SBA Communications (NASDAQ:SBAC) Given New $244.00 Price Target at Barclays

SBA Communications (NASDAQ:SBAC) had its target price upped by analysts at Barclays from $240.00 to $244.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Barclays‘s target price points to a potential upside of 9.60% from the stock’s previous close.

A number of other research analysts have also recently issued reports on SBAC. Wells Fargo & Company lifted their price objective on SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 26th. Citizens Jmp raised shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. BMO Capital Markets reissued a “market perform” rating and set a $230.00 price target (down from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $255.00 price objective on shares of SBA Communications in a report on Monday, February 24th. Finally, JMP Securities assumed coverage on SBA Communications in a research report on Monday, January 27th. They issued an “outperform” rating and a $250.00 target price on the stock. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $252.85.

SBA Communications Price Performance

NASDAQ SBAC traded up $1.66 on Friday, reaching $222.63. 489,290 shares of the company’s stock traded hands, compared to its average volume of 839,507. The stock has a market cap of $23.96 billion, a PE ratio of 35.11, a P/E/G ratio of 0.74 and a beta of 0.74. SBA Communications has a 12 month low of $183.64 and a 12 month high of $252.64. The stock has a 50-day simple moving average of $209.01 and a 200 day simple moving average of $220.21.

Insiders Place Their Bets

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction dated 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 sale, the vice president now owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On SBA Communications

Several hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC increased its holdings in SBA Communications by 15.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock valued at $78,000 after buying an additional 50 shares in the last quarter. Versant Capital Management Inc raised its holdings in SBA Communications by 17.3% in the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock worth $73,000 after purchasing an additional 53 shares during the period. Auxano Advisors LLC increased its position in shares of SBA Communications by 2.3% in the fourth quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company’s stock valued at $495,000 after buying an additional 54 shares in the last quarter. DoubleLine ETF Adviser LP increased its position in shares of SBA Communications by 0.7% in the fourth quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company’s stock valued at $1,577,000 after buying an additional 57 shares in the last quarter. Finally, Lake Street Advisors Group LLC raised its stake in shares of SBA Communications by 5.8% during the 4th quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company’s stock worth $225,000 after buying an additional 61 shares during the period. 97.35% of the stock is owned by hedge funds and other institutional investors.

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.