SBA Communications (NASDAQ:SBAC) Releases Quarterly Earnings Results, Misses Estimates By $0.77 EPS

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

SBA Communications Price Performance

NASDAQ:SBAC traded down $2.53 during trading hours on Tuesday, reaching $237.41. 164,053 shares of the stock were exchanged, compared to its average volume of 912,694. The stock has a market cap of $25.51 billion, a PE ratio of 49.79, a PEG ratio of 0.73 and a beta of 0.67. SBA Communications has a twelve month low of $183.64 and a twelve month high of $258.76. The firm has a 50 day moving average of $237.27 and a 200 day moving average of $213.83.

Analysts Set New Price Targets

Several analysts have commented on the stock. TD Cowen dropped their target price on shares of SBA Communications from $253.00 to $251.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. StockNews.com upgraded SBA Communications from a “hold” rating to a “buy” rating in a report on Friday, September 20th. Barclays upped their price target on SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Raymond James increased their target price on shares of SBA Communications from $285.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Tuesday. Finally, Royal Bank of Canada boosted their price target on shares of SBA Communications from $235.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 5th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.31.

View Our Latest Stock Report on SBA Communications

Insider Activity

In related news, Chairman Jeffrey Stoops sold 49,765 shares of the stock in a transaction on Thursday, August 1st. The shares were 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 owns 109,583 shares in the company, 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 can be accessed through this hyperlink. In related news, Chairman Jeffrey Stoops sold 49,765 shares of the firm’s stock in a transaction 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 transaction, the chairman now directly owns 109,583 shares of the company’s stock, valued at approximately $24,328,521.83. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George R. Krouse, Jr. sold 325 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $219.58, for a total transaction of $71,363.50. Following the completion of the sale, the director now owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,590 shares of company stock worth $11,483,981 over the last ninety days. Insiders own 1.30% of the company’s stock.

SBA Communications Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for SBA Communications (NASDAQ:SBAC)

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