California State Teachers Retirement System Purchases 5,106,487 Shares of Sphere Entertainment Co. $SPHR

California State Teachers Retirement System grew its holdings in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) by 16,878.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,136,742 shares of the company's stock after purchasing an additional 5,106,487 shares during the quarter. California State Teachers Retirement System owned approximately 14.30% of Sphere Entertainment worth $888,810,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Odyssean LLC boosted its holdings in shares of Sphere Entertainment by 3.8% in the second quarter. Odyssean LLC now owns 11,706 shares of the company's stock worth $2,025,000 after buying an additional 426 shares during the last quarter. TD Waterhouse Canada Inc. increased its holdings in Sphere Entertainment by 31,980.0% during the second quarter. TD Waterhouse Canada Inc. now owns 19,248 shares of the company's stock valued at $3,467,000 after buying an additional 19,188 shares during the last quarter. Nykredit A S bought a new position in Sphere Entertainment in the second quarter worth approximately $79,000. BTG Pactual Asset Management US LLC bought a new position in Sphere Entertainment in the second quarter worth approximately $250,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Sphere Entertainment during the 2nd quarter worth $4,179,000. Institutional investors own 92.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SPHR shares. Weiss Ratings raised shares of Sphere Entertainment from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Piper Sandler started coverage on Sphere Entertainment in a research report on Thursday, August 20th. They set an "overweight" rating and a $185.00 target price on the stock. Guggenheim boosted their price target on Sphere Entertainment from $193.00 to $208.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. BTIG Research restated a "buy" rating and issued a $190.00 price target on shares of Sphere Entertainment in a research report on Monday, August 3rd. Finally, The Goldman Sachs Group raised their price objective on Sphere Entertainment from $150.00 to $189.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $166.00.

Sphere Entertainment Price Performance

NYSE:SPHR opened at $143.27 on Monday. The stock has a market cap of $5.14 billion, a PE ratio of -53.46 and a beta of 1.62. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.32. The business's 50-day simple moving average is $149.49 and its two-hundred day simple moving average is $138.53. Sphere Entertainment Co. has a 52 week low of $55.87 and a 52 week high of $181.63.

Sphere Entertainment (NYSE:SPHR - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.51) by $0.44. The company had revenue of $313.64 million for the quarter, compared to the consensus estimate of $307.44 million. Sphere Entertainment had a negative return on equity of 1.38% and a negative net margin of 6.19%.The firm's quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the company earned $3.39 EPS. As a group, analysts forecast that Sphere Entertainment Co. will post -2.34 EPS for the current fiscal year.

Sphere Entertainment Profile

Sphere Entertainment Co is an entertainment and media company focused on immersive live experiences, venue operations and regional sports and entertainment programming. The company's primary business is Sphere, a next-generation venue in Las Vegas, Nevada, designed to host concerts, residencies, films and other events using large-scale LED displays, advanced audio systems and immersive visual technologies.

Sphere Entertainment develops and presents original content for the venue, including immersive films and entertainment productions, while also generating revenue from ticketed events, hospitality, advertising, sponsorships and related partnerships.

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