Dolby Laboratories (NYSE:DLB) Issues FY 2024 Earnings Guidance

Dolby Laboratories (NYSE:DLB) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of $3.60-$3.75 for the period, compared to the consensus EPS estimate of $3.45. The company issued revenue guidance of $1.30 billion-$1.30 billion, compared to the consensus revenue estimate of $1.30 billion. Dolby Laboratories also updated its FY24 guidance to $2.30-2.45 EPS.

Dolby Laboratories Price Performance

Shares of DLB stock opened at $82.55 on Friday. The company has a market cap of $7.90 billion, a price-to-earnings ratio of 39.00 and a beta of 1.00. The stock has a 50 day simple moving average of $81.99 and a 200-day simple moving average of $83.29. Dolby Laboratories has a 1-year low of $65.18 and a 1-year high of $91.01.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on DLB shares. Rosenblatt Securities reaffirmed a buy rating and set a $98.00 target price on shares of Dolby Laboratories in a research note on Friday. StockNews.com started coverage on Dolby Laboratories in a report on Thursday, October 5th. They set a hold rating for the company. Finally, TheStreet lowered Dolby Laboratories from a b rating to a c+ rating in a research note on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Dolby Laboratories has a consensus rating of Moderate Buy and an average target price of $107.00.

Insider Transactions at Dolby Laboratories

In other news, CMO Todd Pendleton sold 6,889 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $84.41, for a total transaction of $581,500.49. Following the completion of the sale, the chief marketing officer now owns 36,976 shares in the company, valued at approximately $3,121,144.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CMO Todd Pendleton sold 6,889 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $84.41, for a total value of $581,500.49. Following the completion of the sale, the chief marketing officer now owns 36,976 shares in the company, valued at approximately $3,121,144.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kevin J. Yeaman sold 9,030 shares of the business’s stock in a transaction on Tuesday, October 17th. The shares were sold at an average price of $82.32, for a total transaction of $743,349.60. Following the completion of the transaction, the chief executive officer now directly owns 51,879 shares in the company, valued at $4,270,679.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,979 shares of company stock valued at $2,816,967. Corporate insiders own 39.25% of the company’s stock.

Hedge Funds Weigh In On Dolby Laboratories

Several hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley lifted its position in shares of Dolby Laboratories by 577.7% in the fourth quarter. Morgan Stanley now owns 4,365,832 shares of the electronics maker’s stock valued at $307,966,000 after acquiring an additional 3,721,613 shares in the last quarter. First Trust Advisors LP grew its stake in Dolby Laboratories by 320.2% in the 1st quarter. First Trust Advisors LP now owns 1,081,747 shares of the electronics maker’s stock worth $84,614,000 after acquiring an additional 824,296 shares during the period. Norges Bank acquired a new position in Dolby Laboratories in the 4th quarter valued at $38,977,000. Balyasny Asset Management L.P. lifted its stake in shares of Dolby Laboratories by 400.6% during the 1st quarter. Balyasny Asset Management L.P. now owns 249,980 shares of the electronics maker’s stock worth $21,353,000 after purchasing an additional 200,039 shares during the period. Finally, Millennium Management LLC grew its position in shares of Dolby Laboratories by 52.1% in the fourth quarter. Millennium Management LLC now owns 533,052 shares of the electronics maker’s stock valued at $37,601,000 after purchasing an additional 182,698 shares during the period. 56.37% 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, DTV transmissions and devices, mobile devices, OTT video and music services, and home entertainment devices. 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.