Oregon Public Employees Retirement Fund Buys Shares of 6,100 Sphere Entertainment Co. $SPHR

Oregon Public Employees Retirement Fund purchased a new stake in Sphere Entertainment Co. (NYSE:SPHR) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 6,100 shares of the company’s stock, valued at approximately $716,000.

Several other hedge funds have also recently modified their holdings of SPHR. Rockefeller Capital Management L.P. increased its holdings in Sphere Entertainment by 19.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 608 shares of the company’s stock valued at $58,000 after buying an additional 100 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Sphere Entertainment by 0.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,263 shares of the company’s stock worth $3,448,000 after buying an additional 145 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Sphere Entertainment by 53.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 450 shares of the company’s stock valued at $43,000 after acquiring an additional 156 shares during the period. Putney Financial Group LLC raised its position in shares of Sphere Entertainment by 4.2% in the 4th quarter. Putney Financial Group LLC now owns 4,475 shares of the company’s stock worth $425,000 after acquiring an additional 180 shares in the last quarter. Finally, ORG Partners LLC lifted its stake in shares of Sphere Entertainment by 35.4% during the 4th quarter. ORG Partners LLC now owns 895 shares of the company’s stock worth $85,000 after purchasing an additional 234 shares during the last quarter. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SPHR. Citizens Jmp raised their price objective on Sphere Entertainment from $175.00 to $200.00 and gave the company a “market outperform” rating in a research report on Wednesday, June 17th. New Street Research set a $188.00 target price on shares of Sphere Entertainment in a report on Tuesday. Citigroup reissued a “market outperform” rating on shares of Sphere Entertainment in a research report on Wednesday, June 17th. The Goldman Sachs Group lifted their price objective on shares of Sphere Entertainment from $150.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Finally, Bank of America boosted their price objective on shares of Sphere Entertainment from $110.00 to $132.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $161.92.

Sphere Entertainment Price Performance

Shares of NYSE:SPHR opened at $136.71 on Wednesday. Sphere Entertainment Co. has a twelve month low of $37.89 and a twelve month high of $174.60. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 0.33. The company has a market cap of $4.85 billion, a PE ratio of 76.80 and a beta of 1.61. The company’s 50 day moving average is $146.12 and its 200 day moving average is $123.05.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.27. The business had revenue of $386.41 million during the quarter, compared to analysts’ expectations of $313.41 million. Sphere Entertainment had a net margin of 8.05% and a negative return on equity of 5.07%. The business’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($2.27) EPS. On average, sell-side analysts forecast that Sphere Entertainment Co. will post -2.44 EPS for the current year.

Sphere Entertainment Profile

Sphere Entertainment Co (NYSE: SPHR) is a publicly traded company focused on the development and operation of large-scale immersive entertainment venues. Established as a standalone entity in early 2023 following its separation from Madison Square Garden Entertainment, Sphere leverages cutting-edge audiovisual technologies to create next-generation concert, film and cultural experiences. The company’s flagship venue in Las Vegas showcases its core capabilities, while additional projects are in various stages of development around the world.

At the Las Vegas Sphere, Sphere Entertainment has installed one of the largest LED display surfaces on the planet, wrapping audiences in 16K resolution imagery and spatial audio powered by proprietary sound systems.