BidaskClub cut shares of SBA Communications (NASDAQ:SBAC) from a buy rating to a hold rating in a report issued on Wednesday morning.
A number of other analysts have also recently issued reports on the company. Zacks Investment Research cut SBA Communications from a hold rating to a sell rating in a research report on Tuesday, January 30th. Wells Fargo reaffirmed a market perform rating and issued a $170.00 price objective (up from $150.00) on shares of SBA Communications in a research report on Tuesday, February 27th. Guggenheim set a $172.00 price objective on SBA Communications and gave the company a buy rating in a research report on Wednesday, January 17th. KeyCorp set a $188.00 price objective on SBA Communications and gave the company a buy rating in a research report on Tuesday, February 27th. Finally, Cowen reaffirmed a buy rating on shares of SBA Communications in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. SBA Communications presently has an average rating of Buy and an average price target of $175.69.
Shares of NASDAQ SBAC opened at $157.69 on Wednesday. SBA Communications has a 52 week low of $129.40 and a 52 week high of $177.67. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of -3.62. The company has a market cap of $18.16 billion, a P/E ratio of 165.99, a P/E/G ratio of 17.14 and a beta of 0.86.
SBA Communications declared that its Board of Directors has authorized a share buyback program on Monday, February 26th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, Director Duncan Cocroft bought 500 shares of the stock in a transaction dated Monday, March 12th. The shares were bought at an average price of $167.29 per share, for a total transaction of $83,645.00. Following the completion of the purchase, the director now owns 87,966 shares in the company, valued at $14,715,832.14. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in SBAC. Renaissance Technologies LLC increased its stake in shares of SBA Communications by 156.0% during the fourth quarter. Renaissance Technologies LLC now owns 1,224,149 shares of the technology company’s stock worth $199,977,000 after purchasing an additional 745,900 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of SBA Communications by 26.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,582,045 shares of the technology company’s stock worth $421,803,000 after purchasing an additional 545,374 shares during the period. Millennium Management LLC increased its stake in shares of SBA Communications by 239.5% during the first quarter. Millennium Management LLC now owns 555,676 shares of the technology company’s stock worth $94,976,000 after purchasing an additional 391,979 shares during the period. Rivulet Capital LLC increased its stake in shares of SBA Communications by 122.1% during the first quarter. Rivulet Capital LLC now owns 704,400 shares of the technology company’s stock worth $120,396,000 after purchasing an additional 387,300 shares during the period. Finally, Two Sigma Advisers LP increased its stake in shares of SBA Communications by 289.8% during the fourth quarter. Two Sigma Advisers LP now owns 513,833 shares of the technology company’s stock worth $83,940,000 after purchasing an additional 382,026 shares during the period. Institutional investors own 92.45% of the company’s stock.
SBA Communications Company Profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America. By ?Building Better Wireless,? SBA generates revenue from two primary businesses ? site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts.
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