Wells Fargo & Company Issues Positive Forecast for SBA Communications (NASDAQ:SBAC) Stock Price
by Sarita Garza · The Markets DailySBA Communications (NASDAQ:SBAC – Get Free Report) had its target price upped by investment analysts at Wells Fargo & Company from $195.00 to $220.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 7.76% from the stock’s current price.
Several other analysts have also recently weighed in on the stock. Scotiabank decreased their price objective on shares of SBA Communications from $233.00 to $223.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Sanford C. Bernstein started coverage on shares of SBA Communications in a research note on Thursday, March 5th. They set a “market perform” rating and a $218.00 price target on the stock. UBS Group decreased their price target on shares of SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research note on Tuesday, January 20th. Weiss Ratings reissued a “hold (c-)” rating on shares of SBA Communications in a research note on Friday, January 9th. Finally, Truist Financial started coverage on shares of SBA Communications in a research note on Tuesday, March 31st. They set a “hold” rating and a $193.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $231.42.
Read Our Latest Stock Analysis on SBAC
SBA Communications Stock Performance
SBA Communications stock traded down $8.27 during trading hours on Tuesday, hitting $204.15. 237,620 shares of the stock were exchanged, compared to its average volume of 1,049,672. The stock has a market capitalization of $21.60 billion, a P/E ratio of 21.40, a P/E/G ratio of 2.02 and a beta of 0.88. SBA Communications has a 12 month low of $162.41 and a 12 month high of $245.16. The business’s 50-day moving average is $188.53 and its two-hundred day moving average is $191.09.
SBA Communications (NASDAQ:SBAC – Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, topping the consensus estimate of $3.25 by $0.22. The firm had revenue of $719.58 million for the quarter, compared to analysts’ expectations of $725.80 million. SBA Communications had a net margin of 36.40% and a negative return on equity of 20.81%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.47 earnings per share. On average, equities analysts predict that SBA Communications will post 12.57 earnings per share for the current fiscal year.
Institutional Trading of SBA Communications
Several hedge funds have recently modified their holdings of SBAC. Fortune Financial Advisors LLC lifted its holdings in SBA Communications by 2.4% in the third quarter. Fortune Financial Advisors LLC now owns 2,237 shares of the technology company’s stock valued at $432,000 after buying an additional 53 shares during the period. Prestige Wealth Management Group LLC lifted its holdings in SBA Communications by 3.6% in the third quarter. Prestige Wealth Management Group LLC now owns 1,715 shares of the technology company’s stock valued at $332,000 after buying an additional 60 shares during the period. Choreo LLC lifted its holdings in SBA Communications by 1.1% in the third quarter. Choreo LLC now owns 6,047 shares of the technology company’s stock valued at $1,169,000 after buying an additional 63 shares during the period. Norinchukin Bank The lifted its holdings in SBA Communications by 1.1% in the third quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock valued at $1,167,000 after buying an additional 68 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in SBA Communications by 4.1% in the third quarter. Versant Capital Management Inc now owns 1,761 shares of the technology company’s stock valued at $340,000 after buying an additional 70 shares during the period. 97.35% of the stock is owned by institutional investors.
About SBA Communications
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.