Dolby Laboratories (NYSE:DLB) Price Target Raised to $100.00 at Rosenblatt Securities

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

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

Dolby Laboratories Trading Down 2.0 %

Shares of Dolby Laboratories stock opened at $80.31 on Wednesday. The firm has a market capitalization of $7.66 billion, a PE ratio of 29.63 and a beta of 0.98. The business’s 50-day moving average price is $74.15 and its 200-day moving average price is $76.08. Dolby Laboratories has a 12 month low of $66.35 and a 12 month high of $90.06.

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

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 shares were sold at an average price of $74.12, for a total value of $2,113,309.44. Following the completion of the sale, the chief executive officer now owns 83,721 shares in the company, valued at approximately $6,205,400.52. This trade represents a 25.40 % 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. 39.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dolby Laboratories

Several institutional investors have recently made changes to their positions in DLB. Geode Capital Management LLC increased its stake in Dolby Laboratories by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,538,583 shares of the electronics maker’s stock worth $117,767,000 after buying an additional 63,293 shares during the period. Disciplined Growth Investors Inc. MN grew its position in shares of Dolby Laboratories by 4.5% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock worth $112,209,000 after buying an additional 63,589 shares during the last quarter. M&T Bank Corp boosted its stake in Dolby Laboratories by 26.6% in the 3rd quarter. M&T Bank Corp now owns 4,045 shares of the electronics maker’s stock worth $310,000 after purchasing an additional 849 shares in the last quarter. Barclays PLC boosted its stake in Dolby Laboratories by 80.5% in the 3rd quarter. Barclays PLC now owns 33,230 shares of the electronics maker’s stock worth $2,544,000 after purchasing an additional 14,825 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in Dolby Laboratories in the 3rd quarter worth approximately $831,000. Institutional investors own 58.56% of the company’s stock.

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.