Rosenblatt Securities Reaffirms "Buy" Rating for Dolby Laboratories (NYSE:DLB)

Key Points

• Rosenblatt Securities has reiterated its "buy" rating for Dolby Laboratories, setting a price target of $95.00, suggesting a potential upside of 26.16% from the stock's previous close.
• In its recent earnings report, Dolby Laboratories surpassed analyst estimates with $0.78 earnings per share (EPS) and revenues of $315.55 million, reflecting a 9.2% increase year-over-year.
• Insider transactions included the sale of 15,000 shares by EVP Mark Andrew Sherman, indicating a 19.38% decrease in his ownership stake in the company.

Dolby Laboratories (NYSE:DLB - Get Free Report)'s stock had its "buy" rating reiterated by Rosenblatt Securities in a report issued on Friday,Benzinga reports. They currently have a $95.00 price objective on the electronics maker's stock. Rosenblatt Securities' target price points to a potential upside of 26.16% from the stock's previous close.

A number of other brokerages have also issued reports on DLB. Barrington Research reaffirmed an "outperform" rating and set a $100.00 price objective on shares of Dolby Laboratories in a report on Friday, May 2nd. Tigress Financial started coverage on shares of Dolby Laboratories in a report on Thursday, May 15th. They set a "buy" rating and a $112.00 price objective for the company. Finally, Wall Street Zen raised shares of Dolby Laboratories from a "hold" rating to a "buy" rating in a report on Friday, May 30th.

Dolby Laboratories Trading Down 0.6%

Dolby Laboratories stock opened at $75.30 on Friday. The firm has a 50 day moving average of $75.01 and a 200 day moving average of $77.66. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of 28.42 and a beta of 0.91. Dolby Laboratories has a 12-month low of $66.35 and a 12-month high of $89.66.

Dolby Laboratories (NYSE:DLB - Get Free Report) last released its earnings results on Thursday, July 31st. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.06. The company had revenue of $315.55 million during the quarter, compared to analyst estimates of $305.23 million. Dolby Laboratories had a net margin of 19.44% and a return on equity of 11.48%. The firm's quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.71 EPS. On average, analysts predict that Dolby Laboratories will post 2.94 EPS for the current year.

Insider Buying and Selling at Dolby Laboratories

In other news, EVP Mark Andrew Sherman sold 15,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $75.02, for a total transaction of $1,125,300.00. Following the completion of the transaction, the executive vice president directly owned 62,397 shares in the company, valued at approximately $4,681,022.94. This represents a 19.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin J. Yeaman sold 2,491 shares of the stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $75.00, for a total value of $186,825.00. Following the transaction, the chief executive officer owned 114,725 shares of the company's stock, valued at $8,604,375. This represents a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 116,724 shares of company stock valued at $8,764,043 in the last three months. 38.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Alpine Bank Wealth Management bought a new position in shares of Dolby Laboratories during the 1st quarter valued at approximately $25,000. Cheviot Value Management LLC bought a new position in shares of Dolby Laboratories during the 1st quarter valued at approximately $27,000. MAI Capital Management boosted its position in shares of Dolby Laboratories by 87.1% during the 1st quarter. MAI Capital Management now owns 348 shares of the electronics maker's stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Dolby Laboratories during the 1st quarter valued at approximately $29,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of Dolby Laboratories during the 2nd quarter valued at approximately $48,000. 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.

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