SBA Communications (NASDAQ:SBAC) Announces Quarterly Earnings Results

SBA Communications (NASDAQ:SBAC - Get Free Report) released its quarterly earnings data on Monday. The technology company reported $2.40 EPS for the quarter, missing analysts' consensus estimates of $3.17 by ($0.77), Zacks reports. The company had revenue of $667.60 million during the quarter, compared to the consensus estimate of $669.29 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. The company's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.34 EPS. SBA Communications updated its FY24 guidance to $13.20-$13.45 EPS and its FY 2024 guidance to EPS.

SBA Communications Stock Performance

NASDAQ SBAC traded down $8.19 during trading hours on Tuesday, hitting $231.75. 1,363,466 shares of the company traded hands, compared to its average volume of 918,433. The business's 50-day moving average is $237.27 and its 200-day moving average is $213.83. SBA Communications has a twelve month low of $183.64 and a twelve month high of $258.76. The stock has a market capitalization of $24.91 billion, a price-to-earnings ratio of 48.94, a P/E/G ratio of 0.73 and a beta of 0.67.

Insider Activity at SBA Communications

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $222.01, for a total transaction of $11,048,327.65. Following the completion of the transaction, the chairman now directly owns 109,583 shares of the company's stock, valued at approximately $24,328,521.83. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the transaction, the director now directly owns 8,084 shares of the company's stock, valued at approximately $1,775,084.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Jeffrey Stoops sold 49,765 shares of the company's stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $222.01, for a total value of $11,048,327.65. Following the completion of the sale, the chairman now owns 109,583 shares in the company, valued at $24,328,521.83. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,590 shares of company stock valued at $11,483,981. Insiders own 1.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SBAC. Royal Bank of Canada upped their price objective on SBA Communications from $235.00 to $245.00 and gave the company an "outperform" rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft increased their price target on SBA Communications from $230.00 to $240.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. BMO Capital Markets increased their price target on SBA Communications from $255.00 to $260.00 and gave the stock an "outperform" rating in a report on Tuesday. TD Cowen increased their price target on SBA Communications from $251.00 to $261.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Raymond James increased their price target on SBA Communications from $285.00 to $300.00 and gave the stock a "strong-buy" rating in a report on Tuesday. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $257.23.

SBA Communications Company Profile

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.