ProShare Advisors LLC Buys 36,613 Shares of Dolby Laboratories $DLB

ProShare Advisors LLC raised its stake in Dolby Laboratories (NYSE:DLB) by 33.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 144,784 shares of the electronics maker’s stock after purchasing an additional 36,613 shares during the period. ProShare Advisors LLC owned 0.15% of Dolby Laboratories worth $8,509,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in DLB. State of Michigan Retirement System increased its position in Dolby Laboratories by 1.4% in the 1st quarter. State of Michigan Retirement System now owns 14,700 shares of the electronics maker’s stock valued at $883,000 after buying an additional 200 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Dolby Laboratories by 4.9% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 4,300 shares of the electronics maker’s stock worth $253,000 after buying an additional 200 shares during the period. Frank Rimerman Advisors LLC boosted its holdings in Dolby Laboratories by 2.7% in the third quarter. Frank Rimerman Advisors LLC now owns 8,403 shares of the electronics maker’s stock worth $494,000 after acquiring an additional 223 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Dolby Laboratories by 2.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 12,524 shares of the electronics maker’s stock worth $752,000 after acquiring an additional 300 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Dolby Laboratories by 5.0% in the fourth quarter. Hsbc Holdings PLC now owns 6,301 shares of the electronics maker’s stock worth $406,000 after acquiring an additional 301 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Insider Activity at Dolby Laboratories

In other Dolby Laboratories news, CAO Ryan Nicholson sold 1,348 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $62.04, for a total value of $83,629.92. Following the completion of the sale, the chief accounting officer directly owned 35,636 shares of the company’s stock, valued at approximately $2,210,857.44. This represents a 3.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Shriram Revankar sold 3,000 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $62.71, for a total transaction of $188,130.00. Following the completion of the sale, the senior vice president owned 73,274 shares of the company’s stock, valued at approximately $4,595,012.54. This trade represents a 3.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,865 shares of company stock valued at $1,267,723 over the last ninety days. Corporate insiders own 37.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wall Street Zen downgraded Dolby Laboratories from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 target price on shares of Dolby Laboratories in a research report on Friday, August 28th. Weiss Ratings upgraded Dolby Laboratories from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, September 9th. Finally, Zacks Research downgraded shares of Dolby Laboratories from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $87.50.

Dolby Laboratories Price Performance

DLB opened at $64.95 on Thursday. Dolby Laboratories has a 1 year low of $48.26 and a 1 year high of $69.95. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of 27.64 and a beta of 0.79. The firm’s fifty day moving average price is $60.66 and its two-hundred day moving average price is $59.34.

Dolby Laboratories declared that its Board of Directors has authorized a share repurchase program on Thursday, July 30th that allows the company to buy back $350 million in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Dolby Laboratories Profile

Dolby Laboratories, Inc develops audio and imaging technologies used to enhance entertainment and communications experiences. The company’s technologies are incorporated into cinema, television, broadcast, streaming, mobile, personal computer, automotive and gaming products and services.

Its principal offerings include Dolby Atmos, an object-based audio technology designed to create immersive sound, and Dolby Vision, a high-dynamic-range imaging technology intended to improve picture quality.