SBA Communications (NASDAQ:SBAC) Shares Gap Up – What’s Next?

SBA Communications Co. (NASDAQ:SBAC)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $219.34, but opened at $224.74. SBA Communications shares last traded at $227.54, with a volume of 181,106 shares changing hands.

Wall Street Analysts Forecast Growth

SBAC has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their target price on shares of SBA Communications from $210.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Barclays upped their price target on SBA Communications from $240.00 to $244.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $255.00 price target on shares of SBA Communications in a report on Monday, February 24th. Finally, JMP Securities started coverage on shares of SBA Communications in a research report on Monday, January 27th. They set an “outperform” rating and a $250.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $251.92.

SBA Communications Stock Performance

The company has a 50-day moving average of $212.38 and a 200 day moving average of $218.90. The firm has a market cap of $24.55 billion, a P/E ratio of 35.98, a P/E/G ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $1.11 dividend. This is a positive change from SBA Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, March 13th. This represents a $4.44 annualized dividend and a dividend yield of 1.95%. SBA Communications’s dividend payout ratio is presently 63.98%.

Insider Activity at SBA Communications

In other news, VP Joshua Koenig sold 2,209 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $224.18, for a total transaction of $495,213.62. Following the completion of the sale, the vice president now owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. This trade represents a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SBA Communications

Hedge funds and other institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC grew its holdings in shares of SBA Communications by 15.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 382 shares of the technology company’s stock worth $78,000 after purchasing an additional 50 shares during the last quarter. Versant Capital Management Inc lifted its position in SBA Communications by 17.3% during the 4th quarter. Versant Capital Management Inc now owns 360 shares of the technology company’s stock worth $73,000 after buying an additional 53 shares in the last quarter. Auxano Advisors LLC grew its holdings in SBA Communications by 2.3% during the 4th quarter. Auxano Advisors LLC now owns 2,431 shares of the technology company’s stock worth $495,000 after acquiring an additional 54 shares during the last quarter. DoubleLine ETF Adviser LP increased its position in SBA Communications by 0.7% in the 4th quarter. DoubleLine ETF Adviser LP now owns 7,738 shares of the technology company’s stock valued at $1,577,000 after acquiring an additional 57 shares in the last quarter. Finally, Lake Street Advisors Group LLC raised its stake in shares of SBA Communications by 5.8% in the fourth quarter. Lake Street Advisors Group LLC now owns 1,105 shares of the technology company’s stock worth $225,000 after acquiring an additional 61 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

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.