SBA Communications (NASDAQ:SBAC) Upgraded by Truist Financial to Buy Rating

SBA Communications (NASDAQ:SBAC) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $247.00 price objective on the technology company’s stock. Truist Financial’s price objective suggests a potential upside of 15.91% from the stock’s current price.

SBAC has been the subject of a number of other research reports. Royal Bank Of Canada upped their price objective on shares of SBA Communications from $215.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, March 2nd. Sanford C. Bernstein initiated coverage on shares of SBA Communications in a research report on Thursday, March 5th. They issued a “market perform” rating and a $218.00 price objective for the company. Barclays upped their price objective on shares of SBA Communications from $212.00 to $244.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. Morgan Stanley raised their target price on shares of SBA Communications from $215.00 to $225.00 and gave the stock an “equal weight” rating in a report on Thursday, April 9th. Finally, JPMorgan Chase & Co. dropped their target price on shares of SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $236.47.

SBA Communications Stock Down 3.3%

SBAC stock opened at $213.10 on Wednesday. The business’s fifty day moving average is $196.02 and its 200-day moving average is $192.86. The company has a market cap of $22.54 billion, a P/E ratio of 22.36, a price-to-earnings-growth ratio of 2.19 and a beta of 0.88. SBA Communications has a twelve month low of $162.41 and a twelve month high of $245.16.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Thursday, February 26th. The technology company reported $3.47 earnings per share for the quarter, beating analysts’ consensus estimates of $3.25 by $0.22. The company had revenue of $719.58 million for the quarter, compared to the consensus estimate of $725.80 million. SBA Communications had a negative return on equity of 20.81% and a net margin of 36.40%.The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.47 EPS. Research analysts anticipate that SBA Communications will post 11.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SBA Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBAC. Elevation Wealth Partners LLC boosted its stake in SBA Communications by 523.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 131 shares of the technology company’s stock worth $25,000 after purchasing an additional 110 shares during the period. Quent Capital LLC acquired a new position in SBA Communications in the 3rd quarter worth $27,000. DV Equities LLC acquired a new position in SBA Communications in the 4th quarter worth $29,000. Fulcrum Asset Management LLP acquired a new position in SBA Communications in the 3rd quarter worth $32,000. Finally, Geneos Wealth Management Inc. boosted its stake in SBA Communications by 105.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after purchasing an additional 84 shares during the period. 97.35% of the stock is owned by institutional investors and hedge funds.

SBA Communications Company Profile

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.