Raymond James Financial Inc. Makes New Investment in Sphere Entertainment Co. (NYSE:SPHR)

Raymond James Financial Inc. bought a new position in shares of Sphere Entertainment Co. (NYSE:SPHR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 65,879 shares of the company's stock, valued at approximately $2,656,000. Raymond James Financial Inc. owned approximately 0.19% of Sphere Entertainment as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Clearline Capital LP bought a new stake in Sphere Entertainment during the third quarter worth about $5,607,000. JPMorgan Chase & Co. lifted its holdings in shares of Sphere Entertainment by 140.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 150,955 shares of the company's stock worth $6,669,000 after acquiring an additional 88,065 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Sphere Entertainment by 235.4% during the 3rd quarter. Verition Fund Management LLC now owns 109,184 shares of the company's stock worth $4,824,000 after acquiring an additional 76,635 shares during the period. Carnegie Investment Counsel boosted its position in shares of Sphere Entertainment by 35.1% during the 4th quarter. Carnegie Investment Counsel now owns 225,860 shares of the company's stock worth $9,107,000 after acquiring an additional 58,640 shares in the last quarter. Finally, Barclays PLC increased its stake in Sphere Entertainment by 295.6% in the third quarter. Barclays PLC now owns 66,045 shares of the company's stock valued at $2,809,000 after acquiring an additional 49,351 shares during the last quarter. 92.03% of the stock is owned by institutional investors.

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Analysts Set New Price Targets

SPHR has been the topic of a number of research analyst reports. Benchmark reaffirmed a "sell" rating on shares of Sphere Entertainment in a report on Monday, March 3rd. Macquarie reduced their price objective on Sphere Entertainment from $45.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 11th. JPMorgan Chase & Co. decreased their target price on Sphere Entertainment from $57.00 to $54.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group raised shares of Sphere Entertainment to a "strong-buy" rating in a report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $46.75.

Insider Buying and Selling

In related news, insider F. Dolan 2009 Revocabl Charles sold 55,385 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $33.80, for a total value of $1,872,013.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 25.08% of the stock is currently owned by insiders.

Sphere Entertainment Trading Up 0.6 %

NYSE SPHR traded up $0.19 during trading hours on Tuesday, reaching $32.91. The company's stock had a trading volume of 285,639 shares, compared to its average volume of 768,235. The firm has a fifty day simple moving average of $40.56 and a 200-day simple moving average of $41.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.56 and a quick ratio of 0.56. Sphere Entertainment Co. has a 52 week low of $30.62 and a 52 week high of $50.88. The stock has a market cap of $1.18 billion, a P/E ratio of -3.14 and a beta of 1.39.

About Sphere Entertainment

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.