000. Victory Capital Management Inc. boosted its holdings in SBA Communications by 2,821.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,216,094 shares of the technology company's stock worth $292,714,000 after buying an additional 1,174,469 shares during the period. Wealthfront Advisers LLC boosted its holdings in SBA Communications by 23,553.0% in the 4th quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company's stock worth $229,648,000 after buying an additional 1,122,064 shares during the period. Finally, BROOKFIELD Corp ON lifted its stake in SBA Communications by 27,449.9% in the 4th quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company's stock worth $202,016,000 after purchasing an additional 987,647 shares in the last quarter. 97.35% of the stock is owned by institutional investors.
About SBA Communications
(
Get Free Report)
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.
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