Dolby Laboratories (NYSE:DLB) Shares Gap Up After Analyst Upgrade

Dolby Laboratories, Inc. (NYSE:DLB)’s stock price gapped up prior to trading on Wednesday after Rosenblatt Securities raised their price target on the stock from $98.00 to $100.00. The stock had previously closed at $70.91, but opened at $75.50. Rosenblatt Securities currently has a buy rating on the stock. Dolby Laboratories shares last traded at $77.89, with a volume of 199,003 shares changing hands.

DLB has been the topic of several other research reports. Barrington Research reaffirmed an “outperform” rating and set a $100.00 target price on shares of Dolby Laboratories in a research report on Friday, September 20th. StockNews.com raised shares of Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday.

Insider Activity at Dolby Laboratories

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

Institutional Trading of Dolby Laboratories

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Dolby Laboratories by 1.7% in the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after acquiring an additional 107,713 shares during the period. Boston Trust Walden Corp boosted its position in Dolby Laboratories by 3.1% during the second quarter. Boston Trust Walden Corp now owns 376,793 shares of the electronics maker’s stock worth $29,853,000 after purchasing an additional 11,177 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in Dolby Laboratories in the second quarter valued at approximately $3,348,000. Pacer Advisors Inc. increased its position in shares of Dolby Laboratories by 47.5% in the second quarter. Pacer Advisors Inc. now owns 23,320 shares of the electronics maker’s stock valued at $1,848,000 after buying an additional 7,509 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Dolby Laboratories during the 2nd quarter worth approximately $1,157,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Dolby Laboratories Trading Up 9.8 %

The business has a 50-day moving average price of $73.69 and a 200-day moving average price of $76.01. The stock has a market cap of $7.43 billion, a PE ratio of 35.08 and a beta of 0.98.

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

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.