Sphere Entertainment Co. (NYSE:SPHR) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in shares of Sphere Entertainment Co. (NYSE:SPHR) by 42.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,706 shares of the company’s stock after selling 3,452 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Sphere Entertainment were worth $160,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ancora Advisors LLC purchased a new position in Sphere Entertainment in the 3rd quarter valued at $25,000. Citigroup Inc. purchased a new position in Sphere Entertainment during the third quarter worth about $59,000. Investors Research Corp acquired a new stake in Sphere Entertainment in the third quarter valued at about $80,000. Nisa Investment Advisors LLC purchased a new stake in Sphere Entertainment in the 3rd quarter valued at approximately $91,000. Finally, Amalgamated Bank acquired a new position in Sphere Entertainment during the 3rd quarter worth approximately $96,000. 92.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on SPHR shares. Wolfe Research initiated coverage on Sphere Entertainment in a research note on Wednesday, January 17th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. increased their price target on shares of Sphere Entertainment from $33.00 to $37.00 and gave the company a “neutral” rating in a report on Tuesday, February 6th. Seaport Res Ptn downgraded shares of Sphere Entertainment from a “buy” rating to a “neutral” rating in a report on Monday, April 8th. Finally, Bank of America assumed coverage on shares of Sphere Entertainment in a report on Wednesday, February 7th. They issued a “neutral” rating and a $43.00 target price for the company. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $35.60.

Insider Transactions at Sphere Entertainment

In other Sphere Entertainment news, CEO Andrea Greenberg sold 12,131 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $51.00, for a total value of $618,681.00. Following the transaction, the chief executive officer now directly owns 76,650 shares in the company, valued at approximately $3,909,150. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Sphere Entertainment news, CEO James Lawrence Dolan acquired 110,156 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were acquired at an average price of $46.88 per share, for a total transaction of $5,164,113.28. Following the completion of the acquisition, the chief executive officer now directly owns 630,195 shares of the company’s stock, valued at $29,543,541.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Andrea Greenberg sold 12,131 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $51.00, for a total value of $618,681.00. Following the completion of the transaction, the chief executive officer now owns 76,650 shares of the company’s stock, valued at $3,909,150. The disclosure for this sale can be found here. Insiders purchased a total of 245,669 shares of company stock valued at $10,706,120 over the last three months. 24.46% of the stock is currently owned by insiders.

Sphere Entertainment Stock Performance

NYSE:SPHR opened at $39.79 on Thursday. Sphere Entertainment Co. has a twelve month low of $20.68 and a twelve month high of $51.83. The company has a market capitalization of $1.40 billion, a P/E ratio of 3.76 and a beta of 1.46. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $44.48 and a two-hundred day moving average price of $38.29.

Sphere Entertainment (NYSE:SPHR) last issued its quarterly earnings data on Monday, February 5th. The company reported ($4.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($4.42). The company had revenue of $314.16 million for the quarter, compared to analyst estimates of $303.28 million. Sphere Entertainment had a return on equity of 8.91% and a net margin of 40.36%. The company’s revenue for the quarter was up 96.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.25 earnings per share. As a group, research analysts expect that Sphere Entertainment Co. will post -3.89 earnings per share for the current fiscal year.

Sphere Entertainment Company Profile

Sphere Entertainment Co engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as professional boxing, college basketball and hockey, professional bull riding, mixed martial arts, and esports and wrestling in its venues, including The Garden, Hulu Theater, Radio City Music Hall, and the Beacon Theatre in New York City; and The Chicago Theatre.