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

SBA Communications (NASDAQ:SBAC) 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.

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

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.