Polen Capital Management LLC Buys Shares of 23,828 Sphere Entertainment Co. $SPHR

Polen Capital Management LLC bought a new stake in shares of Sphere Entertainment Co. (NYSE:SPHR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 23,828 shares of the company’s stock, valued at approximately $2,266,000. Polen Capital Management LLC owned about 0.07% of Sphere Entertainment at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SPHR. Royal Bank of Canada lifted its position in Sphere Entertainment by 5.5% during the first quarter. Royal Bank of Canada now owns 150,614 shares of the company’s stock valued at $4,928,000 after purchasing an additional 7,891 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sphere Entertainment by 5.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,270 shares of the company’s stock valued at $532,000 after purchasing an additional 831 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Sphere Entertainment by 132.0% during the first quarter. Goldman Sachs Group Inc. now owns 628,886 shares of the company’s stock valued at $20,577,000 after purchasing an additional 357,794 shares during the last quarter. Legal & General Group Plc lifted its position in Sphere Entertainment by 11.2% during the second quarter. Legal & General Group Plc now owns 30,752 shares of the company’s stock valued at $1,285,000 after purchasing an additional 3,103 shares during the last quarter. Finally, Norges Bank bought a new stake in Sphere Entertainment during the second quarter valued at approximately $551,000. 92.03% of the stock is currently owned by institutional investors.

Sphere Entertainment Trading Up 6.5%

Shares of SPHR opened at $151.18 on Friday. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of 84.93 and a beta of 1.64. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.22. Sphere Entertainment Co. has a fifty-two week low of $37.89 and a fifty-two week high of $151.94. The firm has a 50 day moving average price of $134.01 and a 200-day moving average price of $111.62.

Sphere Entertainment (NYSE:SPHR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.27. The firm had revenue of $386.41 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the business posted ($2.27) EPS. As a group, equities research analysts forecast that Sphere Entertainment Co. will post -2.44 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. BTIG Research reiterated a “buy” rating and set a $190.00 target price on shares of Sphere Entertainment in a research report on Tuesday, May 19th. Morgan Stanley reiterated an “overweight” rating and set a $170.00 target price on shares of Sphere Entertainment in a research report on Wednesday, May 6th. Benchmark upgraded shares of Sphere Entertainment from a “hold” rating to a “buy” rating and set a $155.00 price objective for the company in a report on Wednesday, May 6th. Citigroup restated an “outperform” rating on shares of Sphere Entertainment in a report on Wednesday, May 6th. Finally, Weiss Ratings upgraded shares of Sphere Entertainment from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Sphere Entertainment has a consensus rating of “Moderate Buy” and an average target price of $145.92.

Sphere Entertainment Company 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.