Insider Selling: Sanford Robertson Sells 61,994 Shares of Dolby Laboratories Stock (DLB)
Dolby Laboratories (NYSE:DLB) Director Sanford Robertson sold 61,994 shares of Dolby Laboratories stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $44.89, for a total value of $2,782,910.66. Following the completion of the transaction, the director now directly owns 4,324 shares in the company, valued at approximately $194,104. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Dolby Laboratories (NYSE:DLB) traded down 0.74% during mid-day trading on Friday, hitting $44.31. The stock had a trading volume of 725,277 shares. Dolby Laboratories has a one year low of $31.19 and a one year high of $45.83. The stock has a 50-day moving average of $43.23 and a 200-day moving average of $42.27. The company has a market cap of $4.535 billion and a price-to-earnings ratio of 22.31.
Dolby Laboratories (NYSE:DLB) last posted its quarterly earnings results on Thursday, July 24th. The company reported $0.38 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.27 by $0.11. The company had revenue of $223.40 million for the quarter, compared to the consensus estimate of $210.23 million. During the same quarter last year, the company posted $0.47 earnings per share. Dolby Laboratories’s revenue was up 7.9% compared to the same quarter last year. Analysts expect that Dolby Laboratories will post $1.86 EPS for the current fiscal year.
A number of analysts have recently weighed in on DLB shares. Analysts at Zacks downgraded shares of Dolby Laboratories from an “outperform” rating to a “neutral” rating in a research note on Wednesday. They now have a $48.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Dolby Laboratories in a research note on Friday, July 25th. They now have a $43.00 price target on the stock, up previously from $38.00.
Dolby Laboratories, Inc designs and manufactures video and audio products for the film production, cinema, and television broadcast industries.
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