Dolby Laboratories (NYSE:DLB) Lifted to “Buy” at B. Riley

B. Riley upgraded shares of Dolby Laboratories (NYSE:DLB) from a neutral rating to a buy rating in a research report report published on Monday, Zacks.com reports.

A number of other brokerages have also commented on DLB. William Blair reissued a buy rating on shares of Dolby Laboratories in a report on Friday, August 2nd. ValuEngine raised shares of Dolby Laboratories from a hold rating to a buy rating in a report on Wednesday, September 4th. Finally, Tigress Financial reissued a buy rating on shares of Dolby Laboratories in a report on Wednesday, September 18th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $77.33.

Dolby Laboratories stock traded down $0.14 during midday trading on Monday, reaching $65.54. 315,887 shares of the stock were exchanged, compared to its average volume of 397,647. The company’s fifty day moving average is $64.16 and its 200-day moving average is $63.34. The firm has a market cap of $6.62 billion, a PE ratio of 27.31, a PEG ratio of 1.76 and a beta of 0.84. Dolby Laboratories has a 52 week low of $56.09 and a 52 week high of $71.77.

In other news, VP Ryan Nicholson sold 8,197 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $61.04, for a total value of $500,344.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Lewis Chew sold 15,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $60.33, for a total transaction of $904,950.00. The disclosure for this sale can be found here. 40.23% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. Denali Advisors LLC boosted its stake in shares of Dolby Laboratories by 702.9% in the 2nd quarter. Denali Advisors LLC now owns 28,100 shares of the electronics maker’s stock valued at $1,815,000 after purchasing an additional 24,600 shares in the last quarter. WINTON GROUP Ltd boosted its position in Dolby Laboratories by 33.9% during the 2nd quarter. WINTON GROUP Ltd now owns 4,483 shares of the electronics maker’s stock valued at $290,000 after buying an additional 1,136 shares during the period. Boston Private Wealth LLC purchased a new stake in Dolby Laboratories during the 2nd quarter valued at $649,000. PFS Investments Inc. purchased a new stake in shares of Dolby Laboratories in the 2nd quarter worth about $336,000. Finally, Marathon Asset Management LLP increased its stake in shares of Dolby Laboratories by 7.7% in the 2nd quarter. Marathon Asset Management LLP now owns 684,400 shares of the electronics maker’s stock worth $44,209,000 after acquiring an additional 48,850 shares in the last quarter. 57.59% of the stock is currently 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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Analyst Recommendations for Dolby Laboratories (NYSE:DLB)

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