Barclays Cuts SBA Communications (NASDAQ:SBAC) Price Target to $240.00

SBA Communications (NASDAQ:SBAC) had its price target lowered by Barclays from $254.00 to $240.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other research firms also recently commented on SBAC. JMP Securities started coverage on shares of SBA Communications in a research note on Monday, January 27th. They issued an “outperform” rating and a $250.00 price target on the stock. TD Cowen increased their price objective on shares of SBA Communications from $251.00 to $261.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research note on Monday, January 27th. Wells Fargo & Company reduced their price objective on shares of SBA Communications from $230.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. Finally, Raymond James increased their price objective on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, SBA Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $251.29.

SBA Communications Stock Performance

SBAC stock opened at $213.00 on Thursday. The company’s 50-day simple moving average is $202.62 and its 200 day simple moving average is $220.37. SBA Communications has a 52 week low of $183.64 and a 52 week high of $252.64. The company has a market capitalization of $22.90 billion, a PE ratio of 33.60, a price-to-earnings-growth ratio of 0.74 and a beta of 0.69.

Insider Activity at SBA Communications

In other news, EVP Mark R. Ciarfella sold 3,545 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $224.33, for a total transaction of $795,249.85. Following the completion of the sale, the executive vice president now owns 33,588 shares of the company’s stock, valued at $7,534,796.04. This trade represents a 9.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Donald Day sold 2,321 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Institutional Trading of SBA Communications

Several large investors have recently modified their holdings of SBAC. Dodge & Cox grew its position in SBA Communications by 352.5% in the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock valued at $1,497,167,000 after purchasing an additional 5,722,740 shares during the period. Norges Bank acquired a new stake in SBA Communications in the 4th quarter valued at $268,287,000. Victory Capital Management Inc. grew its position 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 valued at $292,714,000 after purchasing an additional 1,174,469 shares during the period. Wealthfront Advisers LLC boosted its holdings in SBA Communications by 23,553.0% during the 4th quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock worth $229,648,000 after acquiring an additional 1,122,064 shares during the last quarter. Finally, BROOKFIELD Corp ON boosted 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 worth $202,016,000 after acquiring an additional 987,647 shares during the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

About SBA Communications

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.