JPMorgan Chase & Co. Lowers SBA Communications (NASDAQ:SBAC) Price Target to $240.00

SBA Communications (NASDAQ:SBAC) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $245.00 to $240.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 29.76% from the company’s current price.

Other analysts have also recently issued reports about the stock. Morgan Stanley decreased their price target on shares of SBA Communications from $260.00 to $220.00 and set an “equal weight” rating for the company in a research report on Thursday, October 16th. KeyCorp reduced their price objective on shares of SBA Communications from $280.00 to $235.00 and set an “overweight” rating for the company in a report on Wednesday, September 17th. Citigroup lowered their price target on SBA Communications from $265.00 to $235.00 and set a “buy” rating on the stock in a research report on Thursday, October 16th. The Goldman Sachs Group cut their target price on SBA Communications from $250.00 to $220.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 1st. Finally, Wells Fargo & Company lowered their price objective on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 16th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, SBA Communications has an average rating of “Moderate Buy” and a consensus target price of $237.18.

SBA Communications Stock Performance

SBA Communications stock traded up $3.76 during trading hours on Monday, reaching $184.96. 597,682 shares of the stock were exchanged, compared to its average volume of 801,212. The firm’s 50 day moving average is $192.49 and its 200 day moving average is $204.61. SBA Communications has a 52-week low of $179.89 and a 52-week high of $245.16. The stock has a market cap of $19.71 billion, a P/E ratio of 24.11, a P/E/G ratio of 1.60 and a beta of 0.87.

SBA Communications (NASDAQ:SBAC) last issued its earnings results on Monday, November 3rd. The technology company reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.21 by $0.09. The company had revenue of $732.33 million for the quarter, compared to analyst estimates of $715.65 million. SBA Communications had a net margin of 29.69% and a negative return on equity of 16.60%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business posted $3.32 earnings per share. Equities research analysts expect that SBA Communications will post 12.57 EPS for the current fiscal year.

Institutional Trading of SBA Communications

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of SBA Communications by 2.3% in the third quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock valued at $3,511,920,000 after buying an additional 403,285 shares in the last quarter. Dodge & Cox grew its holdings in shares of SBA Communications by 12.3% during the 3rd quarter. Dodge & Cox now owns 9,667,297 shares of the technology company’s stock valued at $1,869,172,000 after purchasing an additional 1,058,803 shares during the last quarter. State Street Corp increased its holdings in shares of SBA Communications by 3.0% during the third quarter. State Street Corp now owns 4,752,877 shares of the technology company’s stock worth $918,969,000 after buying an additional 139,696 shares in the last quarter. Diamond Hill Capital Management Inc. raised its position in SBA Communications by 24.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,855,329 shares of the technology company’s stock valued at $358,728,000 after purchasing an additional 366,491 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in SBA Communications by 14.7% during the 3rd quarter. Invesco Ltd. now owns 1,805,376 shares of the technology company’s stock worth $349,069,000 after acquiring an additional 231,838 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

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.