SBA Communications (NASDAQ:SBAC) Coverage Initiated at Morgan Stanley

Analysts at Morgan Stanley began coverage on shares of SBA Communications (NASDAQ:SBAC) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The firm set an “equal weight” rating and a $240.00 price target on the technology company’s stock. Morgan Stanley’s price objective points to a potential upside of 9.42% from the company’s current price.

SBAC has been the subject of several other research reports. Citizens Jmp upgraded SBA Communications to a “strong-buy” rating in a report on Monday, January 27th. Barclays increased their price target on SBA Communications from $240.00 to $244.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. JMP Securities started coverage on SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 price target on the stock. Wells Fargo & Company increased their price objective on shares of SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $251.92.

SBA Communications Stock Down 0.5 %

NASDAQ:SBAC opened at $219.34 on Tuesday. The stock has a market capitalization of $23.60 billion, a price-to-earnings ratio of 34.60, a PEG ratio of 0.74 and a beta of 0.74. SBA Communications has a 52 week low of $183.64 and a 52 week high of $252.64. The firm has a 50 day moving average of $212.38 and a 200 day moving average of $218.90.

Insider Buying and Selling at SBA Communications

In related news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the transaction, the vice president now directly owns 6,079 shares in the company, 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 this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SBA Communications

Hedge funds have recently bought and sold shares of the stock. Dodge & Cox increased its holdings in shares of SBA Communications by 352.5% during the 4th quarter. Dodge & Cox now owns 7,346,255 shares of the technology company’s stock valued at $1,497,167,000 after purchasing an additional 5,722,740 shares in the last quarter. Norges Bank purchased a new position in SBA Communications in the fourth quarter valued at $268,287,000. Wealthfront Advisers LLC raised its position in shares of SBA Communications by 23,553.0% in the fourth quarter. Wealthfront Advisers LLC now owns 1,126,828 shares of the technology company’s stock worth $229,648,000 after acquiring an additional 1,122,064 shares during the period. BROOKFIELD Corp ON boosted its stake in shares of SBA Communications by 27,449.9% during the 4th quarter. BROOKFIELD Corp ON now owns 991,245 shares of the technology company’s stock worth $202,016,000 after acquiring an additional 987,647 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of SBA Communications by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after acquiring an additional 605,872 shares during the period. Hedge funds and other institutional investors own 97.35% of the company’s stock.

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.