Dolby Laboratories (NYSE:DLB) was downgraded by equities research analysts at B. Riley from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday. They currently have a $63.00 price objective on the electronics maker’s stock. B. Riley’s price target would suggest a potential downside of 3.60% from the stock’s current price.

Separately, Zacks Investment Research lowered Dolby Laboratories from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $59.33.

Dolby Laboratories (NYSE:DLB) opened at $65.35 on Tuesday. Dolby Laboratories has a 52-week low of $47.19 and a 52-week high of $65.56. The stock has a market capitalization of $6,684.52, a P/E ratio of 33.69, a price-to-earnings-growth ratio of 2.43 and a beta of 0.85.

Dolby Laboratories (NYSE:DLB) last announced its earnings results on Wednesday, October 25th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.18. Dolby Laboratories had a return on equity of 10.62% and a net margin of 18.66%. The company had revenue of $242.05 million for the quarter, compared to analyst estimates of $244.80 million. During the same period in the prior year, the company posted $0.37 EPS. Dolby Laboratories’s quarterly revenue was up 3.9% on a year-over-year basis. research analysts predict that Dolby Laboratories will post 2.24 EPS for the current year.

In related news, SVP Steven E. Forshay sold 9,355 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $57.86, for a total transaction of $541,280.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Peter C. Gotcher sold 9,310 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $60.00, for a total value of $558,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 544,409 shares of company stock worth $33,369,495. 43.74% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the stock. California Public Employees Retirement System raised its position in shares of Dolby Laboratories by 5.9% during the 3rd quarter. California Public Employees Retirement System now owns 189,521 shares of the electronics maker’s stock valued at $10,901,000 after acquiring an additional 10,521 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in shares of Dolby Laboratories by 24.3% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 20,883 shares of the electronics maker’s stock valued at $1,201,000 after acquiring an additional 4,076 shares in the last quarter. Highbridge Capital Management LLC acquired a new stake in shares of Dolby Laboratories during the 3rd quarter valued at approximately $254,000. Janus Henderson Group PLC raised its position in shares of Dolby Laboratories by 352.2% during the 3rd quarter. Janus Henderson Group PLC now owns 2,657,618 shares of the electronics maker’s stock valued at $152,875,000 after acquiring an additional 2,069,849 shares in the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Dolby Laboratories during the 3rd quarter valued at approximately $4,531,000. 52.53% of the stock is currently owned by institutional investors and hedge funds.

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About Dolby Laboratories

Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.

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