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

Key Points

• SBA Communications beat quarterly expectations, reporting adjusted EPS of $1.87 versus the $1.85 consensus and revenue of $715.27 million versus estimates of $706.01 million.
• Shares fell $1.44 to $179.54 in midday trading, while the company reported a 35.66% net margin and a market capitalization of approximately $19.04 billion.
• Institutional investors own 97.35% of the stock, and analysts maintain a “Moderate Buy” consensus with an average price target of $235.28.

SBA Communications (NASDAQ:SBAC - Get Free Report) announced its quarterly earnings data on Monday. The technology company reported $1.87 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 the consensus estimate of $706.01 million. SBA Communications had a net margin of 35.66% and a negative return on equity of 20.90%.

SBA Communications Price Performance

NASDAQ:SBAC traded down $1.44 during midday trading on Monday, reaching $179.54. The stock had a trading volume of 1,614,474 shares, compared to its average volume of 1,058,035. The stock has a market capitalization of $19.04 billion, a P/E ratio of 18.90, a PEG ratio of 1.81 and a beta of 0.99. SBA Communications has a 1-year low of $162.41 and a 1-year high of $231.34. The firm's fifty day simple moving average is $189.42 and its 200-day simple moving average is $194.74.

Institutional Investors Weigh In On SBA Communications

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SBAC. Barclays lifted their target price on shares of SBA Communications from $244.00 to $245.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Wells Fargo & Company upgraded SBA Communications from an "equal weight" rating to an "overweight" rating and cut their price objective for the stock from $220.00 to $210.00 in a report on Friday, July 17th. KeyCorp lifted their price objective on SBA Communications from $235.00 to $250.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Weiss Ratings restated a "hold (c)" rating on shares of SBA Communications in a research note on Monday, July 20th. Finally, Morgan Stanley upped their target price on SBA Communications from $215.00 to $225.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently 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.

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