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

Dolby Laboratories (NYSE:DLB)‘s stock had its “buy” rating restated by stock analysts at Rosenblatt Securities in a research note issued on Monday, Benzinga reports. They currently have a $98.00 price target on the electronics maker’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 26.17% from the stock’s previous close.

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 Stock Down 2.1 %

NYSE DLB opened at $77.67 on Monday. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 40.24 and a beta of 0.97. Dolby Laboratories has a twelve month low of $75.87 and a twelve month high of $91.01. The stock has a fifty day simple moving average of $81.65 and a 200 day simple moving average of $83.30.

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

Insider Transactions at Dolby Laboratories

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

Hedge Funds Weigh In On Dolby Laboratories

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Dolby Laboratories by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,389,084 shares of the electronics maker’s stock valued at $506,399,000 after acquiring an additional 205,319 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in Dolby Laboratories by 4.8% in the 3rd 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 acquiring an additional 239,578 shares in the last quarter. Morgan Stanley lifted its position in Dolby Laboratories by 11.9% in the 3rd quarter. Morgan Stanley now owns 4,902,295 shares of the electronics maker’s stock valued at $388,556,000 after acquiring an additional 523,250 shares in the last quarter. Ninety One UK Ltd lifted its position in Dolby Laboratories by 29.0% in the 4th quarter. Ninety One UK Ltd now owns 2,572,346 shares of the electronics maker’s stock valued at $221,685,000 after acquiring an additional 578,239 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Dolby Laboratories by 11.2% in the 1st quarter. Bank of New York Mellon Corp now owns 2,324,244 shares of the electronics maker’s stock valued at $194,702,000 after acquiring an additional 233,958 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Company Profile

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.