SBA Communications (NASDAQ:SBAC) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of SBA Communications (NASDAQ:SBAC) from an overweight rating to a neutral rating in a report released on Thursday morning, 24/7 WallStreet reports. The brokerage currently has $270.00 price target on the technology company’s stock, up from their previous price target of $220.00.

A number of other research firms have also weighed in on SBAC. Moffett Nathanson restated a neutral rating and issued a $246.00 target price on shares of SBA Communications in a report on Monday, July 8th. Raymond James lowered shares of SBA Communications from an outperform rating to a market perform rating in a report on Wednesday, May 1st. They noted that the move was a valuation call. Cowen upped their target price on shares of SBA Communications from $203.00 to $250.00 and gave the stock an outperform rating in a report on Tuesday, July 30th. BidaskClub upgraded shares of SBA Communications from a buy rating to a strong-buy rating in a report on Thursday, May 9th. Finally, Bank of America lowered shares of SBA Communications from a buy rating to a neutral rating and set a $245.00 target price on the stock. in a report on Monday, July 15th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. SBA Communications has an average rating of Hold and a consensus price target of $227.15.

Shares of SBAC stock traded up $1.83 on Thursday, reaching $248.62. 708,973 shares of the company were exchanged, compared to its average volume of 556,621. The stock has a market capitalization of $27.95 billion, a P/E ratio of 32.71, a price-to-earnings-growth ratio of 3.15 and a beta of 0.69. The firm has a 50-day simple moving average of $232.36. SBA Communications has a one year low of $146.13 and a one year high of $249.96.

SBA Communications (NASDAQ:SBAC) last posted its earnings results on Monday, July 29th. The technology company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.86 by ($1.58). SBA Communications had a negative return on equity of 4.12% and a net margin of 6.75%. The business had revenue of $500.10 million during the quarter, compared to analyst estimates of $489.09 million. During the same quarter in the prior year, the company earned ($0.50) EPS. The company’s revenue was up 9.6% on a year-over-year basis. On average, sell-side analysts predict that SBA Communications will post 7.83 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, August 28th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, August 27th. This represents a $1.48 annualized dividend and a yield of 0.60%.

In other SBA Communications news, Director Brian C. Carr sold 700 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $206.50, for a total value of $144,550.00. Following the completion of the sale, the director now owns 2,590 shares in the company, valued at approximately $534,835. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jeffrey Stoops sold 37,847 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $218.87, for a total transaction of $8,283,572.89. Following the completion of the sale, the chief executive officer now owns 255,141 shares of the company’s stock, valued at approximately $55,842,710.67. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,320 shares of company stock valued at $13,010,971. Company insiders own 2.50% of the company’s stock.

Large investors have recently bought and sold shares of the business. Pinnacle Bank purchased a new stake in shares of SBA Communications during the 4th quarter worth approximately $25,000. Spectrum Management Group Inc. purchased a new stake in shares of SBA Communications during the 1st quarter worth approximately $27,000. Advisory Services Network LLC increased its stake in shares of SBA Communications by 65.4% during the 2nd quarter. Advisory Services Network LLC now owns 129 shares of the technology company’s stock worth $29,000 after purchasing an additional 51 shares during the last quarter. Berman Capital Advisors LLC increased its stake in shares of SBA Communications by 103.9% during the 2nd quarter. Berman Capital Advisors LLC now owns 155 shares of the technology company’s stock worth $34,000 after purchasing an additional 79 shares during the last quarter. Finally, Next Capital Management LLC purchased a new stake in shares of SBA Communications during the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 94.28% 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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Analyst Recommendations for SBA Communications (NASDAQ:SBAC)

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