Dolby Laboratories (NYSE:DLB) Receives Buy Rating from Tigress Financial

Dolby Laboratories (NYSE:DLB)‘s stock had its “buy” rating reissued by equities researchers at Tigress Financial in a report issued on Wednesday, AnalystRatings.com reports.

DLB has been the topic of several other reports. B. Riley reiterated a “neutral” rating and set a $73.00 price target (up from $67.00) on shares of Dolby Laboratories in a research report on Friday, August 2nd. William Blair reiterated a “buy” rating on shares of Dolby Laboratories in a research report on Friday, August 2nd. Finally, ValuEngine upgraded Dolby Laboratories from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Dolby Laboratories presently has a consensus rating of “Buy” and a consensus target price of $78.00.

Shares of NYSE DLB traded down $0.66 during mid-day trading on Wednesday, reaching $63.14. 25,529 shares of the company’s stock were exchanged, compared to its average volume of 333,260. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of 26.33, a price-to-earnings-growth ratio of 2.30 and a beta of 0.86. Dolby Laboratories has a 52 week low of $56.09 and a 52 week high of $71.77. The firm has a 50-day moving average price of $61.42 and a two-hundred day moving average price of $63.43.

Dolby Laboratories (NYSE:DLB) last announced its quarterly earnings data on Thursday, August 1st. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.11). Dolby Laboratories had a net margin of 21.64% and a return on equity of 9.00%. The firm had revenue of $302.16 million during the quarter, compared to the consensus estimate of $305.29 million. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The company’s revenue was up 40.7% on a year-over-year basis. On average, analysts expect that Dolby Laboratories will post 2.16 earnings per share for the current fiscal year.

In other Dolby Laboratories news, major shareholder Dagmar Dolby sold 93,113 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $65.11, for a total value of $6,062,587.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin J. Yeaman sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $67.50, for a total value of $1,687,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,098,873 shares of company stock valued at $71,250,412. 40.23% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC boosted its stake in shares of Dolby Laboratories by 50.0% during the first quarter. Penserra Capital Management LLC now owns 669 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 223 shares during the period. Advisory Alpha LLC bought a new position in shares of Dolby Laboratories during the first quarter valued at approximately $53,000. Point72 Asset Management L.P. bought a new position in shares of Dolby Laboratories during the second quarter valued at approximately $71,000. Parallel Advisors LLC raised its holdings in shares of Dolby Laboratories by 20.5% during the second quarter. Parallel Advisors LLC now owns 1,300 shares of the electronics maker’s stock valued at $84,000 after acquiring an additional 221 shares in the last quarter. Finally, TRUE Private Wealth Advisors bought a new position in shares of Dolby Laboratories during the second quarter valued at approximately $84,000. 57.29% of the stock is owned by hedge funds and other institutional investors.

About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones.

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