Dolby Laboratories (NYSE:DLB) Stock Price Expected to Rise, Rosenblatt Securities Analyst Says

Dolby Laboratories (NYSE:DLB) had its target price lifted by analysts at Rosenblatt Securities from $98.00 to $100.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the electronics maker’s stock. Rosenblatt Securities’ price objective points to a potential upside of 24.53% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Barrington Research reaffirmed an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research note on Friday, September 20th. StockNews.com raised Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a report on Monday.

Dolby Laboratories Stock Performance

NYSE DLB opened at $80.31 on Wednesday. The business has a 50 day simple moving average of $74.15 and a 200 day simple moving average of $76.08. Dolby Laboratories has a 52-week low of $66.35 and a 52-week high of $90.06. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of 29.63 and a beta of 0.98.

Dolby Laboratories declared that its board has approved a share buyback plan on Wednesday, August 7th that authorizes the company to repurchase $350.00 million in shares. This repurchase authorization authorizes the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $74.12, for a total transaction of $2,113,309.44. Following the sale, the chief executive officer now directly owns 83,721 shares in the company, valued at approximately $6,205,400.52. The trade was a 25.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 39.54% of the stock is owned by insiders.

Institutional Trading of Dolby Laboratories

Several hedge funds and other institutional investors have recently made changes to their positions in DLB. Vanguard Group Inc. lifted its stake in Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock valued at $544,711,000 after buying an additional 107,713 shares during the period. Boston Trust Walden Corp grew its stake in Dolby Laboratories by 3.1% in the 2nd quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock valued at $29,853,000 after purchasing an additional 11,177 shares during the period. Panagora Asset Management Inc. bought a new position in Dolby Laboratories in the 2nd quarter valued at $3,348,000. Pacer Advisors Inc. grew its stake in Dolby Laboratories by 47.5% in the 2nd quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock valued at $1,848,000 after purchasing an additional 7,509 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of Dolby Laboratories during the 2nd quarter worth $1,157,000. 58.56% of the stock is currently owned by 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.