SBA Communications (NASDAQ:SBAC) Releases FY24 Earnings Guidance

SBA Communications (NASDAQ:SBAC) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $13.20-$13.45 for the period, compared to the consensus EPS 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. SBA Communications also updated its FY 2024 guidance to EPS.

SBA Communications Stock Performance

SBA Communications stock traded down $2.53 during midday trading on Tuesday, hitting $237.41. 167,716 shares of the company’s stock were exchanged, compared to its average volume of 912,133. The firm’s 50 day simple moving average is $237.27 and its 200 day simple moving average is $213.83. SBA Communications has a 12-month low of $183.64 and a 12-month high of $258.76. The stock has a market cap of $25.51 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 0.73 and a beta of 0.67.

SBA Communications (NASDAQ:SBAC) last released its quarterly earnings results on Monday, October 28th. The technology company reported $2.40 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.77). The firm had revenue of $667.60 million during the quarter, compared to analyst estimates of $669.29 million. SBA Communications had a negative return on equity of 9.85% and a net margin of 19.22%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.34 EPS. On average, equities research analysts forecast that SBA Communications will post 12.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. BMO Capital Markets dropped their price objective on SBA Communications from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. Barclays boosted their price objective on shares of SBA Communications from $236.00 to $256.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. TD Cowen cut their target price on SBA Communications from $253.00 to $251.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. KeyCorp upped their price target on SBA Communications from $230.00 to $280.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Finally, Wells Fargo & Company raised their price target on shares of SBA Communications from $220.00 to $240.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, SBA Communications presently has an average rating of “Moderate Buy” and an average price target of $251.58.

Insider Activity at SBA Communications

In related news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $242.86, for a total transaction of $364,290.00. Following the sale, the executive vice president now directly owns 4,998 shares in the company, valued at $1,213,814.28. The trade was 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 available through the SEC website. In other news, EVP Donald Day sold 1,500 shares of SBA Communications stock in a transaction that occurred 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 transaction, the executive vice president now owns 4,998 shares of the company’s stock, valued at $1,213,814.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director George R. Krouse, Jr. sold 325 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $219.58, for a total value of $71,363.50. Following the completion of the sale, the director now directly owns 8,084 shares of the company’s stock, valued at approximately $1,775,084.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,590 shares of company stock worth $11,483,981 in the last 90 days. 1.30% of the stock is currently owned by company 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.