SBA Communications (SBAC)

• Market cap: $21.5B
• 1 day: 0.27%
• 5 days: 3.16%
• 1 month: -8.27%
• 3 months: -12.32%
• 6 months: -7.63%
• Year to date: -0.21%
• 1 year: -16.63%
• 5 years: -35.43%
• 10 years: 78.56%
• Sector: Real Estate
• Industry: Specialty REIT

About: SBA Communications owns a portfolio of about 45,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by the top few mobile carriers. It owns more than 17,000 towers in the US, which account for about 75% of leasing revenue. Internationally, SBA's largest presence is in Brazil, where it owns roughly 10,000 towers. SBA operates as a real estate investment trust.

Employees: 1,720

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

37% more first-time investments, than exits

New positions opened: 96 | Existing positions closed: 70

28% more repeat investments, than reductions

Existing positions increased: 291 | Existing positions reduced: 227

8% more capital invested

Capital invested by funds: $23.1B [Q1] → $24.9B (+$1.83B) [Q2]

2% more funds holding

Funds holding: 682 [Q1] → 698 (+16) [Q2]

1.3% more ownership

Funds ownership: 97.48% [Q1] → 98.78% (+1.3%) [Q2]

18% less call options, than puts

Call options by funds: $38.4M | Put options by funds: $46.7M

33% less funds holding in top 10

Funds holding in top 10: 9 [Q1] → 6 (-3) [Q2]

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $230
• Avg. target: $257
• High target: $285

7 analyst ratings

• positive: 3 43%
• neutral: 4 57%
• negative: 0 0%

B of A Securities Michael Funk	$230	Neutral Downgraded	27 Aug 2025
Wells Fargo Eric Luebchow	$235	Equal-Weight Maintained	5 Aug 2025
JMP Securities Greg P. Miller	$280	Market Outperform Maintained	5 Aug 2025
Barclays Tim Long	$257	Overweight Maintained	23 Jul 2025
Morgan Stanley Simon Flannery	$260	Equal-Weight Maintained	22 Jul 2025