SBA Communications (NASDAQ:SBAC) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

SBA Communications (NASDAQ:SBAC) issued its earnings results on Monday. The technology company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.85 by $0.02, FiscalAI reports. The firm had revenue of $715.27 million during the quarter, compared to analysts’ expectations of $706.01 million. SBA Communications had a negative return on equity of 20.90% and a net margin of 35.66%.

SBA Communications Stock Performance

Shares of NASDAQ SBAC traded down $1.44 during trading on Monday, reaching $179.54. The company had a trading volume of 1,614,474 shares, compared to its average volume of 1,058,035. SBA Communications has a 52 week low of $162.41 and a 52 week high of $231.34. The business’s 50 day moving average price is $189.42 and its 200-day moving average price is $194.74. The stock has a market cap of $19.04 billion, a PE ratio of 18.90, a PEG ratio of 1.81 and a beta of 0.99.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Norinchukin Bank The lifted its holdings in SBA Communications by 1.1% during the 3rd quarter. Norinchukin Bank The now owns 6,037 shares of the technology company’s stock worth $1,167,000 after buying an additional 68 shares in the last quarter. Quarry LP raised its position in shares of SBA Communications by 20.3% during the fourth quarter. Quarry LP now owns 475 shares of the technology company’s stock worth $92,000 after acquiring an additional 80 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of SBA Communications by 105.0% during the first quarter. Geneos Wealth Management Inc. now owns 164 shares of the technology company’s stock worth $36,000 after acquiring an additional 84 shares during the last quarter. Brown Brothers Harriman & Co. lifted its stake in shares of SBA Communications by 4.3% during the third quarter. Brown Brothers Harriman & Co. now owns 2,324 shares of the technology company’s stock valued at $449,000 after acquiring an additional 95 shares during the period. Finally, Beacon Pointe Advisors LLC boosted its holdings in SBA Communications by 8.7% in the fourth quarter. Beacon Pointe Advisors LLC now owns 1,692 shares of the technology company’s stock valued at $327,000 after acquiring an additional 136 shares during the last quarter. Institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

SBAC has been the subject of a number of analyst reports. Truist Financial reaffirmed a “buy” rating and set a $248.00 price objective (up from $247.00) on shares of SBA Communications in a report on Tuesday, May 5th. Royal Bank Of Canada lowered their target price on shares of SBA Communications from $245.00 to $210.00 and set an “outperform” rating on the stock in a research note on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of SBA Communications in a research report on Monday, July 20th. The Goldman Sachs Group initiated coverage on shares of SBA Communications in a research note on Friday, June 26th. They set a “neutral” rating and a $205.00 price target for the company. Finally, Barclays lifted their price objective on SBA Communications from $244.00 to $245.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $235.28.

About SBA Communications

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.