Insider Selling: Dolby Laboratories major shareholder Sells 80,000 Shares of Stock (DLB)
Dolby Laboratories (NYSE:DLB) major shareholder Dagmar Dolby unloaded 80,000 shares of Dolby Laboratories stock on the open market in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $47.02, for a total transaction of $3,761,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
DLB has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Dolby Laboratories from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 30th. 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. Finally, analysts at B. Riley initiated coverage on shares of Dolby Laboratories in a research note on Tuesday, July 1st. They set a “neutral” rating and a $41.00 price target on the stock.
Dolby Laboratories (NYSE:DLB) remained flat at $46.93 during trading on Wednesday. 254,166 shares of the company’s stock traded hands. Dolby Laboratories has a one year low of $31.19 and a one year high of $47.29. The stock’s 50-day moving average is $44.66 and its 200-day moving average is $42.89. The company has a market cap of $4.793 billion and a price-to-earnings ratio of 23.45.
Dolby Laboratories (NYSE:DLB) last issued its quarterly earnings data 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. On average, analysts predict that Dolby Laboratories will post $1.86 earnings per share for the current fiscal year.
Dolby Laboratories, Inc designs and manufactures video and audio products for the film production, cinema, and television broadcast industries.
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