Rosenblatt Securities Cuts Dolby Laboratories (NYSE:DLB) Price Target to $95.00

Dolby Laboratories (NYSE:DLB) had its price objective dropped by stock analysts at Rosenblatt Securities from $100.00 to $95.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the electronics maker’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 26.85% from the stock’s previous close.

A number of other analysts also recently issued reports on DLB. StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a report on Friday, January 31st. Barrington Research reissued an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Thursday, February 13th.

Dolby Laboratories Stock Performance

NYSE:DLB opened at $74.89 on Friday. The stock has a 50 day moving average price of $77.73 and a 200 day moving average price of $78.34. The stock has a market cap of $7.15 billion, a PE ratio of 27.53 and a beta of 0.94. Dolby Laboratories has a one year low of $66.35 and a one year high of $89.66.

Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 EPS for the quarter, topping the consensus estimate of $1.29 by $0.05. Dolby Laboratories had a return on equity of 11.32% and a net margin of 19.97%. The business had revenue of $369.56 million for the quarter, compared to analyst estimates of $375.44 million. During the same quarter in the previous year, the firm earned $1.27 EPS. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. As a group, analysts predict that Dolby Laboratories will post 2.94 earnings per share for the current fiscal year.

Insider Transactions at Dolby Laboratories

In related news, CMO Todd Pendleton sold 18,121 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following the sale, the chief marketing officer now owns 37,290 shares in the company, valued at approximately $3,123,037.50. The trade was a 32.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ryan Nicholson sold 7,000 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total value of $588,490.00. Following the transaction, the chief accounting officer now directly owns 29,758 shares in the company, valued at approximately $2,501,755.06. The trade was a 19.04 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 38.39% of the company’s stock.

Institutional Trading of Dolby Laboratories

Institutional investors and hedge funds have recently bought and sold shares of the business. Alpine Bank Wealth Management acquired a new position in shares of Dolby Laboratories in the first quarter valued at approximately $25,000. Fifth Third Bancorp grew its stake in shares of Dolby Laboratories by 82.7% in the fourth quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 163 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of Dolby Laboratories by 436.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock worth $29,000 after acquiring an additional 301 shares during the period. Mather Group LLC. raised its stake in shares of Dolby Laboratories by 36.8% in the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after acquiring an additional 142 shares in the last quarter. Finally, Global X Japan Co. Ltd. purchased a new position in Dolby Laboratories in the first quarter valued at $51,000. 58.56% of the stock is currently 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.