Dolby Laboratories (NYSE:DLB) Stock Rating Reaffirmed by Rosenblatt Securities

Dolby Laboratories (NYSE:DLB)‘s stock had its “buy” rating reaffirmed by Rosenblatt Securities in a research report issued on Monday, Benzinga reports. They currently have a $98.00 target price on the electronics maker’s stock. Rosenblatt Securities’ price objective points to a potential upside of 23.74% from the company’s current price.

Separately, StockNews.com raised shares of Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd.

Dolby Laboratories Trading Down 0.9 %

Shares of Dolby Laboratories stock opened at $79.20 on Monday. The firm has a market capitalization of $7.57 billion, a PE ratio of 41.04 and a beta of 0.97. Dolby Laboratories has a 12 month low of $75.87 and a 12 month high of $91.01. The business’s 50-day moving average price is $81.62 and its 200-day moving average price is $83.32.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, February 1st. The electronics maker reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.14. Dolby Laboratories had a return on equity of 10.21% and a net margin of 14.70%. The business had revenue of $315.57 million for the quarter, compared to analyst estimates of $310.98 million. As a group, analysts predict that Dolby Laboratories will post 2.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Dolby Laboratories

In related news, SVP John D. Couling sold 33,560 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $80.81, for a total value of $2,711,983.60. Following the sale, the senior vice president now directly owns 108,519 shares of the company’s stock, valued at $8,769,420.39. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 39.54% of the company’s stock.

Institutional Trading of Dolby Laboratories

Hedge funds and other institutional investors have recently modified their holdings of the business. Ninety One UK Ltd boosted its stake in Dolby Laboratories by 29.0% during the fourth quarter. Ninety One UK Ltd now owns 2,572,346 shares of the electronics maker’s stock worth $221,685,000 after acquiring an additional 578,239 shares in the last quarter. Morgan Stanley grew its stake in shares of Dolby Laboratories by 11.9% in the 3rd quarter. Morgan Stanley now owns 4,902,295 shares of the electronics maker’s stock worth $388,556,000 after buying an additional 523,250 shares during the last quarter. Norges Bank bought a new position in Dolby Laboratories during the 4th quarter valued at approximately $42,067,000. Kayne Anderson Rudnick Investment Management LLC raised its stake in Dolby Laboratories by 4.8% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 5,246,122 shares of the electronics maker’s stock valued at $415,808,000 after buying an additional 239,578 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in Dolby Laboratories during the third quarter valued at $18,702,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.