SBA Communications (NASDAQ:SBAC) Releases FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $13.20-$13.45 for the period, compared to the consensus estimate of $13.23. The company issued revenue guidance of $2.66-$2.68 billion, compared to the consensus revenue estimate of $2.66 billion.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SBAC. JPMorgan Chase & Co. raised their target price on shares of SBA Communications from $228.00 to $250.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. BMO Capital Markets dropped their price objective on shares of SBA Communications from $250.00 to $245.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. TD Cowen decreased 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 note on Tuesday, July 30th. Barclays raised their price target on SBA Communications from $236.00 to $256.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, Wells Fargo & Company upped their price objective on SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and a consensus price target of $251.58.

SBA Communications Trading Down 0.8 %

Shares of NASDAQ:SBAC traded down $1.85 on Monday, reaching $239.94. 1,303,978 shares of the company were exchanged, compared to its average volume of 916,196. The company has a 50-day moving average of $236.84 and a 200-day moving average of $213.58. The firm has a market cap of $25.79 billion, a price-to-earnings ratio of 50.84, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67. SBA Communications has a 1-year low of $183.64 and a 1-year high of $258.76.

SBA Communications (NASDAQ:SBAC) last posted its quarterly earnings results on Monday, July 29th. The technology company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.56). The company had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.21 million. SBA Communications had a net margin of 19.22% and a negative return on equity of 9.85%. SBA Communications’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.24 earnings per share. As a group, analysts forecast that SBA Communications will post 12.52 earnings per share for the current year.

Insider Activity

In other SBA Communications news, Chairman Jeffrey Stoops sold 49,765 shares of the company’s stock in a transaction dated 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 sale, the chairman now owns 109,583 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Jeffrey Stoops sold 49,765 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was 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 $24,328,521.83. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Donald Day sold 1,500 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $242.86, for a total value of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares in the company, valued at approximately $1,213,814.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,590 shares of company stock worth $11,483,981 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

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.