Dolby Laboratories (NYSE:DLB) Given New $100.00 Price Target at Rosenblatt Securities

Dolby Laboratories (NYSE:DLB) had its price target upped by investment analysts at Rosenblatt Securities from $98.00 to $100.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the electronics maker’s stock. Rosenblatt Securities’ target price indicates a potential upside of 40.98% from the stock’s current price.

DLB has been the subject of several other research reports. StockNews.com upgraded Dolby Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Monday. Barrington Research reiterated an “outperform” rating and issued a $100.00 price target on shares of Dolby Laboratories in a research report on Friday, September 20th.

Dolby Laboratories Trading Down 0.6 %

Dolby Laboratories stock opened at $70.93 on Wednesday. Dolby Laboratories has a 52 week low of $66.35 and a 52 week high of $90.06. The firm has a market capitalization of $6.76 billion, a P/E ratio of 32.39 and a beta of 0.98. The stock has a fifty day moving average price of $73.69 and a 200 day moving average price of $76.01.

Dolby Laboratories declared that its board has approved a stock repurchase plan on Wednesday, August 7th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the electronics maker to buy up to 5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Dolby Laboratories

In other news, CEO Kevin J. Yeaman sold 28,512 shares of Dolby Laboratories stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 83,721 shares in the company, valued at approximately $6,205,400.52. The trade was a 25.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 39.54% of the stock is owned by insiders.

Institutional Trading of Dolby Laboratories

Several large investors have recently made changes to their positions in DLB. Vanguard Group Inc. lifted its position in shares of Dolby Laboratories by 1.7% during the first quarter. Vanguard Group Inc. now owns 6,502,463 shares of the electronics maker’s stock worth $544,711,000 after purchasing an additional 107,713 shares in the last quarter. Ninety One UK Ltd lifted its holdings in Dolby Laboratories by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,344,963 shares of the electronics maker’s stock worth $185,791,000 after buying an additional 60,114 shares in the last quarter. State Street Corp boosted its position in Dolby Laboratories by 1.5% in the 3rd quarter. State Street Corp now owns 1,931,586 shares of the electronics maker’s stock valued at $147,824,000 after buying an additional 29,289 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 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 valued at $117,767,000 after buying an additional 63,293 shares during the period. Finally, Disciplined Growth Investors Inc. MN boosted its holdings in Dolby Laboratories by 4.5% in the third quarter. Disciplined Growth Investors Inc. MN now owns 1,466,212 shares of the electronics maker’s stock valued at $112,209,000 after acquiring an additional 63,589 shares during the last quarter. 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.