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

SBA Communications (NASDAQ:SBAC) posted its earnings results on Monday. The technology company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.02, FiscalAI reports. The firm had revenue of $715.27 million for the quarter, compared to analyst estimates 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 Down 0.8%

Shares of SBAC traded down $1.44 on Monday, hitting $179.54. 1,702,285 shares of the stock traded hands, compared to its average volume of 1,060,827. SBA Communications has a 1 year low of $162.41 and a 1 year high of $231.34. The stock’s 50 day moving average is $189.42 and its two-hundred day moving average is $194.74. The firm has a market capitalization of $19.04 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.81 and a beta of 0.99.

Analysts Set New Price Targets

Several research firms have weighed in on SBAC. Royal Bank Of Canada dropped their price target on SBA Communications from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Friday, July 10th. Weiss Ratings restated a “hold (c)” rating on shares of SBA Communications in a research report on Monday, July 20th. Scotiabank increased their price objective on SBA Communications from $223.00 to $230.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Wells Fargo & Company upgraded SBA Communications from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $220.00 to $210.00 in a research report on Friday, July 17th. Finally, Truist Financial reiterated a “buy” rating and set a $248.00 price objective (up from $247.00) on shares of SBA Communications in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $235.28.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Dodge & Cox lifted its stake in shares of SBA Communications by 24.1% during the 4th quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock worth $2,320,412,000 after purchasing an additional 2,328,837 shares during the period. State Street Corp grew its position in shares of SBA Communications by 3.3% in the fourth quarter. State Street Corp now owns 4,911,615 shares of the technology company’s stock valued at $950,054,000 after purchasing an additional 158,738 shares during the period. Invesco Ltd. grew its position in shares of SBA Communications by 0.5% in the fourth quarter. Invesco Ltd. now owns 1,815,032 shares of the technology company’s stock valued at $351,082,000 after purchasing an additional 9,656 shares during the period. Charles Schwab Investment Management Inc. increased its stake in SBA Communications by 5.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,525,439 shares of the technology company’s stock valued at $295,066,000 after purchasing an additional 74,596 shares during the last quarter. Finally, Morgan Stanley increased its stake in SBA Communications by 1.8% in the fourth quarter. Morgan Stanley now owns 1,377,798 shares of the technology company’s stock valued at $266,508,000 after purchasing an additional 23,844 shares during the last quarter. 97.35% of the stock is currently owned by institutional investors and hedge funds.

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.