Dolby Laboratories (NYSE:DLB) Shares Gap Down Following Analyst Downgrade

Dolby Laboratories, Inc. (NYSE:DLB - Get Free Report) gapped down before the market opened on Friday after Rosenblatt Securities lowered their price target on the stock from $100.00 to $95.00. The stock had previously closed at $76.18, but opened at $72.88. Rosenblatt Securities currently has a buy rating on the stock. Dolby Laboratories shares last traded at $74.54, with a volume of 97,190 shares changing hands.

Other research analysts have also recently issued research reports about the company. StockNews.com cut Dolby Laboratories from a "strong-buy" rating to a "buy" rating in a research note on Friday, January 31st. Barrington Research reiterated an "outperform" rating and issued a $100.00 price target on shares of Dolby Laboratories in a research note on Thursday, February 13th.

Insider Buying and Selling

In other news, CAO Ryan Nicholson sold 7,000 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $84.07, for a total transaction of $588,490.00. Following the transaction, the chief accounting officer now directly owns 29,758 shares of the company's stock, valued at $2,501,755.06. This represents a 19.04 % 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. Also, CMO Todd Pendleton sold 18,121 shares of Dolby Laboratories stock in a transaction dated 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 completion of the sale, the chief marketing officer now owns 37,290 shares of the company's stock, valued at $3,123,037.50. The trade was a 32.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 38.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Dolby Laboratories

Large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in shares of Dolby Laboratories by 64.2% in the 4th quarter. Bank of New York Mellon Corp now owns 4,826,477 shares of the electronics maker's stock worth $376,948,000 after buying an additional 1,887,518 shares during the last quarter. Norges Bank purchased a new position in Dolby Laboratories in the fourth quarter worth about $55,356,000. Alyeska Investment Group L.P. purchased a new position in Dolby Laboratories in the fourth quarter worth about $27,314,000. Frontier Capital Management Co. LLC bought a new stake in shares of Dolby Laboratories during the 4th quarter valued at about $24,323,000. Finally, Oberweis Asset Management Inc. purchased a new stake in shares of Dolby Laboratories during the 4th quarter valued at about $14,136,000. Institutional investors own 58.56% of the company's stock.

Dolby Laboratories Stock Down 1.6 %

The business's fifty day moving average is $77.87 and its 200-day moving average is $78.30. The company has a market cap of $7.16 billion, a PE ratio of 27.57 and a beta of 0.94.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The electronics maker reported $1.34 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $375.44 million. During the same quarter in the previous year, the company posted $1.27 earnings per share. Dolby Laboratories's revenue for the quarter was up 1.4% on a year-over-year basis. Analysts forecast that Dolby Laboratories, Inc. will post 2.94 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.